AAMI Bear Put Spread Strategy
AAMI (Acadian Asset Management), in the Financial Services sector, (Asset Management industry), listed on NYSE.
Acadian Asset Management, Inc. is a holding company, which engages in the provision of asset management services. It operates through the Quant and Solutions segment. The Quant and Solutions segment involves leveraging data and technology in a computational, factor-based investment process across a range of asset classes and geographies, including Global, non-U.S., emerging markets, and managed volatility equities, as well as multi-asset products. The company was founded in 1980 and is headquartered in Boston, MA.
AAMI (Acadian Asset Management) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $2.50B, a trailing P/E of 29.77, a beta of 1.33 versus the broader market, a 52-week range of 28.98-73.1, average daily share volume of 311K, a public-listing history dating back to 2014, approximately 383 full-time employees. These structural characteristics shape how AAMI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.33 indicates AAMI has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. AAMI 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 AAMI?
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 AAMI snapshot
As of May 15, 2026, spot at $68.63, ATM IV 35.40%, IV rank 14.26%, expected move 10.15%. The bear put spread on AAMI 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 AAMI specifically: AAMI IV at 35.40% is on the cheap side of its 1-year range, which favors premium-buying structures like a AAMI bear put spread, with a market-implied 1-standard-deviation move of approximately 10.15% (roughly $6.97 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 AAMI expiries trade a higher absolute premium for lower per-day decay. Position sizing on AAMI should anchor to the underlying notional of $68.63 per share and to the trader's directional view on AAMI stock.
AAMI bear put spread setup
The AAMI 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 AAMI near $68.63, the first option leg uses a $68.63 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AAMI 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 AAMI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $68.63 | N/A |
| Sell 1 | Put | $65.20 | N/A |
AAMI 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.
AAMI bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on AAMI. 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 AAMI
Bear put spreads on AAMI reduce the cost of a bearish AAMI stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
AAMI thesis for this bear put spread
The market-implied 1-standard-deviation range for AAMI extends from approximately $61.66 on the downside to $75.60 on the upside. A AAMI bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on AAMI, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current AAMI IV rank near 14.26% 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 AAMI at 35.40%. As a Financial Services name, AAMI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AAMI-specific events.
AAMI 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. AAMI positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AAMI alongside the broader basket even when AAMI-specific fundamentals are unchanged. Long-premium structures like a bear put spread on AAMI 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 AAMI chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on AAMI?
- A bear put spread on AAMI is the bear put spread strategy applied to AAMI (stock). 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 AAMI stock trading near $68.63, the strikes shown on this page are snapped to the nearest listed AAMI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are AAMI 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 AAMI bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 35.40%), 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 AAMI bear put spread?
- The breakeven for the AAMI 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 AAMI market-implied 1-standard-deviation expected move is approximately 10.15%; 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 AAMI?
- Bear put spreads on AAMI reduce the cost of a bearish AAMI stock 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 AAMI implied volatility affect this bear put spread?
- AAMI ATM IV is at 35.40% with IV rank near 14.26%, 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.