GBIL Bear Put Spread Strategy
GBIL (Goldman Sachs Access Treasury 0-1 Year ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
Seeks to track performance of the FTSE US Treasury 0-1 Year Composite Select Index
GBIL (Goldman Sachs Access Treasury 0-1 Year ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $7.48B, a beta of 0.02 versus the broader market, a 52-week range of 99.82-100.26, average daily share volume of 876K, a public-listing history dating back to 2016. These structural characteristics shape how GBIL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.02 indicates GBIL has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. GBIL 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 GBIL?
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 GBIL snapshot
As of May 15, 2026, spot at $100.05, ATM IV 13.90%, IV rank 19.73%, expected move 3.99%. The bear put spread on GBIL 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 34-day expiry.
Why this bear put spread structure on GBIL specifically: GBIL IV at 13.90% is on the cheap side of its 1-year range, which favors premium-buying structures like a GBIL bear put spread, with a market-implied 1-standard-deviation move of approximately 3.99% (roughly $3.99 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated GBIL expiries trade a higher absolute premium for lower per-day decay. Position sizing on GBIL should anchor to the underlying notional of $100.05 per share and to the trader's directional view on GBIL etf.
GBIL bear put spread setup
The GBIL 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 GBIL near $100.05, the first option leg uses a $100.05 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GBIL chain at a 34-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 GBIL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $100.05 | N/A |
| Sell 1 | Put | $95.05 | N/A |
GBIL bear put spread risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
GBIL bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on GBIL. 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.
When traders use bear put spread on GBIL
Bear put spreads on GBIL reduce the cost of a bearish GBIL etf position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
GBIL thesis for this bear put spread
The market-implied 1-standard-deviation range for GBIL extends from approximately $96.06 on the downside to $104.04 on the upside. A GBIL bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on GBIL, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current GBIL IV rank near 19.73% 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 GBIL at 13.90%. As a Financial Services name, GBIL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GBIL-specific events.
GBIL 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. GBIL positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move GBIL alongside the broader basket even when GBIL-specific fundamentals are unchanged. Long-premium structures like a bear put spread on GBIL 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 GBIL chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on GBIL?
- A bear put spread on GBIL is the bear put spread strategy applied to GBIL (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 GBIL etf trading near $100.05, the strikes shown on this page are snapped to the nearest listed GBIL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are GBIL 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 GBIL bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 13.90%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a GBIL bear put spread?
- The breakeven for the GBIL bear put spread priced on this page is no defined breakeven on the modeled curve 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 GBIL market-implied 1-standard-deviation expected move is approximately 3.99%; 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 GBIL?
- Bear put spreads on GBIL reduce the cost of a bearish GBIL 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 GBIL implied volatility affect this bear put spread?
- GBIL ATM IV is at 13.90% with IV rank near 19.73%, 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.