CMCI Collar Strategy
CMCI (VanEck CMCI Commodity Strategy ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
CMCI offers diversified exposure to the five commodity sectors through a broad portfolio of 29 commodities. The fund attempts diversification by evenly weighing each commodity based on economic significance and consumption data. To select specific commodities, the index blends liquidity and fundamental metrics. Liquidity is determined by consumption data, open interest, and market volume. The fundamentals draw from economic indicators such as CPI, PPI, and GDP. Instead of holding front-month contracts for each commodity, CMCI spreads the exposure across five separate maturities, targeting 3, 6, 12, 24, and 36 months for each commodity.
CMCI (VanEck CMCI Commodity Strategy ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $3.1M, a beta of 0.00 versus the broader market, average daily share volume of 0K, a public-listing history dating back to 2023. These structural characteristics shape how CMCI etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.00 indicates CMCI has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. CMCI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on CMCI?
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.
CMCI snapshot
As of September 29, 2026, spot at $35.94, ATM IV 129.20%, IV rank 47.76%, expected move 37.04%. The collar on CMCI below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 17-day expiry.
Why this collar structure on CMCI specifically: IV regime affects collar pricing on both sides; mid-range CMCI IV at 129.20% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 37.04% (roughly $13.31 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CMCI expiries trade a higher absolute premium for lower per-day decay. Position sizing on CMCI should anchor to the underlying notional of $35.94 per share and to the trader's directional view on CMCI etf.
CMCI collar setup
The CMCI 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 CMCI at $35.94 on that close, the first option leg uses a $37.74 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CMCI chain at a 17-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 CMCI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $35.94 | long |
| Sell 1 | Call | $37.74 | N/A |
| Buy 1 | Put | $34.14 | N/A |
CMCI 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.
CMCI collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on CMCI. 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 CMCI
Collars on CMCI hedge an existing long CMCI 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.
CMCI thesis for this collar
The market-implied 1-standard-deviation range for CMCI extends from approximately $22.63 on the downside to $49.25 on the upside. A CMCI collar hedges an existing long CMCI 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 CMCI IV rank near 47.76% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on CMCI should anchor more to the directional view and the expected-move geometry. As a Financial Services name, CMCI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CMCI-specific events.
CMCI 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. CMCI positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CMCI alongside the broader basket even when CMCI-specific fundamentals are unchanged. Always rebuild the position from current CMCI chain quotes before placing a trade.
Frequently asked questions
- What is a collar on CMCI?
- A collar on CMCI is the collar strategy applied to CMCI (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 CMCI etf at $35.94 on the most recent close, the strikes shown on this page are snapped to the nearest listed CMCI chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CMCI 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 CMCI collar priced from the end-of-day chain at a 30-day expiry (ATM IV 129.20%), 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 CMCI collar?
- The breakeven for the CMCI collar priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 CMCI market-implied 1-standard-deviation expected move in the same options snapshot is approximately 37.04%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on CMCI?
- Collars on CMCI hedge an existing long CMCI 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 CMCI implied volatility affect this collar?
- CMCI ATM IV is at 129.20% with IV rank near 47.76%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.