DEUS Collar Strategy
DEUS (Xtrackers Russell US Multifactor ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
DBX ETF Trust - Xtrackers Russell US Multifactor ETF is an exchange traded fund launched and managed by DBX Advisors LLC. It invests in public equity markets of the United States. The fund invests in stocks of companies operating across diversified sectors. It invests in value, momentum and less volatile stocks of large-cap companies. The fund seeks to track the performance of the Russell 1000 Comprehensive Factor Index, by using full replication technique. DBX ETF Trust - Xtrackers Russell US Multifactor ETF was formed on November 24, 2015 and is domiciled in the United States.
DEUS (Xtrackers Russell US Multifactor ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $200.0M, a beta of 0.82 versus the broader market, a 52-week range of 55.64-66.04, average daily share volume of 23K, a public-listing history dating back to 2015. These structural characteristics shape how DEUS etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.82 places DEUS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. DEUS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on DEUS?
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 DEUS snapshot
As of June 29, 2026, spot at $65.22, ATM IV 19.50%, IV rank 19.44%, expected move 5.59%. The collar on DEUS 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 18-day expiry.
Why this collar structure on DEUS specifically: IV regime affects collar pricing on both sides; compressed DEUS IV at 19.50% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 5.59% (roughly $3.65 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated DEUS expiries trade a higher absolute premium for lower per-day decay. Position sizing on DEUS should anchor to the underlying notional of $65.22 per share and to the trader's directional view on DEUS etf.
DEUS collar setup
The DEUS 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 DEUS near $65.22, the first option leg uses a $68.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed DEUS chain at a 18-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 DEUS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $65.22 | long |
| Sell 1 | Call | $68.00 | $0.22 |
| Buy 1 | Put | $62.00 | $0.11 |
DEUS collar risk and reward
- Net Premium / Debit
- -$6,511.00
- Max Profit (per contract)
- $289.00
- Max Loss (per contract)
- -$311.00
- Breakeven(s)
- $65.11
- Risk / Reward Ratio
- 0.929
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.
DEUS collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on DEUS. 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% | -$311.00 |
| $14.43 | -77.9% | -$311.00 |
| $28.85 | -55.8% | -$311.00 |
| $43.27 | -33.7% | -$311.00 |
| $57.69 | -11.5% | -$311.00 |
| $72.11 | +10.6% | +$289.00 |
| $86.53 | +32.7% | +$289.00 |
| $100.95 | +54.8% | +$289.00 |
| $115.37 | +76.9% | +$289.00 |
| $129.78 | +99.0% | +$289.00 |
When traders use collar on DEUS
Collars on DEUS hedge an existing long DEUS 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.
DEUS thesis for this collar
The market-implied 1-standard-deviation range for DEUS extends from approximately $61.57 on the downside to $68.87 on the upside. A DEUS collar hedges an existing long DEUS 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 DEUS IV rank near 19.44% 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 DEUS at 19.50%. As a Financial Services name, DEUS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to DEUS-specific events.
DEUS 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. DEUS positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move DEUS alongside the broader basket even when DEUS-specific fundamentals are unchanged. Always rebuild the position from current DEUS chain quotes before placing a trade.
Frequently asked questions
- What is a collar on DEUS?
- A collar on DEUS is the collar strategy applied to DEUS (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 DEUS etf trading near $65.22, the strikes shown on this page are snapped to the nearest listed DEUS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are DEUS 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 DEUS collar priced from the end-of-day chain at a 30-day expiry (ATM IV 19.50%), the computed maximum profit is $289.00 per contract and the computed maximum loss is -$311.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a DEUS collar?
- The breakeven for the DEUS collar priced on this page is roughly $65.11 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 DEUS market-implied 1-standard-deviation expected move is approximately 5.59%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on DEUS?
- Collars on DEUS hedge an existing long DEUS 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 DEUS implied volatility affect this collar?
- DEUS ATM IV is at 19.50% with IV rank near 19.44%, 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.