How are CLIX 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 CLIX collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 23.30%), the computed maximum profit is $293.00 per contract and the computed maximum loss is -$307.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CLIX collar?

The breakeven for the CLIX collar priced on this page is roughly $59.07 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 CLIX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 6.68%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CLIX implied volatility affect this collar?

CLIX ATM IV is at 23.30% with IV rank near 29.22%, 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.

CLIX Collar Strategy

CLIX (ProShares - Long Online/Short Stores ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

Managed by ProShare Advisors, this ETF invests in financial instruments intended to replicate the performance of a specific benchmark. The underlying index strategically takes long positions in e-commerce companies, specifically those listed in the ProShares Online Retail Index. Simultaneously, it establishes short positions in conventional brick-and-mortar retailers, drawing from the Solactive-ProShares Bricks and Mortar Retail Store Index. This fund operates with a non-diversified investment approach.

CLIX (ProShares - Long Online/Short Stores ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $6.8M, a beta of 0.92 versus the broader market, a 52-week range of 50.29-62.855, average daily share volume of 1K, a public-listing history dating back to 2017. These structural characteristics shape how CLIX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.92 places CLIX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. CLIX pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a collar on CLIX?

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.

CLIX snapshot

As of August 14, 2026, spot at $59.46, ATM IV 23.30%, IV rank 29.22%, expected move 6.68%. The collar on CLIX 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 CLIX specifically: IV regime affects collar pricing on both sides; compressed CLIX IV at 23.30% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 6.68% (roughly $3.97 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 CLIX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLIX should anchor to the underlying notional of $59.46 per share and to the trader's directional view on CLIX etf.

CLIX collar setup

The CLIX 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 CLIX at $59.46 on that close, the first option leg uses a $62.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLIX 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 CLIX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$59.46	long
Sell 1	Call	$62.00	$0.84
Buy 1	Put	$56.00	$0.45

CLIX collar risk and reward

Net Premium / Debit: -$5,907.00
Max Profit (per contract): $293.00
Max Loss (per contract): -$307.00
Breakeven(s): $59.07
Risk / Reward Ratio: 0.954

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.

CLIX collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on CLIX. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$307.00
$13.16	-77.9%	-$307.00
$26.30	-55.8%	-$307.00
$39.45	-33.7%	-$307.00
$52.59	-11.5%	-$307.00
$65.74	+10.6%	+$293.00
$78.88	+32.7%	+$293.00
$92.03	+54.8%	+$293.00
$105.18	+76.9%	+$293.00
$118.32	+99.0%	+$293.00

When traders use collar on CLIX

Collars on CLIX hedge an existing long CLIX 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.

CLIX thesis for this collar

The market-implied 1-standard-deviation range for CLIX extends from approximately $55.49 on the downside to $63.43 on the upside. A CLIX collar hedges an existing long CLIX 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 CLIX IV rank near 29.22% 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 CLIX at 23.30%. As a Financial Services name, CLIX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLIX-specific events.

CLIX 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. CLIX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CLIX alongside the broader basket even when CLIX-specific fundamentals are unchanged. Always rebuild the position from current CLIX chain quotes before placing a trade.

Frequently asked questions

What is a collar on CLIX?: A collar on CLIX is the collar strategy applied to CLIX (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 CLIX etf at $59.46 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed CLIX chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CLIX 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 CLIX collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 23.30%), the computed maximum profit is $293.00 per contract and the computed maximum loss is -$307.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CLIX collar?: The breakeven for the CLIX collar priced on this page is roughly $59.07 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 CLIX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 6.68%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on CLIX?: Collars on CLIX hedge an existing long CLIX 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 CLIX implied volatility affect this collar?: CLIX ATM IV is at 23.30% with IV rank near 29.22%, 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.