How are SOXY cash-secured put max profit and max loss calculated?

Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the SOXY cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 42.20%), the computed maximum profit is $282.50 per contract and the computed maximum loss is -$8,216.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SOXY cash-secured put?

The breakeven for the SOXY cash-secured put priced on this page is roughly $82.18 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current SOXY market-implied 1-standard-deviation expected move is approximately 12.10%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current SOXY implied volatility affect this cash-secured put?

SOXY ATM IV is at 42.20% with IV rank near 33.20%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

SOXY Cash-Secured Put Strategy

SOXY (YieldMax Target 12 Semiconductor Option Income ETF), in the Financial Services sector, (Asset Management - Income industry), listed on AMEX.

The YieldMax Target 12 Semiconductor Option Income ETF (SOXY) is an actively managed exchange-traded fund that seeks to generate a target annualized distribution of 12% and capital appreciation through investments in a select portfolio of 15 to 30 semiconductor companies. The fund seeks to generate income primarily by selling call options and call spreads on its portfolio holdings. SOXY also seeks capital appreciation through direct equity investments. The Adviser evaluates potential holdings based on stock and options liquidity, price levels, and implied volatility, and regularly reviews the portfolio to determine whether to add or remove positions.

SOXY (YieldMax Target 12 Semiconductor Option Income ETF) trades in the Financial Services sector, specifically Asset Management - Income, with a market capitalization of approximately $10.8M, a beta of 2.18 versus the broader market, a 52-week range of 45.796-92, average daily share volume of 20K, a public-listing history dating back to 2024. These structural characteristics shape how SOXY etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.18 indicates SOXY has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. SOXY pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a cash-secured put on SOXY?

A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.

Current SOXY snapshot

As of May 15, 2026, spot at $89.61, ATM IV 42.20%, IV rank 33.20%, expected move 12.10%. The cash-secured put on SOXY below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.

Why this cash-secured put structure on SOXY specifically: SOXY IV at 42.20% is mid-range versus its 1-year history, so the credit collected on a SOXY cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 12.10% (roughly $10.84 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SOXY expiries trade a higher absolute premium for lower per-day decay. Position sizing on SOXY should anchor to the underlying notional of $89.61 per share and to the trader's directional view on SOXY etf.

SOXY cash-secured put setup

The SOXY cash-secured put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With SOXY near $89.61, the first option leg uses a $85.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SOXY chain at a 34-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 SOXY shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$85.00	$2.83

SOXY cash-secured put risk and reward

Net Premium / Debit: +$282.50
Max Profit (per contract): $282.50
Max Loss (per contract): -$8,216.50
Breakeven(s): $82.18
Risk / Reward Ratio: 0.034

Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.

SOXY cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on SOXY. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$8,216.50
$19.82	-77.9%	-$6,235.28
$39.63	-55.8%	-$4,254.07
$59.45	-33.7%	-$2,272.85
$79.26	-11.6%	-$291.64
$99.07	+10.6%	+$282.50
$118.88	+32.7%	+$282.50
$138.70	+54.8%	+$282.50
$158.51	+76.9%	+$282.50
$178.32	+99.0%	+$282.50

When traders use cash-secured put on SOXY

Cash-secured puts on SOXY earn premium while a trader waits to acquire SOXY etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning SOXY.

SOXY thesis for this cash-secured put

The market-implied 1-standard-deviation range for SOXY extends from approximately $78.77 on the downside to $100.45 on the upside. A SOXY cash-secured put lets a trader earn premium while waiting to acquire SOXY at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current SOXY IV rank near 33.20% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on SOXY should anchor more to the directional view and the expected-move geometry. As a Financial Services name, SOXY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SOXY-specific events.

SOXY cash-secured put positions are structurally neutral to slightly bullish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. SOXY positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SOXY alongside the broader basket even when SOXY-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on SOXY carry tail risk when realized volatility exceeds the implied move; review historical SOXY earnings reactions and macro stress periods before sizing. Always rebuild the position from current SOXY chain quotes before placing a trade.

Frequently asked questions

What is a cash-secured put on SOXY?: A cash-secured put on SOXY is the cash-secured put strategy applied to SOXY (etf). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With SOXY etf trading near $89.61, the strikes shown on this page are snapped to the nearest listed SOXY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are SOXY cash-secured put max profit and max loss calculated?: Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the SOXY cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 42.20%), the computed maximum profit is $282.50 per contract and the computed maximum loss is -$8,216.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SOXY cash-secured put?: The breakeven for the SOXY cash-secured put priced on this page is roughly $82.18 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current SOXY market-implied 1-standard-deviation expected move is approximately 12.10%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a cash-secured put on SOXY?: Cash-secured puts on SOXY earn premium while a trader waits to acquire SOXY etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning SOXY.
How does current SOXY implied volatility affect this cash-secured put?: SOXY ATM IV is at 42.20% with IV rank near 33.20%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.