How are DRUP 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 DRUP collar priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV the current ATM IV), the computed maximum profit is $362.00 per contract and the computed maximum loss is -$338.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a DRUP collar?

The breakeven for the DRUP collar priced on this page is roughly $68.38 at expiration, derived from the November 13, 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.

How does current DRUP implied volatility affect this collar?

Current DRUP ATM IV is the current ATM IV; IV rank context is unavailable in the current snapshot.

DRUP Collar Strategy

DRUP (GraniteShares Nasdaq Select Disruptors ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

The GraniteShares Nasdaq Select Disruptors ETF (DRUP) is designed to mirror the investment performance of the Nasdaq US Large Cap Select Disruptors Index. Its aim is to achieve this replication prior to the deduction of its own operational fees and expenses.

DRUP (GraniteShares Nasdaq Select Disruptors ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $48.0M, a beta of 1.14 versus the broader market, a 52-week range of 52.83-73.25, average daily share volume of 1K, a public-listing history dating back to 2019. These structural characteristics shape how DRUP etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.14 places DRUP roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a collar on DRUP?

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.

DRUP snapshot

As of November 13, 2026, spot at $68.58. The collar on DRUP below is built from the November 13, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.

Why this collar structure on DRUP specifically: IV rank is unavailable in the current snapshot, so regime-based timing for DRUP is inferred from ATM IV alone. The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated DRUP expiries trade a higher absolute premium for lower per-day decay. Position sizing on DRUP should anchor to the underlying notional of $68.58 per share and to the trader's directional view on DRUP etf.

DRUP collar setup

The DRUP collar below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With DRUP at $68.58 on that close, the first option leg uses a $72.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed DRUP chain at a 35-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 DRUP shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$68.58	long
Sell 1	Call	$72.00	$0.91
Buy 1	Put	$65.00	$0.71

DRUP collar risk and reward

Net Premium / Debit: -$6,838.00
Max Profit (per contract): $362.00
Max Loss (per contract): -$338.00
Breakeven(s): $68.38
Risk / Reward Ratio: 1.071

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.

DRUP collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on DRUP. 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%	-$338.00
$15.17	-77.9%	-$338.00
$30.33	-55.8%	-$338.00
$45.50	-33.7%	-$338.00
$60.66	-11.5%	-$338.00
$75.82	+10.6%	+$362.00
$90.98	+32.7%	+$362.00
$106.15	+54.8%	+$362.00
$121.31	+76.9%	+$362.00
$136.47	+99.0%	+$362.00

When traders use collar on DRUP

Collars on DRUP hedge an existing long DRUP 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.

DRUP thesis for this collar

A DRUP collar hedges an existing long DRUP 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. As a Financial Services name, DRUP options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to DRUP-specific events.

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

Frequently asked questions

What is a collar on DRUP?: A collar on DRUP is the collar strategy applied to DRUP (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 DRUP etf at $68.58 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed DRUP chain strike and the premiums come straight from that session's bid/ask midpoint.
How are DRUP 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 DRUP collar priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV the current ATM IV), the computed maximum profit is $362.00 per contract and the computed maximum loss is -$338.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a DRUP collar?: The breakeven for the DRUP collar priced on this page is roughly $68.38 at expiration, derived from the November 13, 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.
When should you consider a collar on DRUP?: Collars on DRUP hedge an existing long DRUP 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 DRUP implied volatility affect this collar?: Current DRUP ATM IV is the current ATM IV; IV rank context is unavailable in the current snapshot.