COMT Collar Strategy
COMT (iShares GSCI Commodity Dynamic Roll Strategy ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The iShares GSCI Commodity Dynamic Roll Strategy ETF (the “Fund”) seeks to track the investment results of an index composed of a broad range of commodity exposures with enhanced roll selection, on a total return basis.
COMT (iShares GSCI Commodity Dynamic Roll Strategy ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $777.7M, a beta of 1.14 versus the broader market, a 52-week range of 24.24-36.51, average daily share volume of 850K, a public-listing history dating back to 2014. These structural characteristics shape how COMT etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.14 places COMT roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. COMT pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on COMT?
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 COMT snapshot
As of May 15, 2026, spot at $35.89, ATM IV 40.00%, IV rank 30.34%, expected move 11.47%. The collar on COMT 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 98-day expiry.
Why this collar structure on COMT specifically: IV regime affects collar pricing on both sides; mid-range COMT IV at 40.00% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 11.47% (roughly $4.12 on the underlying). The 98-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated COMT expiries trade a higher absolute premium for lower per-day decay. Position sizing on COMT should anchor to the underlying notional of $35.89 per share and to the trader's directional view on COMT etf.
COMT collar setup
The COMT 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 COMT near $35.89, the first option leg uses a $38.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed COMT chain at a 98-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 COMT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $35.89 | long |
| Sell 1 | Call | $38.00 | $2.70 |
| Buy 1 | Put | $34.00 | $1.48 |
COMT collar risk and reward
- Net Premium / Debit
- -$3,466.50
- Max Profit (per contract)
- $333.50
- Max Loss (per contract)
- -$66.50
- Breakeven(s)
- $34.67
- Risk / Reward Ratio
- 5.015
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.
COMT collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on COMT. 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% | -$66.50 |
| $7.94 | -77.9% | -$66.50 |
| $15.88 | -55.8% | -$66.50 |
| $23.81 | -33.6% | -$66.50 |
| $31.75 | -11.5% | -$66.50 |
| $39.68 | +10.6% | +$333.50 |
| $47.62 | +32.7% | +$333.50 |
| $55.55 | +54.8% | +$333.50 |
| $63.48 | +76.9% | +$333.50 |
| $71.42 | +99.0% | +$333.50 |
When traders use collar on COMT
Collars on COMT hedge an existing long COMT 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.
COMT thesis for this collar
The market-implied 1-standard-deviation range for COMT extends from approximately $31.77 on the downside to $40.01 on the upside. A COMT collar hedges an existing long COMT 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 COMT IV rank near 30.34% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on COMT should anchor more to the directional view and the expected-move geometry. As a Financial Services name, COMT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to COMT-specific events.
COMT 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. COMT positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move COMT alongside the broader basket even when COMT-specific fundamentals are unchanged. Always rebuild the position from current COMT chain quotes before placing a trade.
Frequently asked questions
- What is a collar on COMT?
- A collar on COMT is the collar strategy applied to COMT (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 COMT etf trading near $35.89, the strikes shown on this page are snapped to the nearest listed COMT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are COMT 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 COMT collar priced from the end-of-day chain at a 30-day expiry (ATM IV 40.00%), the computed maximum profit is $333.50 per contract and the computed maximum loss is -$66.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a COMT collar?
- The breakeven for the COMT collar priced on this page is roughly $34.67 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 COMT market-implied 1-standard-deviation expected move is approximately 11.47%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on COMT?
- Collars on COMT hedge an existing long COMT 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 COMT implied volatility affect this collar?
- COMT ATM IV is at 40.00% with IV rank near 30.34%, 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.