SNX Cash-Secured Put Strategy
SNX (TD Synnex Corp), in the Technology sector, (Technology Distributors industry), listed on NYSE.
TD SYNNEX Corporation operates as a distributor and solutions aggregator for the information technology (IT) ecosystem in the United States, Europe, and internationally. It offers endpoint solutions, including personal computing devices and peripherals, mobile phones and accessories, printers, and supplies; and advanced solutions comprising data center technologies, such as hybrid cloud, security, storage, networking, servers, software, converged and hyper-converged infrastructure, and hyperscale infrastructure. The company also provides design, integration, test and other production value-added solutions, such as thermal testing, power-draw efficiency testing, burn-in, quality, and logistics support; logistics and field services; depot repair and customer management services; and cloud services, including public cloud solutions in productivity and collaboration, infrastructure as a service, platform as a service, software as a service, security, mobility, AI, and other hybrid solutions. In addition, it offers online services; financing options, including net terms, third party leasing, floor plan financing and letters-of-credit backed financing and arrangements, as well lease products to reseller customers and their end-users and provides device-as-a-service to end-users; and marketing services comprising direct mail, external media advertising, reseller product training, targeted telemarketing campaigns, national and regional trade shows, trade groups, database analysis, print on demand services, and web-based marketing. It serves value-added resellers, corporate resellers, government resellers, system integrators, direct marketers, retailers, and managed service providers. The company was formerly known as SYNNEX Corporation and changed its name to TD SYNNEX Corporation in September 2021.
SNX (TD Synnex Corp) trades in the Technology sector, specifically Technology Distributors, with a market capitalization of approximately $20.41B, a trailing P/E of 17.91, a beta of 1.44 versus the broader market, a 52-week range of 142.22-296.47, average daily share volume of 867K, a public-listing history dating back to 2003, approximately 24K full-time employees. These structural characteristics shape how SNX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.44 indicates SNX has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. SNX 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 SNX?
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.
SNX snapshot
As of August 14, 2026, spot at $258.49, ATM IV 34.70%, IV rank 44.03%, expected move 9.95%. The cash-secured put on SNX below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this cash-secured put structure on SNX specifically: SNX IV at 34.70% is mid-range versus its 1-year history, so the credit collected on a SNX cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 9.95% (roughly $25.72 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SNX expiries trade a higher absolute premium for lower per-day decay. Position sizing on SNX should anchor to the underlying notional of $258.49 per share and to the trader's directional view on SNX stock.
SNX cash-secured put setup
The SNX cash-secured put below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With SNX at $258.49 on that close, the first option leg uses a $250.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SNX chain at a 35-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 SNX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $250.00 | $7.10 |
SNX cash-secured put risk and reward
- Net Premium / Debit
- +$710.00
- Max Profit (per contract)
- $710.00
- Max Loss (per contract)
- -$24,289.00
- Breakeven(s)
- $242.90
- Risk / Reward Ratio
- 0.029
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
SNX cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on SNX. 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% | -$24,289.00 |
| $57.16 | -77.9% | -$18,573.75 |
| $114.31 | -55.8% | -$12,858.51 |
| $171.47 | -33.7% | -$7,143.26 |
| $228.62 | -11.6% | -$1,428.02 |
| $285.77 | +10.6% | +$710.00 |
| $342.92 | +32.7% | +$710.00 |
| $400.08 | +54.8% | +$710.00 |
| $457.23 | +76.9% | +$710.00 |
| $514.38 | +99.0% | +$710.00 |
When traders use cash-secured put on SNX
Cash-secured puts on SNX earn premium while a trader waits to acquire SNX stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning SNX.
SNX thesis for this cash-secured put
The market-implied 1-standard-deviation range for SNX extends from approximately $232.77 on the downside to $284.21 on the upside. A SNX cash-secured put lets a trader earn premium while waiting to acquire SNX 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 SNX IV rank near 44.03% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on SNX should anchor more to the directional view and the expected-move geometry. As a Technology name, SNX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SNX-specific events.
SNX 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. SNX positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SNX alongside the broader basket even when SNX-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on SNX carry tail risk when realized volatility exceeds the implied move; review historical SNX earnings reactions and macro stress periods before sizing. Always rebuild the position from current SNX chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on SNX?
- A cash-secured put on SNX is the cash-secured put strategy applied to SNX (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 SNX stock at $258.49 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed SNX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are SNX 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 SNX cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 34.70%), the computed maximum profit is $710.00 per contract and the computed maximum loss is -$24,289.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SNX cash-secured put?
- The breakeven for the SNX cash-secured put priced on this page is roughly $242.90 at expiration, derived from the August 14, 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 SNX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.95%; 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 SNX?
- Cash-secured puts on SNX earn premium while a trader waits to acquire SNX stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning SNX.
- How does current SNX implied volatility affect this cash-secured put?
- SNX ATM IV is at 34.70% with IV rank near 44.03%, 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.