CHPY Collar Strategy
CHPY (YieldMax Semiconductor Portfolio Option Income ETF), in the Financial Services sector, (Asset Management - Income industry), listed on AMEX.
The YieldMax Semiconductor Portfolio Option Income ETF (CHPY) is an actively managed fund that aims to deliver both consistent income and long-term growth. It invests in a focused portfolio of roughly 15 to 30 publicly traded companies within the semiconductor industry. The primary driver of the fund's income is the strategic sale of options contracts on its underlying stock holdings, with the goal of making distributions to investors every week. Beyond options income, CHPY also seeks capital appreciation directly from its equity investments. The fund's management team carefully selects potential holdings by assessing their stock and options liquidity, current valuation, and anticipated price volatility, and continuously reviews the portfolio to optimize its composition.
CHPY (YieldMax Semiconductor Portfolio Option Income ETF) trades in the Financial Services sector, specifically Asset Management - Income, with a market capitalization of approximately $1.10B, a beta of 2.06 versus the broader market, a 52-week range of 50.85-89.86, average daily share volume of 714K, a public-listing history dating back to 2025. These structural characteristics shape how CHPY etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.06 indicates CHPY has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. CHPY pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on CHPY?
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.
CHPY snapshot
As of August 14, 2026, spot at $71.31, ATM IV 33.30%, expected move 9.55%. The collar on CHPY below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this collar structure on CHPY specifically: IV rank is unavailable in the current snapshot, so regime-based timing for CHPY is inferred from ATM IV at 33.30% alone, with a market-implied 1-standard-deviation move of approximately 9.55% (roughly $6.81 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CHPY expiries trade a higher absolute premium for lower per-day decay. Position sizing on CHPY should anchor to the underlying notional of $71.31 per share and to the trader's directional view on CHPY etf.
CHPY collar setup
The CHPY collar below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CHPY at $71.31 on that close, the first option leg uses a $75.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CHPY chain at a 35-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 CHPY shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $71.31 | long |
| Sell 1 | Call | $75.00 | $1.03 |
| Buy 1 | Put | $68.00 | $2.78 |
CHPY collar risk and reward
- Net Premium / Debit
- -$7,306.00
- Max Profit (per contract)
- $194.00
- Max Loss (per contract)
- -$506.00
- Breakeven(s)
- $73.06
- Risk / Reward Ratio
- 0.383
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.
CHPY collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on CHPY. 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% | -$506.00 |
| $15.78 | -77.9% | -$506.00 |
| $31.54 | -55.8% | -$506.00 |
| $47.31 | -33.7% | -$506.00 |
| $63.07 | -11.5% | -$506.00 |
| $78.84 | +10.6% | +$194.00 |
| $94.61 | +32.7% | +$194.00 |
| $110.37 | +54.8% | +$194.00 |
| $126.14 | +76.9% | +$194.00 |
| $141.90 | +99.0% | +$194.00 |
When traders use collar on CHPY
Collars on CHPY hedge an existing long CHPY 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.
CHPY thesis for this collar
The market-implied 1-standard-deviation range for CHPY extends from approximately $64.50 on the downside to $78.12 on the upside. A CHPY collar hedges an existing long CHPY 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. As a Financial Services name, CHPY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CHPY-specific events.
CHPY 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. CHPY positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CHPY alongside the broader basket even when CHPY-specific fundamentals are unchanged. Always rebuild the position from current CHPY chain quotes before placing a trade.
Frequently asked questions
- What is a collar on CHPY?
- A collar on CHPY is the collar strategy applied to CHPY (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 CHPY etf at $71.31 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed CHPY chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CHPY 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 CHPY collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 33.30%), the computed maximum profit is $194.00 per contract and the computed maximum loss is -$506.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CHPY collar?
- The breakeven for the CHPY collar priced on this page is roughly $73.06 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The CHPY market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.55%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on CHPY?
- Collars on CHPY hedge an existing long CHPY 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 CHPY implied volatility affect this collar?
- Current CHPY ATM IV is 33.30%; IV rank context is unavailable in the current snapshot.