How are DJTU 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 DJTU collar priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 111.10%), the computed maximum profit is $75.00 per contract and the computed maximum loss is -$25.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a DJTU collar?

The breakeven for the DJTU collar priced on this page is roughly $11.25 at expiration, derived from the September 29, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The DJTU market-implied 1-standard-deviation expected move in the same options snapshot is approximately 31.85%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current DJTU implied volatility affect this collar?

DJTU ATM IV is at 111.10% with IV rank near 21.46%, 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.

DJTU Collar Strategy

DJTU (ETF Opportunities Trust - T-Rex 2X Long DJT Daily Target ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

DJTU is designed for making bullish bets on the stock price of Trump Media & Technology Group Corp. through swap agreements. The objective is to obtain daily leveraged exposure equivalent to 200% of the fund's net assets. To maintain this exposure, daily rebalancing is performed to make adjustments in response to DJTs daily price movements. As a geared product, the fund is intended as a short-term tactical tool, rather than as a long-term investment vehicle. As a result, returns may deviate from the expected 2x if held for longer than a single day due to compounding. This strategy is high-risk and does not include a defensive position as part of its overall process.

DJTU (ETF Opportunities Trust - T-Rex 2X Long DJT Daily Target ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $12.2M, a beta of -0.35 versus the broader market, a 52-week range of 7.88-93.5, average daily share volume of 51K, a public-listing history dating back to 2025. These structural characteristics shape how DJTU etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -0.35 indicates DJTU has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a collar on DJTU?

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.

DJTU snapshot

As of September 29, 2026, spot at $11.30, ATM IV 111.10%, IV rank 21.46%, expected move 31.85%. The collar on DJTU below is built from the September 29, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 80-day expiry.

Why this collar structure on DJTU specifically: IV regime affects collar pricing on both sides; compressed DJTU IV at 111.10% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 31.85% (roughly $3.60 on the underlying). The 80-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated DJTU expiries trade a higher absolute premium for lower per-day decay. Position sizing on DJTU should anchor to the underlying notional of $11.30 per share and to the trader's directional view on DJTU etf.

DJTU collar setup

The DJTU collar below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With DJTU at $11.30 on that close, the first option leg uses a $12.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed DJTU chain at a 80-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 DJTU shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$11.30	long
Sell 1	Call	$12.00	$2.33
Buy 1	Put	$11.00	$2.28

DJTU collar risk and reward

Net Premium / Debit: -$1,125.00
Max Profit (per contract): $75.00
Max Loss (per contract): -$25.00
Breakeven(s): $11.25
Risk / Reward Ratio: 3.000

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.

DJTU collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on DJTU. 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	-99.9%	-$25.00
$2.51	-77.8%	-$25.00
$5.00	-55.7%	-$25.00
$7.50	-33.6%	-$25.00
$10.00	-11.5%	-$25.00
$12.50	+10.6%	+$75.00
$14.99	+32.7%	+$75.00
$17.49	+54.8%	+$75.00
$19.99	+76.9%	+$75.00
$22.49	+99.0%	+$75.00

When traders use collar on DJTU

Collars on DJTU hedge an existing long DJTU 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.

DJTU thesis for this collar

The market-implied 1-standard-deviation range for DJTU extends from approximately $7.70 on the downside to $14.90 on the upside. A DJTU collar hedges an existing long DJTU 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 DJTU IV rank near 21.46% 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 DJTU at 111.10%. As a Financial Services name, DJTU options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to DJTU-specific events.

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

Frequently asked questions

What is a collar on DJTU?: A collar on DJTU is the collar strategy applied to DJTU (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 DJTU etf at $11.30 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed DJTU chain strike and the premiums come straight from that session's bid/ask midpoint.
How are DJTU 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 DJTU collar priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 111.10%), the computed maximum profit is $75.00 per contract and the computed maximum loss is -$25.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a DJTU collar?: The breakeven for the DJTU collar priced on this page is roughly $11.25 at expiration, derived from the September 29, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The DJTU market-implied 1-standard-deviation expected move in the same options snapshot is approximately 31.85%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on DJTU?: Collars on DJTU hedge an existing long DJTU 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 DJTU implied volatility affect this collar?: DJTU ATM IV is at 111.10% with IV rank near 21.46%, 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.