ACIO Collar 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 collar on ACIO?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
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 collar 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 collar structure on ACIO specifically: IV regime affects collar pricing on both sides; mid-range ACIO IV at 25.90% typically pushes the short call premium to roughly offset the long put cost, 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 collar setup
The ACIO collar 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 $49.00 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 100 shares | Stock | $46.20 | long |
| Sell 1 | Call | $49.00 | $0.21 |
| Buy 1 | Put | $44.00 | $0.25 |
ACIO collar risk and reward
- Net Premium / Debit
- -$4,624.00
- Max Profit (per contract)
- $276.00
- Max Loss (per contract)
- -$224.00
- Breakeven(s)
- $46.24
- Risk / Reward Ratio
- 1.232
Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
ACIO collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$224.00 |
| $10.22 | -77.9% | -$224.00 |
| $20.44 | -55.8% | -$224.00 |
| $30.65 | -33.7% | -$224.00 |
| $40.87 | -11.5% | -$224.00 |
| $51.08 | +10.6% | +$276.00 |
| $61.29 | +32.7% | +$276.00 |
| $71.51 | +54.8% | +$276.00 |
| $81.72 | +76.9% | +$276.00 |
| $91.94 | +99.0% | +$276.00 |
When traders use collar on ACIO
Collars on ACIO hedge an existing long ACIO etf position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
ACIO thesis for this collar
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 collar hedges an existing long ACIO position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. Current ACIO IV rank near 34.32% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar 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 collar positions are structurally neutral (protective); 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. Always rebuild the position from current ACIO chain quotes before placing a trade.
Frequently asked questions
- What is a collar on ACIO?
- A collar on ACIO is the collar strategy applied to ACIO (etf). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. 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 collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the ACIO collar priced from the end-of-day chain at a 30-day expiry (ATM IV 25.90%), the computed maximum profit is $276.00 per contract and the computed maximum loss is -$224.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ACIO collar?
- The breakeven for the ACIO collar priced on this page is roughly $46.24 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 collar on ACIO?
- Collars on ACIO hedge an existing long ACIO etf position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current ACIO implied volatility affect this collar?
- 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.