CONL Collar Strategy
CONL (GraniteShares 2x Long 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.
CONL (GraniteShares 2x Long COIN Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $322.7M, a beta of 7.97 versus the broader market, a 52-week range of 5.02-72.345, average daily share volume of 20.8M, a public-listing history dating back to 2022. These structural characteristics shape how CONL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 7.97 indicates CONL has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. CONL pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on CONL?
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 CONL snapshot
As of May 15, 2026, spot at $8.18, ATM IV 137.40%, IV rank 49.38%, expected move 39.39%. The collar on CONL 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 CONL specifically: IV regime affects collar pricing on both sides; mid-range CONL IV at 137.40% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 39.39% (roughly $3.22 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 CONL expiries trade a higher absolute premium for lower per-day decay. Position sizing on CONL should anchor to the underlying notional of $8.18 per share and to the trader's directional view on CONL etf.
CONL collar setup
The CONL 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 CONL near $8.18, the first option leg uses a $9.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CONL 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 CONL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $8.18 | long |
| Sell 1 | Call | $9.00 | $1.08 |
| Buy 1 | Put | $8.00 | $1.23 |
CONL collar risk and reward
- Net Premium / Debit
- -$833.00
- Max Profit (per contract)
- $67.00
- Max Loss (per contract)
- -$33.00
- Breakeven(s)
- $8.33
- Risk / Reward Ratio
- 2.030
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.
CONL collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on CONL. 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 | -99.9% | -$33.00 |
| $1.82 | -77.8% | -$33.00 |
| $3.63 | -55.7% | -$33.00 |
| $5.43 | -33.6% | -$33.00 |
| $7.24 | -11.5% | -$33.00 |
| $9.05 | +10.6% | +$67.00 |
| $10.86 | +32.7% | +$67.00 |
| $12.66 | +54.8% | +$67.00 |
| $14.47 | +76.9% | +$67.00 |
| $16.28 | +99.0% | +$67.00 |
When traders use collar on CONL
Collars on CONL hedge an existing long CONL 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.
CONL thesis for this collar
The market-implied 1-standard-deviation range for CONL extends from approximately $4.96 on the downside to $11.40 on the upside. A CONL collar hedges an existing long CONL 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 CONL IV rank near 49.38% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on CONL should anchor more to the directional view and the expected-move geometry. As a Financial Services name, CONL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CONL-specific events.
CONL 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. CONL positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CONL alongside the broader basket even when CONL-specific fundamentals are unchanged. Always rebuild the position from current CONL chain quotes before placing a trade.
Frequently asked questions
- What is a collar on CONL?
- A collar on CONL is the collar strategy applied to CONL (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 CONL etf trading near $8.18, the strikes shown on this page are snapped to the nearest listed CONL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CONL 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 CONL collar priced from the end-of-day chain at a 30-day expiry (ATM IV 137.40%), the computed maximum profit is $67.00 per contract and the computed maximum loss is -$33.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CONL collar?
- The breakeven for the CONL collar priced on this page is roughly $8.33 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 CONL market-implied 1-standard-deviation expected move is approximately 39.39%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on CONL?
- Collars on CONL hedge an existing long CONL 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 CONL implied volatility affect this collar?
- CONL ATM IV is at 137.40% with IV rank near 49.38%, 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.