How are GPT 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 GPT collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 372.50%), the computed maximum profit is $136.00 per contract and the computed maximum loss is -$164.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a GPT collar?

The breakeven for the GPT collar priced on this page is roughly $34.64 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 GPT market-implied 1-standard-deviation expected move in the same options snapshot is approximately 4.85%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current GPT implied volatility affect this collar?

GPT ATM IV is at 372.50% with IV rank near 78.68%, 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.

GPT Collar Strategy

GPT (Intelligent Alpha Atlas ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

The fund uses Intelligent Alpha, LLC’s proprietary artificial intelligence-powered stock selection strategy to create an intelligent equal weight portfolio of global large cap stocks with over $1 billion in market capitalization. The securities selected will be based on the major trading trends inspired by the greatest traders in the world. The fund is non-diversified.

GPT (Intelligent Alpha Atlas ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $24.6M, a trailing P/E of 132.64, a beta of 0.81 versus the broader market, a 52-week range of 27.64-34.785, average daily share volume of 2K, a public-listing history dating back to 2024, approximately 488 full-time employees. These structural characteristics shape how GPT etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.81 places GPT roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 132.64 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple. GPT pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a collar on GPT?

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.

GPT snapshot

As of August 14, 2026, spot at $34.66, ATM IV 372.50%, IV rank 78.68%, expected move 4.85%. The collar on GPT 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 GPT specifically: IV regime affects collar pricing on both sides; elevated GPT IV at 372.50% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 4.85% (roughly $1.68 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 GPT expiries trade a higher absolute premium for lower per-day decay. Position sizing on GPT should anchor to the underlying notional of $34.66 per share and to the trader's directional view on GPT etf.

GPT collar setup

The GPT 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 GPT at $34.66 on that close, 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 GPT 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 GPT shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$34.66	long
Sell 1	Call	$36.00	$0.32
Buy 1	Put	$33.00	$0.30

GPT collar risk and reward

Net Premium / Debit: -$3,464.00
Max Profit (per contract): $136.00
Max Loss (per contract): -$164.00
Breakeven(s): $34.64
Risk / Reward Ratio: 0.829

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.

GPT collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on GPT. 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%	-$164.00
$7.67	-77.9%	-$164.00
$15.33	-55.8%	-$164.00
$23.00	-33.6%	-$164.00
$30.66	-11.5%	-$164.00
$38.32	+10.6%	+$136.00
$45.98	+32.7%	+$136.00
$53.65	+54.8%	+$136.00
$61.31	+76.9%	+$136.00
$68.97	+99.0%	+$136.00

When traders use collar on GPT

Collars on GPT hedge an existing long GPT 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.

GPT thesis for this collar

The market-implied 1-standard-deviation range for GPT extends from approximately $32.98 on the downside to $36.34 on the upside. A GPT collar hedges an existing long GPT 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 GPT IV rank near 78.68% 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 GPT at 372.50%. As a Financial Services name, GPT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GPT-specific events.

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

Frequently asked questions

What is a collar on GPT?: A collar on GPT is the collar strategy applied to GPT (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 GPT etf at $34.66 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed GPT chain strike and the premiums come straight from that session's bid/ask midpoint.
How are GPT 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 GPT collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 372.50%), the computed maximum profit is $136.00 per contract and the computed maximum loss is -$164.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a GPT collar?: The breakeven for the GPT collar priced on this page is roughly $34.64 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 GPT market-implied 1-standard-deviation expected move in the same options snapshot is approximately 4.85%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on GPT?: Collars on GPT hedge an existing long GPT 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 GPT implied volatility affect this collar?: GPT ATM IV is at 372.50% with IV rank near 78.68%, 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.