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 August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 407.20%), the computed maximum profit is $433.00 per contract and the computed maximum loss is -$367.00 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 $74.67 at expiration, derived from the August 14, 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 GNR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 116.74%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current GNR implied volatility affect this collar?

GNR ATM IV is at 407.20% with IV rank near 81.06%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

GNR Collar Strategy

GNR (State Street SPDR S&P Global Natural Resources ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

This ETF, known as the State Street SPDR S&P Global Natural Resources ETF, aims to replicate the overall financial gains of the S&P Global Natural Resources Index. Its objective is to provide investors with exposure to some of the most significant companies by market capitalization across three vital natural resource industries: agriculture, energy, and metals and mining. A key feature of the index's construction is a diversification rule, where the weighting of any individual sub-index representing these sectors is capped at a maximum of one-third of the index's total composition. This mirroring of the index's returns is calculated prior to deducting any management fees or operational expenses.

GNR (State Street SPDR S&P Global Natural Resources ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $4.66B, a beta of 0.49 versus the broader market, a 52-week range of 55.52-76.14, average daily share volume of 260K, 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 0.49 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.

GNR snapshot

As of August 14, 2026, spot at $74.78, ATM IV 407.20%, IV rank 81.06%, expected move 116.74%. The collar on GNR below is built from the August 14, 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 GNR specifically: IV regime affects collar pricing on both sides; elevated GNR IV at 407.20% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 116.74% (roughly $87.30 on the underlying). The 35-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 $74.78 per share and to the trader's directional view on GNR etf.

GNR collar setup

The GNR collar below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With GNR at $74.78 on that close, the first option leg uses a $79.00 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 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 GNR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$74.78	long
Sell 1	Call	$79.00	$0.21
Buy 1	Put	$71.00	$0.10

GNR collar risk and reward

Net Premium / Debit: -$7,467.00
Max Profit (per contract): $433.00
Max Loss (per contract): -$367.00
Breakeven(s): $74.67
Risk / Reward Ratio: 1.180

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.

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%	-$367.00
$16.54	-77.9%	-$367.00
$33.08	-55.8%	-$367.00
$49.61	-33.7%	-$367.00
$66.14	-11.6%	-$367.00
$82.68	+10.6%	+$433.00
$99.21	+32.7%	+$433.00
$115.74	+54.8%	+$433.00
$132.28	+76.9%	+$433.00
$148.81	+99.0%	+$433.00

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 $-12.52 on the downside to $162.08 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 81.06% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on GNR at 407.20%. 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 at $74.78 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed GNR chain strike and the premiums come straight from that session's 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 August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 407.20%), the computed maximum profit is $433.00 per contract and the computed maximum loss is -$367.00 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 $74.67 at expiration, derived from the August 14, 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 GNR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 116.74%; 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 407.20% with IV rank near 81.06%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.