How are GOLY 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 GOLY collar priced from the end-of-day chain at a 30-day expiry (ATM IV 62.50%), the computed maximum profit is $90.00 per contract and the computed maximum loss is -$110.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a GOLY collar?

The breakeven for the GOLY collar priced on this page is roughly $25.10 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 GOLY market-implied 1-standard-deviation expected move is approximately 17.92%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current GOLY implied volatility affect this collar?

GOLY ATM IV is at 62.50% with IV rank near 11.07%, 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.

GOLY Collar Strategy

GOLY (Strategy Shares Gold Enhanced Yield ETF), in the Financial Services sector, (Asset Management - Income industry), listed on CBOE.

The Strategy Shares Gold Enhanced Yield ETF, known by its ticker GOLY, aims to deliver regular monthly income to investors. It achieves this by investing in a diverse mix of assets, including fixed-income instruments, gold, and various other commodities. It's important to note, however, that these payouts may sometimes represent a return of invested capital rather than exclusively originating from net investment earnings. The fund primarily allocates its capital to high-quality, dollar-denominated bonds, specifically corporate bonds and U.S. Treasury securities. Their selection process ensures investment-grade credit quality, relying on both rigorous quantitative analysis and fundamental financial scrutiny.

GOLY (Strategy Shares Gold Enhanced Yield ETF) trades in the Financial Services sector, specifically Asset Management - Income, with a market capitalization of approximately $4.4M, a beta of 0.54 versus the broader market, a 52-week range of 24.815-41.72, average daily share volume of 56K, a public-listing history dating back to 2021. These structural characteristics shape how GOLY etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.54 indicates GOLY has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. GOLY pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a collar on GOLY?

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 GOLY snapshot

As of June 29, 2026, spot at $25.14, ATM IV 62.50%, IV rank 11.07%, expected move 17.92%. The collar on GOLY 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 18-day expiry.

Why this collar structure on GOLY specifically: IV regime affects collar pricing on both sides; compressed GOLY IV at 62.50% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 17.92% (roughly $4.50 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated GOLY expiries trade a higher absolute premium for lower per-day decay. Position sizing on GOLY should anchor to the underlying notional of $25.14 per share and to the trader's directional view on GOLY etf.

GOLY collar setup

The GOLY 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 GOLY near $25.14, the first option leg uses a $26.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GOLY chain at a 18-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 GOLY shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$25.14	long
Sell 1	Call	$26.00	$1.10
Buy 1	Put	$24.00	$1.06

GOLY collar risk and reward

Net Premium / Debit: -$2,510.00
Max Profit (per contract): $90.00
Max Loss (per contract): -$110.00
Breakeven(s): $25.10
Risk / Reward Ratio: 0.818

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.

GOLY collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on GOLY. 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%	-$110.00
$5.57	-77.9%	-$110.00
$11.12	-55.7%	-$110.00
$16.68	-33.6%	-$110.00
$22.24	-11.5%	-$110.00
$27.80	+10.6%	+$90.00
$33.35	+32.7%	+$90.00
$38.91	+54.8%	+$90.00
$44.47	+76.9%	+$90.00
$50.03	+99.0%	+$90.00

When traders use collar on GOLY

Collars on GOLY hedge an existing long GOLY 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.

GOLY thesis for this collar

The market-implied 1-standard-deviation range for GOLY extends from approximately $20.64 on the downside to $29.64 on the upside. A GOLY collar hedges an existing long GOLY 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 GOLY IV rank near 11.07% 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 GOLY at 62.50%. As a Financial Services name, GOLY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GOLY-specific events.

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

Frequently asked questions

What is a collar on GOLY?: A collar on GOLY is the collar strategy applied to GOLY (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 GOLY etf trading near $25.14, the strikes shown on this page are snapped to the nearest listed GOLY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are GOLY 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 GOLY collar priced from the end-of-day chain at a 30-day expiry (ATM IV 62.50%), the computed maximum profit is $90.00 per contract and the computed maximum loss is -$110.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a GOLY collar?: The breakeven for the GOLY collar priced on this page is roughly $25.10 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 GOLY market-implied 1-standard-deviation expected move is approximately 17.92%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on GOLY?: Collars on GOLY hedge an existing long GOLY 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 GOLY implied volatility affect this collar?: GOLY ATM IV is at 62.50% with IV rank near 11.07%, 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.