How are CRSH 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 CRSH collar priced from the end-of-day chain at a 30-day expiry (ATM IV 44.90%), the computed maximum profit is $78.00 per contract and the computed maximum loss is -$122.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CRSH collar?

The breakeven for the CRSH collar priced on this page is roughly $20.22 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 CRSH market-implied 1-standard-deviation expected move is approximately 12.87%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CRSH implied volatility affect this collar?

CRSH ATM IV is at 44.90% with IV rank near 9.10%, 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.

CRSH Collar Strategy

CRSH (YieldMax Short TSLA Option Income Strategy ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.

The YieldMax Short TSLA Option Income Strategy ETF (CRSH) is an actively managed exchange-traded fund. Its primary objective is to deliver consistent weekly income by employing a synthetic covered put strategy, which is specifically linked to the stock performance of Tesla Inc. (TSLA). This approach allows the fund to generate revenue from collected option premiums while simultaneously establishing an inverse (or short) market position relative to TSLA's share price fluctuations. To manage potential risks, the strategy incorporates the strategic purchase of call options.

CRSH (YieldMax Short TSLA Option Income Strategy ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $15.9M, a beta of -1.25 versus the broader market, a 52-week range of 20.2-50.5, average daily share volume of 23K, a public-listing history dating back to 2024. These structural characteristics shape how CRSH etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -1.25 indicates CRSH has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. CRSH pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a collar on CRSH?

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 CRSH snapshot

As of June 30, 2026, spot at $20.01, ATM IV 44.90%, IV rank 9.10%, expected move 12.87%. The collar on CRSH 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 17-day expiry.

Why this collar structure on CRSH specifically: IV regime affects collar pricing on both sides; compressed CRSH IV at 44.90% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 12.87% (roughly $2.58 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CRSH expiries trade a higher absolute premium for lower per-day decay. Position sizing on CRSH should anchor to the underlying notional of $20.01 per share and to the trader's directional view on CRSH etf.

CRSH collar setup

The CRSH 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 CRSH near $20.01, the first option leg uses a $21.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CRSH chain at a 17-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 CRSH shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$20.01	long
Sell 1	Call	$21.00	$0.24
Buy 1	Put	$19.00	$0.45

CRSH collar risk and reward

Net Premium / Debit: -$2,022.00
Max Profit (per contract): $78.00
Max Loss (per contract): -$122.00
Breakeven(s): $20.22
Risk / Reward Ratio: 0.639

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.

CRSH collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on CRSH. 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%	-$122.00
$4.43	-77.8%	-$122.00
$8.86	-55.7%	-$122.00
$13.28	-33.6%	-$122.00
$17.70	-11.5%	-$122.00
$22.13	+10.6%	+$78.00
$26.55	+32.7%	+$78.00
$30.97	+54.8%	+$78.00
$35.40	+76.9%	+$78.00
$39.82	+99.0%	+$78.00

When traders use collar on CRSH

Collars on CRSH hedge an existing long CRSH 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.

CRSH thesis for this collar

The market-implied 1-standard-deviation range for CRSH extends from approximately $17.43 on the downside to $22.59 on the upside. A CRSH collar hedges an existing long CRSH 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 CRSH IV rank near 9.10% 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 CRSH at 44.90%. As a Financial Services name, CRSH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CRSH-specific events.

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

Frequently asked questions

What is a collar on CRSH?: A collar on CRSH is the collar strategy applied to CRSH (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 CRSH etf trading near $20.01, the strikes shown on this page are snapped to the nearest listed CRSH chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CRSH 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 CRSH collar priced from the end-of-day chain at a 30-day expiry (ATM IV 44.90%), the computed maximum profit is $78.00 per contract and the computed maximum loss is -$122.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CRSH collar?: The breakeven for the CRSH collar priced on this page is roughly $20.22 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 CRSH market-implied 1-standard-deviation expected move is approximately 12.87%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on CRSH?: Collars on CRSH hedge an existing long CRSH 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 CRSH implied volatility affect this collar?: CRSH ATM IV is at 44.90% with IV rank near 9.10%, 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.