CRWL Collar Strategy
CRWL (GraniteShares 2x Long CRWD 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 CrowdStrike Holdings Inc, (NASDAQ: CRWD) 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 CRWD for periods greater than a day.
CRWL (GraniteShares 2x Long CRWD Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $60.6M, a beta of 2.60 versus the broader market, a 52-week range of 15.25-46.336, average daily share volume of 334K, a public-listing history dating back to 2024. These structural characteristics shape how CRWL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.60 indicates CRWL has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a collar on CRWL?
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 CRWL snapshot
As of May 15, 2026, spot at $41.52, ATM IV 113.60%, IV rank 75.29%, expected move 32.57%. The collar on CRWL 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 CRWL specifically: IV regime affects collar pricing on both sides; elevated CRWL IV at 113.60% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 32.57% (roughly $13.52 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 CRWL expiries trade a higher absolute premium for lower per-day decay. Position sizing on CRWL should anchor to the underlying notional of $41.52 per share and to the trader's directional view on CRWL etf.
CRWL collar setup
The CRWL 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 CRWL near $41.52, the first option leg uses a $44.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CRWL 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 CRWL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $41.52 | long |
| Sell 1 | Call | $44.00 | $4.45 |
| Buy 1 | Put | $39.00 | $4.65 |
CRWL collar risk and reward
- Net Premium / Debit
- -$4,172.00
- Max Profit (per contract)
- $228.00
- Max Loss (per contract)
- -$272.00
- Breakeven(s)
- $41.72
- Risk / Reward Ratio
- 0.838
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.
CRWL collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on CRWL. 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% | -$272.00 |
| $9.19 | -77.9% | -$272.00 |
| $18.37 | -55.8% | -$272.00 |
| $27.55 | -33.7% | -$272.00 |
| $36.73 | -11.5% | -$272.00 |
| $45.91 | +10.6% | +$228.00 |
| $55.09 | +32.7% | +$228.00 |
| $64.26 | +54.8% | +$228.00 |
| $73.44 | +76.9% | +$228.00 |
| $82.62 | +99.0% | +$228.00 |
When traders use collar on CRWL
Collars on CRWL hedge an existing long CRWL 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.
CRWL thesis for this collar
The market-implied 1-standard-deviation range for CRWL extends from approximately $28.00 on the downside to $55.04 on the upside. A CRWL collar hedges an existing long CRWL 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 CRWL IV rank near 75.29% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on CRWL at 113.60%. As a Financial Services name, CRWL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CRWL-specific events.
CRWL 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. CRWL positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CRWL alongside the broader basket even when CRWL-specific fundamentals are unchanged. Always rebuild the position from current CRWL chain quotes before placing a trade.
Frequently asked questions
- What is a collar on CRWL?
- A collar on CRWL is the collar strategy applied to CRWL (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 CRWL etf trading near $41.52, the strikes shown on this page are snapped to the nearest listed CRWL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CRWL 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 CRWL collar priced from the end-of-day chain at a 30-day expiry (ATM IV 113.60%), the computed maximum profit is $228.00 per contract and the computed maximum loss is -$272.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CRWL collar?
- The breakeven for the CRWL collar priced on this page is roughly $41.72 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 CRWL market-implied 1-standard-deviation expected move is approximately 32.57%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on CRWL?
- Collars on CRWL hedge an existing long CRWL 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 CRWL implied volatility affect this collar?
- CRWL ATM IV is at 113.60% with IV rank near 75.29%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.