AMZZ Collar Strategy
AMZZ (GraniteShares 2x Long AMZN Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Amazon, (NASDAQ: AMZN) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of AMZN for periods greater than a day.
AMZZ (GraniteShares 2x Long AMZN Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $59.9M, a beta of 3.61 versus the broader market, a 52-week range of 22.21-43.11, average daily share volume of 249K, a public-listing history dating back to 2024. These structural characteristics shape how AMZZ etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 3.61 indicates AMZZ has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a collar on AMZZ?
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 AMZZ snapshot
As of May 15, 2026, spot at $38.55, ATM IV 60.00%, IV rank 22.15%, expected move 17.20%. The collar on AMZZ 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 AMZZ specifically: IV regime affects collar pricing on both sides; compressed AMZZ IV at 60.00% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 17.20% (roughly $6.63 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 AMZZ expiries trade a higher absolute premium for lower per-day decay. Position sizing on AMZZ should anchor to the underlying notional of $38.55 per share and to the trader's directional view on AMZZ etf.
AMZZ collar setup
The AMZZ 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 AMZZ near $38.55, the first option leg uses a $40.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AMZZ 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 AMZZ shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $38.55 | long |
| Sell 1 | Call | $40.00 | $2.13 |
| Buy 1 | Put | $37.00 | $2.10 |
AMZZ collar risk and reward
- Net Premium / Debit
- -$3,852.50
- Max Profit (per contract)
- $147.50
- Max Loss (per contract)
- -$152.50
- Breakeven(s)
- $38.53
- Risk / Reward Ratio
- 0.967
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.
AMZZ collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on AMZZ. 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% | -$152.50 |
| $8.53 | -77.9% | -$152.50 |
| $17.06 | -55.8% | -$152.50 |
| $25.58 | -33.7% | -$152.50 |
| $34.10 | -11.5% | -$152.50 |
| $42.62 | +10.6% | +$147.50 |
| $51.15 | +32.7% | +$147.50 |
| $59.67 | +54.8% | +$147.50 |
| $68.19 | +76.9% | +$147.50 |
| $76.71 | +99.0% | +$147.50 |
When traders use collar on AMZZ
Collars on AMZZ hedge an existing long AMZZ 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.
AMZZ thesis for this collar
The market-implied 1-standard-deviation range for AMZZ extends from approximately $31.92 on the downside to $45.18 on the upside. A AMZZ collar hedges an existing long AMZZ 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 AMZZ IV rank near 22.15% 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 AMZZ at 60.00%. As a Financial Services name, AMZZ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AMZZ-specific events.
AMZZ 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. AMZZ positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AMZZ alongside the broader basket even when AMZZ-specific fundamentals are unchanged. Always rebuild the position from current AMZZ chain quotes before placing a trade.
Frequently asked questions
- What is a collar on AMZZ?
- A collar on AMZZ is the collar strategy applied to AMZZ (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 AMZZ etf trading near $38.55, the strikes shown on this page are snapped to the nearest listed AMZZ chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are AMZZ 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 AMZZ collar priced from the end-of-day chain at a 30-day expiry (ATM IV 60.00%), the computed maximum profit is $147.50 per contract and the computed maximum loss is -$152.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a AMZZ collar?
- The breakeven for the AMZZ collar priced on this page is roughly $38.53 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 AMZZ market-implied 1-standard-deviation expected move is approximately 17.20%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on AMZZ?
- Collars on AMZZ hedge an existing long AMZZ 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 AMZZ implied volatility affect this collar?
- AMZZ ATM IV is at 60.00% with IV rank near 22.15%, 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.