AWAY Collar Strategy
AWAY (Amplify Travel Tech ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
The Amplify Travel Tech ETF (AWAY) seeks investment results that generally correlate (before fees and expenses) to the total return performance of the Prime Travel Technology Index NTR. AWAY tracks a portfolio of companies in the “Travel Technology Business” that use internet technology to enable travel-related services such as bookings, ride sharing, price comparison, and travel advice.
AWAY (Amplify Travel Tech ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $25.6M, a beta of 1.24 versus the broader market, a 52-week range of 15.5-23.235, average daily share volume of 8K, a public-listing history dating back to 2020. These structural characteristics shape how AWAY etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.24 places AWAY roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. AWAY pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on AWAY?
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 AWAY snapshot
As of May 15, 2026, spot at $16.69, ATM IV 54.20%, IV rank 7.08%, expected move 15.54%. The collar on AWAY 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 AWAY specifically: IV regime affects collar pricing on both sides; compressed AWAY IV at 54.20% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 15.54% (roughly $2.59 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 AWAY expiries trade a higher absolute premium for lower per-day decay. Position sizing on AWAY should anchor to the underlying notional of $16.69 per share and to the trader's directional view on AWAY etf.
AWAY collar setup
The AWAY 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 AWAY near $16.69, the first option leg uses a $17.52 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AWAY 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 AWAY shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $16.69 | long |
| Sell 1 | Call | $17.52 | N/A |
| Buy 1 | Put | $15.86 | N/A |
AWAY collar 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 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.
AWAY collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on AWAY. 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 collar on AWAY
Collars on AWAY hedge an existing long AWAY 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.
AWAY thesis for this collar
The market-implied 1-standard-deviation range for AWAY extends from approximately $14.10 on the downside to $19.28 on the upside. A AWAY collar hedges an existing long AWAY 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 AWAY IV rank near 7.08% 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 AWAY at 54.20%. As a Financial Services name, AWAY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AWAY-specific events.
AWAY 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. AWAY positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AWAY alongside the broader basket even when AWAY-specific fundamentals are unchanged. Always rebuild the position from current AWAY chain quotes before placing a trade.
Frequently asked questions
- What is a collar on AWAY?
- A collar on AWAY is the collar strategy applied to AWAY (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 AWAY etf trading near $16.69, the strikes shown on this page are snapped to the nearest listed AWAY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are AWAY 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 AWAY collar priced from the end-of-day chain at a 30-day expiry (ATM IV 54.20%), 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 AWAY collar?
- The breakeven for the AWAY collar 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 AWAY market-implied 1-standard-deviation expected move is approximately 15.54%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on AWAY?
- Collars on AWAY hedge an existing long AWAY 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 AWAY implied volatility affect this collar?
- AWAY ATM IV is at 54.20% with IV rank near 7.08%, 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.