TMAT Cash-Secured Put Strategy
TMAT (Main Thematic Innovation ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
The adviser seeks to achieve its objective through dynamic thematic rotation. The Adviser focuses its research primarily on identifying emerging, disruptive, and innovative themes that have a large market demand or "addressable market". The Adviser rotates among themes with large addressable markets which may range from nascent technologies to those on the cusp of widespread adoption and buys securities of ETFs investing in those themes.
TMAT (Main Thematic Innovation ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $211.4M, a beta of 1.77 versus the broader market, a 52-week range of 20.22-28.766, average daily share volume of 20K, a public-listing history dating back to 2021. These structural characteristics shape how TMAT etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.77 indicates TMAT has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. TMAT 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 TMAT?
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 TMAT snapshot
As of May 15, 2026, spot at $27.77, ATM IV 32.60%, IV rank 4.17%, expected move 9.35%. The cash-secured put on TMAT 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 TMAT specifically: TMAT IV at 32.60% is on the cheap side of its 1-year range, which means a premium-selling TMAT cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 9.35% (roughly $2.60 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 TMAT expiries trade a higher absolute premium for lower per-day decay. Position sizing on TMAT should anchor to the underlying notional of $27.77 per share and to the trader's directional view on TMAT etf.
TMAT cash-secured put setup
The TMAT 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 TMAT near $27.77, the first option leg uses a $26.38 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TMAT 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 TMAT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $26.38 | N/A |
TMAT cash-secured put risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
TMAT cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on TMAT. 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.
When traders use cash-secured put on TMAT
Cash-secured puts on TMAT earn premium while a trader waits to acquire TMAT etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning TMAT.
TMAT thesis for this cash-secured put
The market-implied 1-standard-deviation range for TMAT extends from approximately $25.17 on the downside to $30.37 on the upside. A TMAT cash-secured put lets a trader earn premium while waiting to acquire TMAT 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 TMAT IV rank near 4.17% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on TMAT at 32.60%. As a Financial Services name, TMAT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TMAT-specific events.
TMAT 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. TMAT positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TMAT alongside the broader basket even when TMAT-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on TMAT carry tail risk when realized volatility exceeds the implied move; review historical TMAT earnings reactions and macro stress periods before sizing. Always rebuild the position from current TMAT chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on TMAT?
- A cash-secured put on TMAT is the cash-secured put strategy applied to TMAT (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 TMAT etf trading near $27.77, the strikes shown on this page are snapped to the nearest listed TMAT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TMAT 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 TMAT cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 32.60%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a TMAT cash-secured put?
- The breakeven for the TMAT cash-secured put priced on this page is no defined breakeven on the modeled curve 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 TMAT market-implied 1-standard-deviation expected move is approximately 9.35%; 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 TMAT?
- Cash-secured puts on TMAT earn premium while a trader waits to acquire TMAT etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning TMAT.
- How does current TMAT implied volatility affect this cash-secured put?
- TMAT ATM IV is at 32.60% with IV rank near 4.17%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.