Given the uncertainty surrounding the election next week and some mixed mega-cap technology earnings this week, I want to book some 2024 chip stock profits. I want to hedge my exposure by owning put options in the high-flying VanEck Semiconductor ETF (SMH) . SMH YTD mountain VanEck Semiconductor ETF, YTD Risk can happen fast. The S & P 500 and the Nasdaq 100 suffered their worst days since early September on Thursday on heavy volume. The Cboe Volatility Index jumped above the 23 level. To further complicate the outlook, only 12,000 jobs were created in October as hiring slowed substantially, data Friday showed. This data is somewhat cloudy due to two hurricanes and the recent Boeing strike. Nonetheless, I’m looking to hedge given the big gains this year for the market and tech. SPY QQQ YTD mountain S & P 500 ETF vs. Invesco QQQ Trust, YTD Typically, I like to finance an options spread by collecting premium on one of the legs of the spread. However, today I want to simply define the amount of money I am willing to spend on insurance for a very short-dated options extending just past the election. This is downside risk mitigation and in the event this trade doesn’t pay off, the Big tech exposure I have in my portfolio will continue to create 2024 gains. The Trade Bought the SMH $240 11/15/2024 expiry put for $5.25 Costing an investor $525 per one put option Executed when SMH was trading roughly $245.50 The price of SMH has to drop about 4% for these put options to pay for themselves and an investor will capture the entire move under $234.75 in SMH. DISCLOSURES: (Long SMH put options) All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, NBC UNIVERSAL, their parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY . THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL’S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR. Click here for the full disclaimer.