COHX Cash-Secured Put Strategy
COHX (Investment Managers Series Trust II - Tradr 2X Long COHR Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
COHX uses swap agreements and listed call options to make bullish bets on the share price of Coherent Corp. (NYSE: COHR). The fund may also invest directly in COHR. Coherent Corp. develops, manufactures, and markets engineered materials, opto-electronic components and devices, and lasers for use in the industrial, communications, electronics, and instrumentation markets. It operates through the following segments: Networking, Materials, and Lasers. The fund seeks to maintain daily leveraged exposure equivalent to 200% of the daily percentage change in COHR price through daily rebalancing. Returns may deviate from the expected 2x if held for longer than a single day due to factors such as volatility and compounding effects.
COHX (Investment Managers Series Trust II - Tradr 2X Long COHR Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $110.1M, a beta of 6.62 versus the broader market, a 52-week range of 16.1-75.64, average daily share volume of 984K, a public-listing history dating back to 2026. These structural characteristics shape how COHX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 6.62 indicates COHX 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 COHX?
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.
COHX snapshot
As of September 29, 2026, spot at $22.98, ATM IV 149.60%, IV rank 13.95%, expected move 42.89%. The cash-secured put on COHX 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 17-day expiry.
Why this cash-secured put structure on COHX specifically: COHX IV at 149.60% is on the cheap side of its 1-year range, which means a premium-selling COHX cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 42.89% (roughly $9.86 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 COHX expiries trade a higher absolute premium for lower per-day decay. Position sizing on COHX should anchor to the underlying notional of $22.98 per share and to the trader's directional view on COHX stock.
COHX cash-secured put setup
The COHX 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 COHX at $22.98 on that close, the first option leg uses a $22.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed COHX 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 COHX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $22.00 | $2.53 |
COHX cash-secured put risk and reward
- Net Premium / Debit
- +$252.50
- Max Profit (per contract)
- $252.50
- Max Loss (per contract)
- -$1,946.50
- Breakeven(s)
- $19.48
- Risk / Reward Ratio
- 0.130
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
COHX cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on COHX. 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% | -$1,946.50 |
| $5.09 | -77.9% | -$1,438.51 |
| $10.17 | -55.7% | -$930.52 |
| $15.25 | -33.6% | -$422.53 |
| $20.33 | -11.5% | +$85.46 |
| $25.41 | +10.6% | +$252.50 |
| $30.49 | +32.7% | +$252.50 |
| $35.57 | +54.8% | +$252.50 |
| $40.65 | +76.9% | +$252.50 |
| $45.73 | +99.0% | +$252.50 |
When traders use cash-secured put on COHX
Cash-secured puts on COHX earn premium while a trader waits to acquire COHX stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning COHX.
COHX thesis for this cash-secured put
The market-implied 1-standard-deviation range for COHX extends from approximately $13.12 on the downside to $32.84 on the upside. A COHX cash-secured put lets a trader earn premium while waiting to acquire COHX 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 COHX IV rank near 13.95% 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 COHX at 149.60%. As a Financial Services name, COHX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to COHX-specific events.
COHX 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. COHX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move COHX alongside the broader basket even when COHX-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on COHX carry tail risk when realized volatility exceeds the implied move; review historical COHX earnings reactions and macro stress periods before sizing. Always rebuild the position from current COHX chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on COHX?
- A cash-secured put on COHX is the cash-secured put strategy applied to COHX (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 COHX stock at $22.98 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed COHX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are COHX 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 COHX cash-secured put priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 149.60%), the computed maximum profit is $252.50 per contract and the computed maximum loss is -$1,946.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a COHX cash-secured put?
- The breakeven for the COHX cash-secured put priced on this page is roughly $19.48 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 COHX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 42.89%; 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 COHX?
- Cash-secured puts on COHX earn premium while a trader waits to acquire COHX stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning COHX.
- How does current COHX implied volatility affect this cash-secured put?
- COHX ATM IV is at 149.60% with IV rank near 13.95%, 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.