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Pro Tips · Oct 25, 2026

Cash-settled is not cash-secured

An index put can settle as a cash debit without delivering shares. A fictional SPX example separates the payment method, the cash reserved and the stock-based wheel.

PRO#options-education#cash-settlement#cash-secured-put#wheel#risk
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YieldCove Desk

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3 min read

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A cash-secured put pairs a sold put with money reserved to buy the underlying shares if assigned. By contrast, cash settlement replaces share delivery with a cash payment. Saying that a contract is cash-settled does not establish that its seller has reserved enough money to…

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