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 $2.33B, a beta of 0.73 versus the broader market, a 52-week range of 41.13-47.93, average daily share volume of 135K, 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 0.73 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.
ACIO snapshot
As of November 13, 2026, spot at $46.16. The collar on ACIO below is built from the November 13, 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 collar structure on ACIO specifically: IV rank is unavailable in the current snapshot, so regime-based timing for ACIO is inferred from ATM IV alone. 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 $46.16 per share and to the trader's directional view on ACIO etf.
ACIO collar setup
The ACIO collar below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ACIO at $46.16 on that close, the first option leg uses a $48.00 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) |
|---|---|---|---|
| Buy 100 shares | Stock | $46.16 | long |
| Sell 1 | Call | $48.00 | $0.32 |
| Buy 1 | Put | $44.00 | $0.17 |
ACIO collar risk and reward
- Net Premium / Debit
- -$4,601.00
- Max Profit (per contract)
- $199.00
- Max Loss (per contract)
- -$201.00
- Breakeven(s)
- $46.01
- Risk / Reward Ratio
- 0.990
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% | -$201.00 |
| $10.22 | -77.9% | -$201.00 |
| $20.42 | -55.8% | -$201.00 |
| $30.63 | -33.7% | -$201.00 |
| $40.83 | -11.5% | -$201.00 |
| $51.04 | +10.6% | +$199.00 |
| $61.24 | +32.7% | +$199.00 |
| $71.45 | +54.8% | +$199.00 |
| $81.65 | +76.9% | +$199.00 |
| $91.86 | +99.0% | +$199.00 |
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
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. 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 at $46.16 on the November 13, 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 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 November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV the current ATM IV), the computed maximum profit is $199.00 per contract and the computed maximum loss is -$201.00 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 $46.01 at expiration, derived from the November 13, 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.
- 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?
- Current ACIO ATM IV is the current ATM IV; IV rank context is unavailable in the current snapshot.