CONI Collar Strategy
CONI (GraniteShares 2x Short COIN Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The Fund seeks daily investment results, before fees and expenses, of -2 times (-200%) the daily percentage change of the common stock of Coinbase Global Inc, (NASDAQ: COIN) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide -2 times the cumulative return of COIN for periods greater than a day.
CONI (GraniteShares 2x Short COIN Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $443.0M, a beta of -4.06 versus the broader market, a 52-week range of 28.4-141.65, average daily share volume of 267K, a public-listing history dating back to 2024. These structural characteristics shape how CONI etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -4.06 indicates CONI has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. CONI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on CONI?
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 CONI snapshot
As of May 15, 2026, spot at $41.20, ATM IV 131.90%, IV rank 33.08%, expected move 37.81%. The collar on CONI 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 CONI specifically: IV regime affects collar pricing on both sides; mid-range CONI IV at 131.90% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 37.81% (roughly $15.58 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 CONI expiries trade a higher absolute premium for lower per-day decay. Position sizing on CONI should anchor to the underlying notional of $41.20 per share and to the trader's directional view on CONI etf.
CONI collar setup
The CONI 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 CONI near $41.20, the first option leg uses a $43.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CONI 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 CONI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $41.20 | long |
| Sell 1 | Call | $43.00 | $5.55 |
| Buy 1 | Put | $40.00 | $6.05 |
CONI collar risk and reward
- Net Premium / Debit
- -$4,170.00
- Max Profit (per contract)
- $130.00
- Max Loss (per contract)
- -$170.00
- Breakeven(s)
- $41.70
- Risk / Reward Ratio
- 0.765
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.
CONI collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on CONI. 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% | -$170.00 |
| $9.12 | -77.9% | -$170.00 |
| $18.23 | -55.8% | -$170.00 |
| $27.34 | -33.7% | -$170.00 |
| $36.44 | -11.5% | -$170.00 |
| $45.55 | +10.6% | +$130.00 |
| $54.66 | +32.7% | +$130.00 |
| $63.77 | +54.8% | +$130.00 |
| $72.88 | +76.9% | +$130.00 |
| $81.99 | +99.0% | +$130.00 |
When traders use collar on CONI
Collars on CONI hedge an existing long CONI 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.
CONI thesis for this collar
The market-implied 1-standard-deviation range for CONI extends from approximately $25.62 on the downside to $56.78 on the upside. A CONI collar hedges an existing long CONI 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 CONI IV rank near 33.08% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on CONI should anchor more to the directional view and the expected-move geometry. As a Financial Services name, CONI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CONI-specific events.
CONI 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. CONI positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CONI alongside the broader basket even when CONI-specific fundamentals are unchanged. Always rebuild the position from current CONI chain quotes before placing a trade.
Frequently asked questions
- What is a collar on CONI?
- A collar on CONI is the collar strategy applied to CONI (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 CONI etf trading near $41.20, the strikes shown on this page are snapped to the nearest listed CONI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CONI 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 CONI collar priced from the end-of-day chain at a 30-day expiry (ATM IV 131.90%), the computed maximum profit is $130.00 per contract and the computed maximum loss is -$170.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CONI collar?
- The breakeven for the CONI collar priced on this page is roughly $41.70 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 CONI market-implied 1-standard-deviation expected move is approximately 37.81%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on CONI?
- Collars on CONI hedge an existing long CONI 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 CONI implied volatility affect this collar?
- CONI ATM IV is at 131.90% with IV rank near 33.08%, 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.