How are ACIO 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 ACIO cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 11.10%), the computed maximum profit is $6.00 per contract and the computed maximum loss is -$4,493.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ACIO cash-secured put?

The breakeven for the ACIO cash-secured put priced on this page is roughly $45.01 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 ACIO market-implied 1-standard-deviation expected move in the same options snapshot is approximately 3.18%; 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 cash-secured put?

ACIO ATM IV is at 11.10% with IV rank near 9.38%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.

ACIO Cash-Secured Put 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 $2.45B, a beta of 0.74 versus the broader market, a 52-week range of 41.13-47.75, average daily share volume of 129K, 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 0.74 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 cash-secured put on ACIO?

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.

ACIO snapshot

As of August 14, 2026, spot at $47.55, ATM IV 11.10%, IV rank 9.38%, expected move 3.18%. The cash-secured put on ACIO 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 ACIO specifically: ACIO IV at 11.10% is on the cheap side of its 1-year range, which means a premium-selling ACIO cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 3.18% (roughly $1.51 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 ACIO expiries trade a higher absolute premium for lower per-day decay. Position sizing on ACIO should anchor to the underlying notional of $47.55 per share and to the trader's directional view on ACIO etf.

ACIO cash-secured put setup

The ACIO 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 ACIO at $47.55 on that close, the first option leg uses a $45.00 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 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 ACIO shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Put	$45.00	$0.06

ACIO cash-secured put risk and reward

Net Premium / Debit: +$6.00
Max Profit (per contract): $6.00
Max Loss (per contract): -$4,493.00
Breakeven(s): $45.01
Risk / Reward Ratio: 0.001

Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.

ACIO cash-secured put payoff curve

Modeled P&L at expiration across a range of underlying prices for the cash-secured put 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%	-$4,493.00
$10.52	-77.9%	-$3,441.75
$21.03	-55.8%	-$2,390.51
$31.55	-33.7%	-$1,339.26
$42.06	-11.5%	-$288.02
$52.57	+10.6%	+$6.00
$63.08	+32.7%	+$6.00
$73.60	+54.8%	+$6.00
$84.11	+76.9%	+$6.00
$94.62	+99.0%	+$6.00

When traders use cash-secured put on ACIO

Cash-secured puts on ACIO earn premium while a trader waits to acquire ACIO etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ACIO.

ACIO thesis for this cash-secured put

The market-implied 1-standard-deviation range for ACIO extends from approximately $46.04 on the downside to $49.06 on the upside. A ACIO cash-secured put lets a trader earn premium while waiting to acquire ACIO 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 ACIO IV rank near 9.38% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on ACIO at 11.10%. 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 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. 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. Short-premium structures like a cash-secured put on ACIO carry tail risk when realized volatility exceeds the implied move; review historical ACIO earnings reactions and macro stress periods before sizing. Always rebuild the position from current ACIO chain quotes before placing a trade.

Frequently asked questions

What is a cash-secured put on ACIO?: A cash-secured put on ACIO is the cash-secured put strategy applied to ACIO (etf). 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 ACIO etf at $47.55 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed ACIO chain strike and the premiums come straight from that session's bid/ask midpoint.
How are ACIO 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 ACIO cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 11.10%), the computed maximum profit is $6.00 per contract and the computed maximum loss is -$4,493.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ACIO cash-secured put?: The breakeven for the ACIO cash-secured put priced on this page is roughly $45.01 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 ACIO market-implied 1-standard-deviation expected move in the same options snapshot is approximately 3.18%; 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 ACIO?: Cash-secured puts on ACIO earn premium while a trader waits to acquire ACIO etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning ACIO.
How does current ACIO implied volatility affect this cash-secured put?: ACIO ATM IV is at 11.10% with IV rank near 9.38%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.