GPT Collar Strategy
GPT (Intelligent Alpha Atlas ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
GPT is designed to be highly dynamic, relying on both AI and human expertise to capitalize on evolving market opportunities. The strategy integrates human insight with AI-powered stock selection to construct a portfolio of global large-cap stocks. Portfolio construction begins with an analyst setting the portfolios parameters, including structure, concentration limits, and thematic inspiration from renowned trading strategies. AI then analyzes datasets to identify four to six major trading trends to choose positions that align with these trends based on key financial metrics such as revenue growth and earnings. Three independent AI models select 20 to 30 stocks to form an equal-weighted portfolio, with no single position exceeding 10%. The selection process combines both quantitative and qualitative analysis.
GPT (Intelligent Alpha Atlas ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $23.4M, a trailing P/E of 128.19, a beta of 0.87 versus the broader market, a 52-week range of 24.93-34.17, average daily share volume of 2K, a public-listing history dating back to 2024. These structural characteristics shape how GPT etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.87 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 128.19 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.
Current GPT snapshot
As of May 15, 2026, spot at $33.01, ATM IV 48.30%, IV rank 33.45%, expected move 13.85%. The collar on GPT 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 GPT specifically: IV regime affects collar pricing on both sides; mid-range GPT IV at 48.30% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 13.85% (roughly $4.57 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 GPT expiries trade a higher absolute premium for lower per-day decay. Position sizing on GPT should anchor to the underlying notional of $33.01 per share and to the trader's directional view on GPT etf.
GPT collar setup
The GPT 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 GPT near $33.01, the first option leg uses a $35.00 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 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 GPT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $33.01 | long |
| Sell 1 | Call | $35.00 | $0.57 |
| Buy 1 | Put | $31.00 | $0.68 |
GPT collar risk and reward
- Net Premium / Debit
- -$3,312.00
- Max Profit (per contract)
- $188.00
- Max Loss (per contract)
- -$212.00
- Breakeven(s)
- $33.12
- Risk / Reward Ratio
- 0.887
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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$212.00 |
| $7.31 | -77.9% | -$212.00 |
| $14.61 | -55.8% | -$212.00 |
| $21.90 | -33.6% | -$212.00 |
| $29.20 | -11.5% | -$212.00 |
| $36.50 | +10.6% | +$188.00 |
| $43.80 | +32.7% | +$188.00 |
| $51.09 | +54.8% | +$188.00 |
| $58.39 | +76.9% | +$188.00 |
| $65.69 | +99.0% | +$188.00 |
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 $28.44 on the downside to $37.58 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 33.45% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on GPT should anchor more to the directional view and the expected-move geometry. 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 trading near $33.01, the strikes shown on this page are snapped to the nearest listed GPT chain strike and the premiums come straight from the end-of-day 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 end-of-day chain at a 30-day expiry (ATM IV 48.30%), the computed maximum profit is $188.00 per contract and the computed maximum loss is -$212.00 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 $33.12 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 GPT market-implied 1-standard-deviation expected move is approximately 13.85%; 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 48.30% with IV rank near 33.45%, 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.