PHUN Cash-Secured Put Strategy
PHUN (Phunware, Inc.), in the Technology sector, (Software - Application industry), listed on NASDAQ.
Phunware, Inc., together with its subsidiaries, offers integrated software platform that equips companies with the products, solutions, and services to engage, manage, and monetize their mobile application portfolios in the United States and internationally. The company's products and services include cloud-based mobile software that licenses in software development kits (SDKs) form utilized inside mobile applications, such as analytics that provides data related to application use and engagement; content management that allows application administrators to create and manage app content in a cloud-based portal; alerts, notifications, and messaging; marketing automation that enables location-triggered messages and workflow; advertising; and location-based services that include mapping, navigation, wayfinding, workflow, asset management, and policy enforcement. It also engages the integration of its SDK licenses into existing applications maintained by its customers, as well as custom application development and support services; provision of cloud-based vertical solutions for healthcare, retail, sports, aviation, real estate, hospitality, education, and other applications; offering application transactions, including re-occurring and one-time transactional media purchases for application discovery, user acquisition and audience building, audience engagement, and audience monetization; and pre-packaged and custom high-end personal computer systems for gaming, streaming, and cryptocurrency mining enthusiasts. The company was founded in 2009 and is headquartered in Austin, Texas.
PHUN (Phunware, Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $43.0M, a beta of 2.70 versus the broader market, a 52-week range of 1.56-3.88, average daily share volume of 139K, a public-listing history dating back to 2016, approximately 29 full-time employees. These structural characteristics shape how PHUN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.70 indicates PHUN 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 PHUN?
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 PHUN snapshot
As of May 15, 2026, spot at $2.09, ATM IV 137.00%, IV rank 46.08%, expected move 39.28%. The cash-secured put on PHUN 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 PHUN specifically: PHUN IV at 137.00% is mid-range versus its 1-year history, so the credit collected on a PHUN cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 39.28% (roughly $0.82 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 PHUN expiries trade a higher absolute premium for lower per-day decay. Position sizing on PHUN should anchor to the underlying notional of $2.09 per share and to the trader's directional view on PHUN stock.
PHUN cash-secured put setup
The PHUN 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 PHUN near $2.09, the first option leg uses a $1.99 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PHUN 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 PHUN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $1.99 | N/A |
PHUN 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.
PHUN cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on PHUN. 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 PHUN
Cash-secured puts on PHUN earn premium while a trader waits to acquire PHUN stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning PHUN.
PHUN thesis for this cash-secured put
The market-implied 1-standard-deviation range for PHUN extends from approximately $1.27 on the downside to $2.91 on the upside. A PHUN cash-secured put lets a trader earn premium while waiting to acquire PHUN 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 PHUN IV rank near 46.08% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on PHUN should anchor more to the directional view and the expected-move geometry. As a Technology name, PHUN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PHUN-specific events.
PHUN 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. PHUN positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PHUN alongside the broader basket even when PHUN-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on PHUN carry tail risk when realized volatility exceeds the implied move; review historical PHUN earnings reactions and macro stress periods before sizing. Always rebuild the position from current PHUN chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on PHUN?
- A cash-secured put on PHUN is the cash-secured put strategy applied to PHUN (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 PHUN stock trading near $2.09, the strikes shown on this page are snapped to the nearest listed PHUN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are PHUN 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 PHUN cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 137.00%), 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 PHUN cash-secured put?
- The breakeven for the PHUN 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 PHUN market-implied 1-standard-deviation expected move is approximately 39.28%; 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 PHUN?
- Cash-secured puts on PHUN earn premium while a trader waits to acquire PHUN stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning PHUN.
- How does current PHUN implied volatility affect this cash-secured put?
- PHUN ATM IV is at 137.00% with IV rank near 46.08%, 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.