VICE Cash-Secured Put Strategy
VICE (AdvisorShares Vice ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
The fund is an actively managed ETF that seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in securities of (i) companies that derive at least 50% of their net revenue from tobacco and alcoholic beverages, (ii) companies that derive at least 50% of their net revenue from the food and beverage industry, and (iii) companies that derive at least 50% of their net revenue from gaming activities. It invests primarily in U.S. exchange listed equity securities, including common and preferred stock and ADRs.
VICE (AdvisorShares Vice ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $7.4M, a beta of 1.03 versus the broader market, a 52-week range of 31.08-36.53, average daily share volume of 0K, a public-listing history dating back to 2017. These structural characteristics shape how VICE etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.03 places VICE roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. VICE 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 VICE?
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.
Current VICE snapshot
As of May 15, 2026, spot at $33.06, ATM IV 29.50%, IV rank 11.33%, expected move 8.46%. The cash-secured put on VICE 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 cash-secured put structure on VICE specifically: VICE IV at 29.50% is on the cheap side of its 1-year range, which means a premium-selling VICE cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 8.46% (roughly $2.80 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 VICE expiries trade a higher absolute premium for lower per-day decay. Position sizing on VICE should anchor to the underlying notional of $33.06 per share and to the trader's directional view on VICE etf.
VICE cash-secured put setup
The VICE cash-secured put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With VICE near $33.06, the first option leg uses a $31.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed VICE 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 VICE shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $31.00 | $0.37 |
VICE cash-secured put risk and reward
- Net Premium / Debit
- +$37.00
- Max Profit (per contract)
- $37.00
- Max Loss (per contract)
- -$3,062.00
- Breakeven(s)
- $30.63
- Risk / Reward Ratio
- 0.012
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
VICE cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on VICE. 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% | -$3,062.00 |
| $7.32 | -77.9% | -$2,331.14 |
| $14.63 | -55.8% | -$1,600.27 |
| $21.94 | -33.6% | -$869.41 |
| $29.24 | -11.5% | -$138.54 |
| $36.55 | +10.6% | +$37.00 |
| $43.86 | +32.7% | +$37.00 |
| $51.17 | +54.8% | +$37.00 |
| $58.48 | +76.9% | +$37.00 |
| $65.79 | +99.0% | +$37.00 |
When traders use cash-secured put on VICE
Cash-secured puts on VICE earn premium while a trader waits to acquire VICE etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning VICE.
VICE thesis for this cash-secured put
The market-implied 1-standard-deviation range for VICE extends from approximately $30.26 on the downside to $35.86 on the upside. A VICE cash-secured put lets a trader earn premium while waiting to acquire VICE 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 VICE IV rank near 11.33% 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 VICE at 29.50%. As a Financial Services name, VICE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to VICE-specific events.
VICE 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. VICE positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move VICE alongside the broader basket even when VICE-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on VICE carry tail risk when realized volatility exceeds the implied move; review historical VICE earnings reactions and macro stress periods before sizing. Always rebuild the position from current VICE chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on VICE?
- A cash-secured put on VICE is the cash-secured put strategy applied to VICE (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 VICE etf trading near $33.06, the strikes shown on this page are snapped to the nearest listed VICE chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are VICE 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 VICE cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 29.50%), the computed maximum profit is $37.00 per contract and the computed maximum loss is -$3,062.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a VICE cash-secured put?
- The breakeven for the VICE cash-secured put priced on this page is roughly $30.63 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 VICE market-implied 1-standard-deviation expected move is approximately 8.46%; 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 VICE?
- Cash-secured puts on VICE earn premium while a trader waits to acquire VICE etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning VICE.
- How does current VICE implied volatility affect this cash-secured put?
- VICE ATM IV is at 29.50% with IV rank near 11.33%, 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.