How are ACIO bear put spread max profit and max loss calculated?

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the ACIO bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 25.90%), the computed maximum profit is $135.00 per contract and the computed maximum loss is -$65.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ACIO bear put spread?

The breakeven for the ACIO bear put spread priced on this page is roughly $45.35 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 ACIO market-implied 1-standard-deviation expected move is approximately 7.43%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current ACIO implied volatility affect this bear put spread?

ACIO ATM IV is at 25.90% with IV rank near 34.32%, 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.

ACIO Bear Put Spread Strategy

ACIO (Aptus Collared Income Opportunity ETF), in the Financial Services sector, (Asset Management - Income industry), listed on CBOE.

The Aptus Collared Income Opportunity ETF (ACIO) is an actively managed fund with the dual objective of achieving both capital growth and a consistent income stream. This strategy primarily involves investing in a focused portfolio of 70-80 large-capitalization individual stocks, on which it then sells covered call options to generate additional income. A core feature of ACIO is its commitment to minimizing downside risk through the strategic purchase of long put options tied to a broad-based market index, offering a layer of protection against significant market declines.

ACIO (Aptus Collared Income Opportunity ETF) trades in the Financial Services sector, specifically Asset Management - Income, with a market capitalization of approximately $2.38B, a beta of 0.72 versus the broader market, a 52-week range of 41.13-47.14, average daily share volume of 123K, a public-listing history dating back to 2019. These structural characteristics shape how ACIO etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.72 places ACIO roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. ACIO pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a bear put spread on ACIO?

A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.

Current ACIO snapshot

As of June 30, 2026, spot at $46.20, ATM IV 25.90%, IV rank 34.32%, expected move 7.43%. The bear put spread on ACIO 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 17-day expiry.

Why this bear put spread structure on ACIO specifically: ACIO IV at 25.90% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 7.43% (roughly $3.43 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 ACIO expiries trade a higher absolute premium for lower per-day decay. Position sizing on ACIO should anchor to the underlying notional of $46.20 per share and to the trader's directional view on ACIO etf.

ACIO bear put spread setup

The ACIO bear put spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ACIO near $46.20, the first option leg uses a $46.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ACIO 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 ACIO shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$46.00	$0.90
Sell 1	Put	$44.00	$0.25

ACIO bear put spread risk and reward

Net Premium / Debit: -$65.00
Max Profit (per contract): $135.00
Max Loss (per contract): -$65.00
Breakeven(s): $45.35
Risk / Reward Ratio: 2.077

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.

ACIO bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on ACIO. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	+$135.00
$10.22	-77.9%	+$135.00
$20.44	-55.8%	+$135.00
$30.65	-33.7%	+$135.00
$40.87	-11.5%	+$135.00
$51.08	+10.6%	-$65.00
$61.29	+32.7%	-$65.00
$71.51	+54.8%	-$65.00
$81.72	+76.9%	-$65.00
$91.94	+99.0%	-$65.00

When traders use bear put spread on ACIO

Bear put spreads on ACIO reduce the cost of a bearish ACIO etf position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.

ACIO thesis for this bear put spread

The market-implied 1-standard-deviation range for ACIO extends from approximately $42.77 on the downside to $49.63 on the upside. A ACIO bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on ACIO, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current ACIO IV rank near 34.32% is mid-range against its 1-year distribution, so the IV signal is neutral; the bear put spread thesis on ACIO should anchor more to the directional view and the expected-move geometry. As a Financial Services name, ACIO options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ACIO-specific events.

ACIO bear put spread positions are structurally moderately bearish; 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. ACIO positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ACIO alongside the broader basket even when ACIO-specific fundamentals are unchanged. Long-premium structures like a bear put spread on ACIO are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current ACIO chain quotes before placing a trade.

Frequently asked questions

What is a bear put spread on ACIO?: A bear put spread on ACIO is the bear put spread strategy applied to ACIO (etf). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With ACIO etf trading near $46.20, the strikes shown on this page are snapped to the nearest listed ACIO chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are ACIO bear put spread max profit and max loss calculated?: Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the ACIO bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 25.90%), the computed maximum profit is $135.00 per contract and the computed maximum loss is -$65.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ACIO bear put spread?: The breakeven for the ACIO bear put spread priced on this page is roughly $45.35 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 ACIO market-implied 1-standard-deviation expected move is approximately 7.43%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a bear put spread on ACIO?: Bear put spreads on ACIO reduce the cost of a bearish ACIO etf position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
How does current ACIO implied volatility affect this bear put spread?: ACIO ATM IV is at 25.90% with IV rank near 34.32%, 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.