CBRX Cash-Secured Put Strategy
CBRX (Investment Managers Series Trust II - Tradr 2X Long CBRS Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
CBRX is a short-term tactical tool that aims to deliver twice (200%) the daily performance of Cerebras Systems Inc. (CBRS), before fees and expenses. The fund primarily enters into total return swap agreements with major global financial institutions that mirror CBRS daily returns. In case swaps are unavailable or less efficient, the fund may use FLEX call options or directly hold CBRS stock. Purchasers holding shares for longer than a day will need to monitor and rebalance their position frequently to attempt to achieve the 2x multiple. Purchasers should conduct their own individual stock research prior to initiating a position and trade with conviction. Due to the complexities of the product, shares tend to perform as anticipated only when the underlying shares are trending, and holders are on the positive corresponding side of that trade.
CBRX (Investment Managers Series Trust II - Tradr 2X Long CBRS Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $12.7M, a beta of 1.47 versus the broader market, a 52-week range of 7.63-26.11, average daily share volume of 316K, a public-listing history dating back to 2026. These structural characteristics shape how CBRX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.47 indicates CBRX 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 CBRX?
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.
CBRX snapshot
As of September 29, 2026, spot at $9.69, ATM IV 153.40%, IV rank 38.98%, expected move 43.98%. The cash-secured put on CBRX below is built from the September 29, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 80-day expiry.
Why this cash-secured put structure on CBRX specifically: CBRX IV at 153.40% is mid-range versus its 1-year history, so the credit collected on a CBRX cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 43.98% (roughly $4.26 on the underlying). The 80-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CBRX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CBRX should anchor to the underlying notional of $9.69 per share and to the trader's directional view on CBRX stock.
CBRX cash-secured put setup
The CBRX cash-secured put below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CBRX at $9.69 on that close, the first option leg uses a $9.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CBRX chain at a 80-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 CBRX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $9.00 | $2.08 |
CBRX cash-secured put risk and reward
- Net Premium / Debit
- +$207.50
- Max Profit (per contract)
- $207.50
- Max Loss (per contract)
- -$691.50
- Breakeven(s)
- $6.93
- Risk / Reward Ratio
- 0.300
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
CBRX cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on CBRX. 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 | -99.9% | -$691.50 |
| $2.15 | -77.8% | -$477.36 |
| $4.29 | -55.7% | -$263.22 |
| $6.43 | -33.6% | -$49.08 |
| $8.58 | -11.5% | +$165.06 |
| $10.72 | +10.6% | +$207.50 |
| $12.86 | +32.7% | +$207.50 |
| $15.00 | +54.8% | +$207.50 |
| $17.14 | +76.9% | +$207.50 |
| $19.28 | +99.0% | +$207.50 |
When traders use cash-secured put on CBRX
Cash-secured puts on CBRX earn premium while a trader waits to acquire CBRX stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CBRX.
CBRX thesis for this cash-secured put
The market-implied 1-standard-deviation range for CBRX extends from approximately $5.43 on the downside to $13.95 on the upside. A CBRX cash-secured put lets a trader earn premium while waiting to acquire CBRX 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 CBRX IV rank near 38.98% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on CBRX should anchor more to the directional view and the expected-move geometry. As a Financial Services name, CBRX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CBRX-specific events.
CBRX 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. CBRX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CBRX alongside the broader basket even when CBRX-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on CBRX carry tail risk when realized volatility exceeds the implied move; review historical CBRX earnings reactions and macro stress periods before sizing. Always rebuild the position from current CBRX chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on CBRX?
- A cash-secured put on CBRX is the cash-secured put strategy applied to CBRX (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 CBRX stock at $9.69 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed CBRX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CBRX 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 CBRX cash-secured put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 153.40%), the computed maximum profit is $207.50 per contract and the computed maximum loss is -$691.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CBRX cash-secured put?
- The breakeven for the CBRX cash-secured put priced on this page is roughly $6.93 at expiration, derived from the September 29, 2026 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 CBRX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 43.98%; 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 CBRX?
- Cash-secured puts on CBRX earn premium while a trader waits to acquire CBRX stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CBRX.
- How does current CBRX implied volatility affect this cash-secured put?
- CBRX ATM IV is at 153.40% with IV rank near 38.98%, 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.