AZYY Collar Strategy
AZYY (GraniteShares YieldBOOST AMZN 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 Amazon. (NASDAQ AMZN) (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.
AZYY (GraniteShares YieldBOOST AMZN ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $519,086, a beta of 1.05 versus the broader market, a 52-week range of 15.69-25.32, average daily share volume of 3K, a public-listing history dating back to 2025. These structural characteristics shape how AZYY etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.05 places AZYY roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. AZYY pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on AZYY?
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 AZYY snapshot
As of May 15, 2026, spot at $18.02, ATM IV 124.80%, IV rank 23.39%, expected move 35.78%. The collar on AZYY 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 AZYY specifically: IV regime affects collar pricing on both sides; compressed AZYY IV at 124.80% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 35.78% (roughly $6.45 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 AZYY expiries trade a higher absolute premium for lower per-day decay. Position sizing on AZYY should anchor to the underlying notional of $18.02 per share and to the trader's directional view on AZYY etf.
AZYY collar setup
The AZYY 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 AZYY near $18.02, the first option leg uses a $19.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AZYY 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 AZYY shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $18.02 | long |
| Sell 1 | Call | $19.00 | $1.75 |
| Buy 1 | Put | $17.00 | $2.40 |
AZYY collar risk and reward
- Net Premium / Debit
- -$1,867.00
- Max Profit (per contract)
- $33.00
- Max Loss (per contract)
- -$167.00
- Breakeven(s)
- $18.67
- Risk / Reward Ratio
- 0.198
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.
AZYY collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on AZYY. 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% | -$167.00 |
| $3.99 | -77.8% | -$167.00 |
| $7.98 | -55.7% | -$167.00 |
| $11.96 | -33.6% | -$167.00 |
| $15.94 | -11.5% | -$167.00 |
| $19.93 | +10.6% | +$33.00 |
| $23.91 | +32.7% | +$33.00 |
| $27.89 | +54.8% | +$33.00 |
| $31.88 | +76.9% | +$33.00 |
| $35.86 | +99.0% | +$33.00 |
When traders use collar on AZYY
Collars on AZYY hedge an existing long AZYY 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.
AZYY thesis for this collar
The market-implied 1-standard-deviation range for AZYY extends from approximately $11.57 on the downside to $24.47 on the upside. A AZYY collar hedges an existing long AZYY 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 AZYY IV rank near 23.39% 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 AZYY at 124.80%. As a Financial Services name, AZYY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AZYY-specific events.
AZYY 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. AZYY positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AZYY alongside the broader basket even when AZYY-specific fundamentals are unchanged. Always rebuild the position from current AZYY chain quotes before placing a trade.
Frequently asked questions
- What is a collar on AZYY?
- A collar on AZYY is the collar strategy applied to AZYY (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 AZYY etf trading near $18.02, the strikes shown on this page are snapped to the nearest listed AZYY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are AZYY 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 AZYY collar priced from the end-of-day chain at a 30-day expiry (ATM IV 124.80%), the computed maximum profit is $33.00 per contract and the computed maximum loss is -$167.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a AZYY collar?
- The breakeven for the AZYY collar priced on this page is roughly $18.67 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 AZYY market-implied 1-standard-deviation expected move is approximately 35.78%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on AZYY?
- Collars on AZYY hedge an existing long AZYY 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 AZYY implied volatility affect this collar?
- AZYY ATM IV is at 124.80% with IV rank near 23.39%, 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.