CNYA Collar Strategy
CNYA (iShares MSCI China A ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
The iShares MSCI China A ETF seeks to track the investment results of an index composed of domestic Chinese equities that trade on the Shanghai or Shenzhen Stock Exchange.
CNYA (iShares MSCI China A ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $314.6M, a beta of 0.71 versus the broader market, a 52-week range of 27.63-38.74, average daily share volume of 69K, a public-listing history dating back to 2016. These structural characteristics shape how CNYA etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.71 places CNYA roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. CNYA pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on CNYA?
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 CNYA snapshot
As of May 15, 2026, spot at $37.22, ATM IV 39.20%, IV rank 46.22%, expected move 11.24%. The collar on CNYA 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 CNYA specifically: IV regime affects collar pricing on both sides; mid-range CNYA IV at 39.20% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 11.24% (roughly $4.18 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 CNYA expiries trade a higher absolute premium for lower per-day decay. Position sizing on CNYA should anchor to the underlying notional of $37.22 per share and to the trader's directional view on CNYA etf.
CNYA collar setup
The CNYA 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 CNYA near $37.22, the first option leg uses a $39.08 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CNYA 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 CNYA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $37.22 | long |
| Sell 1 | Call | $39.08 | N/A |
| Buy 1 | Put | $35.36 | N/A |
CNYA 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.
CNYA collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on CNYA. 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 CNYA
Collars on CNYA hedge an existing long CNYA 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.
CNYA thesis for this collar
The market-implied 1-standard-deviation range for CNYA extends from approximately $33.04 on the downside to $41.40 on the upside. A CNYA collar hedges an existing long CNYA 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 CNYA IV rank near 46.22% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on CNYA should anchor more to the directional view and the expected-move geometry. As a Financial Services name, CNYA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CNYA-specific events.
CNYA 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. CNYA positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CNYA alongside the broader basket even when CNYA-specific fundamentals are unchanged. Always rebuild the position from current CNYA chain quotes before placing a trade.
Frequently asked questions
- What is a collar on CNYA?
- A collar on CNYA is the collar strategy applied to CNYA (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 CNYA etf trading near $37.22, the strikes shown on this page are snapped to the nearest listed CNYA chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CNYA 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 CNYA collar priced from the end-of-day chain at a 30-day expiry (ATM IV 39.20%), 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 CNYA collar?
- The breakeven for the CNYA collar priced on this page is no defined breakeven on the modeled curve 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 CNYA market-implied 1-standard-deviation expected move is approximately 11.24%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on CNYA?
- Collars on CNYA hedge an existing long CNYA 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 CNYA implied volatility affect this collar?
- CNYA ATM IV is at 39.20% with IV rank near 46.22%, 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.