IIIV Long Put Strategy

IIIV (i3 Verticals, Inc.), in the Technology sector, (Software - Infrastructure industry), listed on NASDAQ.

i3 Verticals, Inc. provides integrated payment and software solutions to small- and medium-sized businesses and organizations in education, non-profit, public sector, and healthcare markets in the United States. It operates in two segments, Merchant Services, and Proprietary Software and Payments. The company offers payment processing services that enables clients to accept electronic payments, facilitating the exchange of funds and transaction data between clients, financial institutions, and payment networks. The company also licenses software; and provides ongoing support, and other point of sale-related solutions. It offers its solutions to clients through direct sales force; distribution partners, including independent software vendors, value-added resellers, and independent sales organizations; and referral partners, such as financial institutions, trade associations, chambers of commerce, and card issuers. The company was founded in 2012 and is headquartered in Nashville, Tennessee.

IIIV (i3 Verticals, Inc.) trades in the Technology sector, specifically Software - Infrastructure, with a market capitalization of approximately $417.2M, a trailing P/E of 22.97, a beta of 0.89 versus the broader market, a 52-week range of 18.588-33.97, average daily share volume of 327K, a public-listing history dating back to 2018, approximately 1K full-time employees. These structural characteristics shape how IIIV stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.89 places IIIV roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a long put on IIIV?

A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.

Current IIIV snapshot

As of May 15, 2026, spot at $18.93, ATM IV 20.70%, IV rank 1.15%, expected move 5.93%. The long put on IIIV 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 long put structure on IIIV specifically: IIIV IV at 20.70% is on the cheap side of its 1-year range, which favors premium-buying structures like a IIIV long put, with a market-implied 1-standard-deviation move of approximately 5.93% (roughly $1.12 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 IIIV expiries trade a higher absolute premium for lower per-day decay. Position sizing on IIIV should anchor to the underlying notional of $18.93 per share and to the trader's directional view on IIIV stock.

IIIV long put setup

The IIIV long 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 IIIV near $18.93, the first option leg uses a $18.93 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed IIIV 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 IIIV shares for the stock leg in covered calls and collars).

ActionTypeStrike / BasisPremium (est)
Buy 1Put$18.93N/A

IIIV long put 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 the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.

IIIV long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long put on IIIV. 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 long put on IIIV

Long puts on IIIV hedge an existing long IIIV stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying IIIV exposure being hedged.

IIIV thesis for this long put

The market-implied 1-standard-deviation range for IIIV extends from approximately $17.81 on the downside to $20.05 on the upside. A IIIV long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long IIIV position with one put per 100 shares held. Current IIIV IV rank near 1.15% 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 IIIV at 20.70%. As a Technology name, IIIV options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to IIIV-specific events.

IIIV long put positions are structurally 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. IIIV positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move IIIV alongside the broader basket even when IIIV-specific fundamentals are unchanged. Long-premium structures like a long put on IIIV 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 IIIV chain quotes before placing a trade.

Frequently asked questions

What is a long put on IIIV?
A long put on IIIV is the long put strategy applied to IIIV (stock). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. With IIIV stock trading near $18.93, the strikes shown on this page are snapped to the nearest listed IIIV chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are IIIV long put max profit and max loss calculated?
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the IIIV long put priced from the end-of-day chain at a 30-day expiry (ATM IV 20.70%), 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 IIIV long put?
The breakeven for the IIIV long put 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 IIIV market-implied 1-standard-deviation expected move is approximately 5.93%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a long put on IIIV?
Long puts on IIIV hedge an existing long IIIV stock position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying IIIV exposure being hedged.
How does current IIIV implied volatility affect this long put?
IIIV ATM IV is at 20.70% with IV rank near 1.15%, 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.

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