CBOT Cash-Secured Put Strategy

CBOT (Corgi ETF Trust I - Robots & Humanoids ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

CBOT is an actively managed, non-diversified ETF that seeks long-term growth by investing in companies materially involved in the robotics and embodied AI ecosystem. This includes businesses engaged in industrial and collaborative robots, warehouse automation, autonomous systems, drones, sensors, motion control, embedded compute, robotics software, and related integration and services. The ETF invests in stocks of US and foreign companies across all market capitalizations, with the flexibility to also hold ADRs and, to a limited extent, illiquid investments such as passive interests in special purpose vehicles for private market exposure. Portfolio construction is driven by a bottom-up process combining fundamental, thematic, and quantitative analysis, with the funds advisor evaluating companies on supply chain positioning, growth potential, and valuation.

CBOT (Corgi ETF Trust I - Robots & Humanoids ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.8M, a beta of 2.52 versus the broader market, a 52-week range of 22.78-27.74, average daily share volume of 2K, a public-listing history dating back to 2026. These structural characteristics shape how CBOT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.52 indicates CBOT has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

What is a cash-secured put on CBOT?

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.

CBOT snapshot

As of September 29, 2026, spot at $23.63, ATM IV 16.90%, expected move 4.85%. The cash-secured put on CBOT below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 17-day expiry.

Why this cash-secured put structure on CBOT specifically: IV rank is unavailable in the current snapshot, so regime-based timing for CBOT is inferred from ATM IV at 16.90% alone, with a market-implied 1-standard-deviation move of approximately 4.85% (roughly $1.14 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CBOT expiries trade a higher absolute premium for lower per-day decay. Position sizing on CBOT should anchor to the underlying notional of $23.63 per share and to the trader's directional view on CBOT stock.

CBOT cash-secured put setup

The CBOT 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 CBOT at $23.63 on that close, the first option leg uses a $22.45 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CBOT chain at a 17-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 CBOT shares for the stock leg in covered calls and collars).

ActionTypeStrike / BasisPremium (est)
Sell 1Put$22.45N/A

CBOT 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.

CBOT cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put on CBOT. 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 CBOT

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

CBOT thesis for this cash-secured put

The market-implied 1-standard-deviation range for CBOT extends from approximately $22.49 on the downside to $24.77 on the upside. A CBOT cash-secured put lets a trader earn premium while waiting to acquire CBOT 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. As a Financial Services name, CBOT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CBOT-specific events.

CBOT 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. CBOT positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CBOT alongside the broader basket even when CBOT-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on CBOT carry tail risk when realized volatility exceeds the implied move; review historical CBOT earnings reactions and macro stress periods before sizing. Always rebuild the position from current CBOT chain quotes before placing a trade.

Frequently asked questions

What is a cash-secured put on CBOT?
A cash-secured put on CBOT is the cash-secured put strategy applied to CBOT (stock). 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 CBOT stock at $23.63 on the most recent close, the strikes shown on this page are snapped to the nearest listed CBOT chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CBOT 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 CBOT cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 16.90%), 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 CBOT cash-secured put?
The breakeven for the CBOT cash-secured put priced on this page is no defined breakeven on the modeled curve at expiration, derived from the end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The CBOT market-implied 1-standard-deviation expected move in the same options snapshot is approximately 4.85%; 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 CBOT?
Cash-secured puts on CBOT earn premium while a trader waits to acquire CBOT stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CBOT.
How does current CBOT implied volatility affect this cash-secured put?
Current CBOT ATM IV is 16.90%; IV rank context is unavailable in the current snapshot.

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