BTGD Collar Strategy
BTGD (STKd 100% Bitcoin & 100% Gold ETF), in the Financial Services sector, (Asset Management - Cryptocurrency industry), listed on NASDAQ.
The Quantify Funds STKd 100% Bitcoin & 100% Gold ETF is designed to achieve substantial long-term wealth appreciation. It accomplishes this by strategically allocating investments across two distinct yet mutually beneficial asset classes: Bitcoin and gold.
BTGD (STKd 100% Bitcoin & 100% Gold ETF) trades in the Financial Services sector, specifically Asset Management - Cryptocurrency, with a market capitalization of approximately $26.6M, a beta of 1.49 versus the broader market, a 52-week range of 19.27-48.86, average daily share volume of 64K, a public-listing history dating back to 2024. These structural characteristics shape how BTGD etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.49 indicates BTGD has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. BTGD pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on BTGD?
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 BTGD snapshot
As of June 29, 2026, spot at $19.86, ATM IV 36.40%, IV rank 4.79%, expected move 10.44%. The collar on BTGD 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 18-day expiry.
Why this collar structure on BTGD specifically: IV regime affects collar pricing on both sides; compressed BTGD IV at 36.40% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 10.44% (roughly $2.07 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated BTGD expiries trade a higher absolute premium for lower per-day decay. Position sizing on BTGD should anchor to the underlying notional of $19.86 per share and to the trader's directional view on BTGD etf.
BTGD collar setup
The BTGD 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 BTGD near $19.86, the first option leg uses a $21.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BTGD chain at a 18-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 BTGD shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $19.86 | long |
| Sell 1 | Call | $21.00 | $0.78 |
| Buy 1 | Put | $19.00 | $0.80 |
BTGD collar risk and reward
- Net Premium / Debit
- -$1,988.00
- Max Profit (per contract)
- $112.00
- Max Loss (per contract)
- -$88.00
- Breakeven(s)
- $19.88
- Risk / Reward Ratio
- 1.273
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.
BTGD collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on BTGD. 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% | -$88.00 |
| $4.40 | -77.8% | -$88.00 |
| $8.79 | -55.7% | -$88.00 |
| $13.18 | -33.6% | -$88.00 |
| $17.57 | -11.5% | -$88.00 |
| $21.96 | +10.6% | +$112.00 |
| $26.35 | +32.7% | +$112.00 |
| $30.74 | +54.8% | +$112.00 |
| $35.13 | +76.9% | +$112.00 |
| $39.52 | +99.0% | +$112.00 |
When traders use collar on BTGD
Collars on BTGD hedge an existing long BTGD 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.
BTGD thesis for this collar
The market-implied 1-standard-deviation range for BTGD extends from approximately $17.79 on the downside to $21.93 on the upside. A BTGD collar hedges an existing long BTGD 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 BTGD IV rank near 4.79% 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 BTGD at 36.40%. As a Financial Services name, BTGD options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BTGD-specific events.
BTGD 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. BTGD positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BTGD alongside the broader basket even when BTGD-specific fundamentals are unchanged. Always rebuild the position from current BTGD chain quotes before placing a trade.
Frequently asked questions
- What is a collar on BTGD?
- A collar on BTGD is the collar strategy applied to BTGD (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 BTGD etf trading near $19.86, the strikes shown on this page are snapped to the nearest listed BTGD chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are BTGD 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 BTGD collar priced from the end-of-day chain at a 30-day expiry (ATM IV 36.40%), the computed maximum profit is $112.00 per contract and the computed maximum loss is -$88.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a BTGD collar?
- The breakeven for the BTGD collar priced on this page is roughly $19.88 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 BTGD market-implied 1-standard-deviation expected move is approximately 10.44%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on BTGD?
- Collars on BTGD hedge an existing long BTGD 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 BTGD implied volatility affect this collar?
- BTGD ATM IV is at 36.40% with IV rank near 4.79%, 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.