GPT Bear Put Spread Strategy
GPT (Intelligent Alpha Atlas ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The fund uses Intelligent Alpha, LLC’s proprietary artificial intelligence-powered stock selection strategy to create an intelligent equal weight portfolio of global large cap stocks with over $1 billion in market capitalization. The securities selected will be based on the major trading trends inspired by the greatest traders in the world. The fund is non-diversified.
GPT (Intelligent Alpha Atlas ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $23.4M, a trailing P/E of 128.03, a beta of 0.82 versus the broader market, a 52-week range of 26.36-34.64, average daily share volume of 2K, a public-listing history dating back to 2024, approximately 488 full-time employees. These structural characteristics shape how GPT etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.82 places GPT roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 128.03 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple. GPT 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 GPT?
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 GPT snapshot
As of June 29, 2026, spot at $33.56, ATM IV 39.30%, IV rank 17.08%, expected move 11.27%. The bear put spread on GPT 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 18-day expiry.
Why this bear put spread structure on GPT specifically: GPT IV at 39.30% is on the cheap side of its 1-year range, which favors premium-buying structures like a GPT bear put spread, with a market-implied 1-standard-deviation move of approximately 11.27% (roughly $3.78 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated GPT expiries trade a higher absolute premium for lower per-day decay. Position sizing on GPT should anchor to the underlying notional of $33.56 per share and to the trader's directional view on GPT etf.
GPT bear put spread setup
The GPT 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 GPT near $33.56, the first option leg uses a $34.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GPT chain at a 18-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 GPT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $34.00 | $1.40 |
| Sell 1 | Put | $32.00 | $0.66 |
GPT bear put spread risk and reward
- Net Premium / Debit
- -$74.00
- Max Profit (per contract)
- $126.00
- Max Loss (per contract)
- -$74.00
- Breakeven(s)
- $33.26
- Risk / Reward Ratio
- 1.703
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.
GPT bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on GPT. 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% | +$126.00 |
| $7.43 | -77.9% | +$126.00 |
| $14.85 | -55.8% | +$126.00 |
| $22.27 | -33.6% | +$126.00 |
| $29.69 | -11.5% | +$126.00 |
| $37.11 | +10.6% | -$74.00 |
| $44.53 | +32.7% | -$74.00 |
| $51.94 | +54.8% | -$74.00 |
| $59.36 | +76.9% | -$74.00 |
| $66.78 | +99.0% | -$74.00 |
When traders use bear put spread on GPT
Bear put spreads on GPT reduce the cost of a bearish GPT etf position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
GPT thesis for this bear put spread
The market-implied 1-standard-deviation range for GPT extends from approximately $29.78 on the downside to $37.34 on the upside. A GPT bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on GPT, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current GPT IV rank near 17.08% 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 GPT at 39.30%. As a Financial Services name, GPT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GPT-specific events.
GPT 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. GPT positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move GPT alongside the broader basket even when GPT-specific fundamentals are unchanged. Long-premium structures like a bear put spread on GPT 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 GPT chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on GPT?
- A bear put spread on GPT is the bear put spread strategy applied to GPT (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 GPT etf trading near $33.56, the strikes shown on this page are snapped to the nearest listed GPT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are GPT 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 GPT bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 39.30%), the computed maximum profit is $126.00 per contract and the computed maximum loss is -$74.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a GPT bear put spread?
- The breakeven for the GPT bear put spread priced on this page is roughly $33.26 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 GPT market-implied 1-standard-deviation expected move is approximately 11.27%; 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 GPT?
- Bear put spreads on GPT reduce the cost of a bearish GPT 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 GPT implied volatility affect this bear put spread?
- GPT ATM IV is at 39.30% with IV rank near 17.08%, 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.