How are COMB 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 COMB collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 9.60%), the computed maximum profit is $148.00 per contract and the computed maximum loss is -$152.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a COMB collar?

The breakeven for the COMB collar priced on this page is roughly $26.52 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 COMB market-implied 1-standard-deviation expected move in the same options snapshot is approximately 2.75%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current COMB implied volatility affect this collar?

COMB ATM IV is at 9.60% with IV rank near 0.00%, 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.

COMB Collar Strategy

COMB (GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

The fund is an actively managed ETF that seeks to provide long-term capital appreciation, primarily through exposure to commodity futures markets. While the fund generally will seek exposure to the commodity futures markets included in the COMB Benchmark, it is not an index tracking ETF and will seek to enhance its performance, in part through a cash management strategy consisting of investments in investment grade fixed income securities. The fund is non-diversified.

COMB (GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $125.1M, a beta of 1.00 versus the broader market, a 52-week range of 20.23-28.05, average daily share volume of 73K, a public-listing history dating back to 2017. These structural characteristics shape how COMB etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.00 places COMB roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. COMB pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a collar on COMB?

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.

COMB snapshot

As of August 14, 2026, spot at $26.52, ATM IV 9.60%, IV rank 0.00%, expected move 2.75%. The collar on COMB 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 COMB specifically: IV regime affects collar pricing on both sides; compressed COMB IV at 9.60% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 2.75% (roughly $0.73 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 COMB expiries trade a higher absolute premium for lower per-day decay. Position sizing on COMB should anchor to the underlying notional of $26.52 per share and to the trader's directional view on COMB etf.

COMB collar setup

The COMB 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 COMB at $26.52 on that close, the first option leg uses a $28.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed COMB 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 COMB shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$26.52	long
Sell 1	Call	$28.00	$0.21
Buy 1	Put	$25.00	$0.21

COMB collar risk and reward

Net Premium / Debit: -$2,652.00
Max Profit (per contract): $148.00
Max Loss (per contract): -$152.00
Breakeven(s): $26.52
Risk / Reward Ratio: 0.974

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.

COMB collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on COMB. 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%	-$152.00
$5.87	-77.9%	-$152.00
$11.74	-55.7%	-$152.00
$17.60	-33.6%	-$152.00
$23.46	-11.5%	-$152.00
$29.32	+10.6%	+$148.00
$35.19	+32.7%	+$148.00
$41.05	+54.8%	+$148.00
$46.91	+76.9%	+$148.00
$52.77	+99.0%	+$148.00

When traders use collar on COMB

Collars on COMB hedge an existing long COMB 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.

COMB thesis for this collar

The market-implied 1-standard-deviation range for COMB extends from approximately $25.79 on the downside to $27.25 on the upside. A COMB collar hedges an existing long COMB 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 COMB IV rank near 0.00% 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 COMB at 9.60%. As a Financial Services name, COMB options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to COMB-specific events.

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

Frequently asked questions

What is a collar on COMB?: A collar on COMB is the collar strategy applied to COMB (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 COMB etf at $26.52 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed COMB chain strike and the premiums come straight from that session's bid/ask midpoint.
How are COMB 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 COMB collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 9.60%), the computed maximum profit is $148.00 per contract and the computed maximum loss is -$152.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a COMB collar?: The breakeven for the COMB collar priced on this page is roughly $26.52 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 COMB market-implied 1-standard-deviation expected move in the same options snapshot is approximately 2.75%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on COMB?: Collars on COMB hedge an existing long COMB 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 COMB implied volatility affect this collar?: COMB ATM IV is at 9.60% with IV rank near 0.00%, 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.