GNR Collar Strategy
GNR (State Street SPDR S&P Global Natural Resources ETF), in the Financial Services sector, (Asset Management - Global industry), listed on AMEX.
The State Street SPDR S&P Global Natural Resources ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P Global Natural Resources Index (the "Index")Seeks to provide exposure to a number of the largest market cap securities in three natural resources sectors - agriculture, energy, and metals and miningMaximum weight of each sub-index is capped at one-third of the total weight of the Index
GNR (State Street SPDR S&P Global Natural Resources ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $4.90B, a beta of 0.59 versus the broader market, a 52-week range of 52.5-76.14, average daily share volume of 418K, a public-listing history dating back to 2010. These structural characteristics shape how GNR etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.59 indicates GNR has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. GNR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on GNR?
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 GNR snapshot
As of May 15, 2026, spot at $74.01, ATM IV 26.60%, IV rank 47.06%, expected move 7.63%. The collar on GNR 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 GNR specifically: IV regime affects collar pricing on both sides; mid-range GNR IV at 26.60% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 7.63% (roughly $5.64 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 GNR expiries trade a higher absolute premium for lower per-day decay. Position sizing on GNR should anchor to the underlying notional of $74.01 per share and to the trader's directional view on GNR etf.
GNR collar setup
The GNR 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 GNR near $74.01, the first option leg uses a $78.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GNR 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 GNR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $74.01 | long |
| Sell 1 | Call | $78.00 | $0.67 |
| Buy 1 | Put | $70.00 | $1.41 |
GNR collar risk and reward
- Net Premium / Debit
- -$7,475.00
- Max Profit (per contract)
- $325.00
- Max Loss (per contract)
- -$475.00
- Breakeven(s)
- $74.75
- Risk / Reward Ratio
- 0.684
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.
GNR collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on GNR. 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% | -$475.00 |
| $16.37 | -77.9% | -$475.00 |
| $32.74 | -55.8% | -$475.00 |
| $49.10 | -33.7% | -$475.00 |
| $65.46 | -11.6% | -$475.00 |
| $81.82 | +10.6% | +$325.00 |
| $98.19 | +32.7% | +$325.00 |
| $114.55 | +54.8% | +$325.00 |
| $130.91 | +76.9% | +$325.00 |
| $147.28 | +99.0% | +$325.00 |
When traders use collar on GNR
Collars on GNR hedge an existing long GNR 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.
GNR thesis for this collar
The market-implied 1-standard-deviation range for GNR extends from approximately $68.37 on the downside to $79.65 on the upside. A GNR collar hedges an existing long GNR 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 GNR IV rank near 47.06% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on GNR should anchor more to the directional view and the expected-move geometry. As a Financial Services name, GNR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GNR-specific events.
GNR 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. GNR positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move GNR alongside the broader basket even when GNR-specific fundamentals are unchanged. Always rebuild the position from current GNR chain quotes before placing a trade.
Frequently asked questions
- What is a collar on GNR?
- A collar on GNR is the collar strategy applied to GNR (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 GNR etf trading near $74.01, the strikes shown on this page are snapped to the nearest listed GNR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are GNR 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 GNR collar priced from the end-of-day chain at a 30-day expiry (ATM IV 26.60%), the computed maximum profit is $325.00 per contract and the computed maximum loss is -$475.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a GNR collar?
- The breakeven for the GNR collar priced on this page is roughly $74.75 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 GNR market-implied 1-standard-deviation expected move is approximately 7.63%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on GNR?
- Collars on GNR hedge an existing long GNR 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 GNR implied volatility affect this collar?
- GNR ATM IV is at 26.60% with IV rank near 47.06%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.