AMYY Collar Strategy
AMYY (GraniteShares YieldBOOST AMD ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The Fund’s primary investment objective is to achieve 2 times (200%) the income generated from selling options on Advanced Micro Devices, Inc.. ( AMD) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 2 times (200%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
AMYY (GraniteShares YieldBOOST AMD ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.7M, a beta of 1.22 versus the broader market, a 52-week range of 15.08-26.53, average daily share volume of 20K, a public-listing history dating back to 2025. These structural characteristics shape how AMYY etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.22 places AMYY roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. AMYY pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on AMYY?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
Current AMYY snapshot
As of May 15, 2026, spot at $16.45, ATM IV 85.20%, IV rank 17.31%, expected move 24.43%. The collar on AMYY 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 collar structure on AMYY specifically: IV regime affects collar pricing on both sides; compressed AMYY IV at 85.20% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 24.43% (roughly $4.02 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 AMYY expiries trade a higher absolute premium for lower per-day decay. Position sizing on AMYY should anchor to the underlying notional of $16.45 per share and to the trader's directional view on AMYY etf.
AMYY collar setup
The AMYY collar below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With AMYY near $16.45, the first option leg uses a $17.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AMYY 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 AMYY shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $16.45 | long |
| Sell 1 | Call | $17.00 | $1.48 |
| Buy 1 | Put | $16.00 | $1.42 |
AMYY collar risk and reward
- Net Premium / Debit
- -$1,639.00
- Max Profit (per contract)
- $61.00
- Max Loss (per contract)
- -$39.00
- Breakeven(s)
- $16.39
- Risk / Reward Ratio
- 1.564
Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
AMYY collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on AMYY. 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 | -99.9% | -$39.00 |
| $3.65 | -77.8% | -$39.00 |
| $7.28 | -55.7% | -$39.00 |
| $10.92 | -33.6% | -$39.00 |
| $14.55 | -11.5% | -$39.00 |
| $18.19 | +10.6% | +$61.00 |
| $21.83 | +32.7% | +$61.00 |
| $25.46 | +54.8% | +$61.00 |
| $29.10 | +76.9% | +$61.00 |
| $32.73 | +99.0% | +$61.00 |
When traders use collar on AMYY
Collars on AMYY hedge an existing long AMYY etf position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
AMYY thesis for this collar
The market-implied 1-standard-deviation range for AMYY extends from approximately $12.43 on the downside to $20.47 on the upside. A AMYY collar hedges an existing long AMYY position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. Current AMYY IV rank near 17.31% 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 AMYY at 85.20%. As a Financial Services name, AMYY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AMYY-specific events.
AMYY collar positions are structurally neutral (protective); 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. AMYY positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AMYY alongside the broader basket even when AMYY-specific fundamentals are unchanged. Always rebuild the position from current AMYY chain quotes before placing a trade.
Frequently asked questions
- What is a collar on AMYY?
- A collar on AMYY is the collar strategy applied to AMYY (etf). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. With AMYY etf trading near $16.45, the strikes shown on this page are snapped to the nearest listed AMYY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are AMYY collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the AMYY collar priced from the end-of-day chain at a 30-day expiry (ATM IV 85.20%), the computed maximum profit is $61.00 per contract and the computed maximum loss is -$39.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a AMYY collar?
- The breakeven for the AMYY collar priced on this page is roughly $16.39 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 AMYY market-implied 1-standard-deviation expected move is approximately 24.43%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on AMYY?
- Collars on AMYY hedge an existing long AMYY etf position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current AMYY implied volatility affect this collar?
- AMYY ATM IV is at 85.20% with IV rank near 17.31%, 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.