EZBC Collar Strategy
EZBC (Franklin Bitcoin ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
The shares are intended to offer a convenient means of making an investment similar to an investment in bitcoin relative to acquiring, holding and trading bitcoin directly on a peer-to-peer or other basis or via a digital asset exchange. The shares have been designed to remove obstacles associated with the complexities and operational burdens involved in a direct investment in bitcoin by providing an investment with a value that reflects the price of the bitcoin owned by the fund at such time, less the fund’s expenses.
EZBC (Franklin Bitcoin ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $425.1M, a beta of 2.02 versus the broader market, a 52-week range of 33.5-73.16, average daily share volume of 191K, a public-listing history dating back to 2024. These structural characteristics shape how EZBC etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.02 indicates EZBC 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 EZBC?
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 EZBC snapshot
As of June 30, 2026, spot at $33.89, ATM IV 44.20%, IV rank 17.61%, expected move 12.67%. The collar on EZBC 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 EZBC specifically: IV regime affects collar pricing on both sides; compressed EZBC IV at 44.20% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 12.67% (roughly $4.29 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 EZBC expiries trade a higher absolute premium for lower per-day decay. Position sizing on EZBC should anchor to the underlying notional of $33.89 per share and to the trader's directional view on EZBC etf.
EZBC collar setup
The EZBC 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 EZBC near $33.89, the first option leg uses a $36.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed EZBC 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 EZBC shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $33.89 | long |
| Sell 1 | Call | $36.00 | $0.60 |
| Buy 1 | Put | $32.00 | $0.65 |
EZBC collar risk and reward
- Net Premium / Debit
- -$3,394.00
- Max Profit (per contract)
- $206.00
- Max Loss (per contract)
- -$194.00
- Breakeven(s)
- $33.94
- Risk / Reward Ratio
- 1.062
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.
EZBC collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on EZBC. 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% | -$194.00 |
| $7.50 | -77.9% | -$194.00 |
| $14.99 | -55.8% | -$194.00 |
| $22.49 | -33.6% | -$194.00 |
| $29.98 | -11.5% | -$194.00 |
| $37.47 | +10.6% | +$206.00 |
| $44.96 | +32.7% | +$206.00 |
| $52.46 | +54.8% | +$206.00 |
| $59.95 | +76.9% | +$206.00 |
| $67.44 | +99.0% | +$206.00 |
When traders use collar on EZBC
Collars on EZBC hedge an existing long EZBC 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.
EZBC thesis for this collar
The market-implied 1-standard-deviation range for EZBC extends from approximately $29.60 on the downside to $38.18 on the upside. A EZBC collar hedges an existing long EZBC 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 EZBC IV rank near 17.61% 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 EZBC at 44.20%. As a Financial Services name, EZBC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to EZBC-specific events.
EZBC 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. EZBC positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move EZBC alongside the broader basket even when EZBC-specific fundamentals are unchanged. Always rebuild the position from current EZBC chain quotes before placing a trade.
Frequently asked questions
- What is a collar on EZBC?
- A collar on EZBC is the collar strategy applied to EZBC (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 EZBC etf trading near $33.89, the strikes shown on this page are snapped to the nearest listed EZBC chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are EZBC 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 EZBC collar priced from the end-of-day chain at a 30-day expiry (ATM IV 44.20%), the computed maximum profit is $206.00 per contract and the computed maximum loss is -$194.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a EZBC collar?
- The breakeven for the EZBC collar priced on this page is roughly $33.94 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 EZBC market-implied 1-standard-deviation expected move is approximately 12.67%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on EZBC?
- Collars on EZBC hedge an existing long EZBC 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 EZBC implied volatility affect this collar?
- EZBC ATM IV is at 44.20% with IV rank near 17.61%, 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.