GPTY Collar Strategy
GPTY (YieldMax AI & Tech Portfolio Option Income ETF), in the Financial Services sector, (Asset Management - Income industry), listed on AMEX.
The YieldMax AI & Tech Portfolio Option Income ETF (GPTY) is a dynamically managed exchange-traded fund designed to provide investors with both ongoing income and potential growth in value. It achieves this by investing in a focused portfolio, typically comprising 15 to 30 publicly listed companies operating within the artificial intelligence (AI) industry. A core strategy for generating income involves the strategic sale of options contracts written against the fund's underlying stock holdings, with the aim of delivering weekly income distributions. Additionally, GPTY seeks capital appreciation through its direct equity investments in these selected AI innovators. The fund's advisor carefully selects prospective holdings based on criteria such as the liquidity of both the stocks and their associated options, prevailing price levels, and implied volatility. This portfolio is then regularly reviewed and adjusted to optimize its composition and performance.
GPTY (YieldMax AI & Tech Portfolio Option Income ETF) trades in the Financial Services sector, specifically Asset Management - Income, with a market capitalization of approximately $109.9M, a beta of 2.01 versus the broader market, a 52-week range of 34.25-50.64, average daily share volume of 52K, a public-listing history dating back to 2025. These structural characteristics shape how GPTY etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.01 indicates GPTY has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. GPTY pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on GPTY?
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.
GPTY snapshot
As of August 14, 2026, spot at $43.08, ATM IV 28.10%, IV rank 4.34%, expected move 8.06%. The collar on GPTY 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 GPTY specifically: IV regime affects collar pricing on both sides; compressed GPTY IV at 28.10% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 8.06% (roughly $3.47 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 GPTY expiries trade a higher absolute premium for lower per-day decay. Position sizing on GPTY should anchor to the underlying notional of $43.08 per share and to the trader's directional view on GPTY etf.
GPTY collar setup
The GPTY 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 GPTY at $43.08 on that close, the first option leg uses a $45.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GPTY 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 GPTY shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $43.08 | long |
| Sell 1 | Call | $45.00 | $0.51 |
| Buy 1 | Put | $41.00 | $0.91 |
GPTY collar risk and reward
- Net Premium / Debit
- -$4,348.00
- Max Profit (per contract)
- $152.00
- Max Loss (per contract)
- -$248.00
- Breakeven(s)
- $43.48
- Risk / Reward Ratio
- 0.613
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.
GPTY collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on GPTY. 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% | -$248.00 |
| $9.53 | -77.9% | -$248.00 |
| $19.06 | -55.8% | -$248.00 |
| $28.58 | -33.7% | -$248.00 |
| $38.11 | -11.5% | -$248.00 |
| $47.63 | +10.6% | +$152.00 |
| $57.15 | +32.7% | +$152.00 |
| $66.68 | +54.8% | +$152.00 |
| $76.20 | +76.9% | +$152.00 |
| $85.73 | +99.0% | +$152.00 |
When traders use collar on GPTY
Collars on GPTY hedge an existing long GPTY 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.
GPTY thesis for this collar
The market-implied 1-standard-deviation range for GPTY extends from approximately $39.61 on the downside to $46.55 on the upside. A GPTY collar hedges an existing long GPTY 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 GPTY IV rank near 4.34% 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 GPTY at 28.10%. As a Financial Services name, GPTY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GPTY-specific events.
GPTY 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. GPTY positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move GPTY alongside the broader basket even when GPTY-specific fundamentals are unchanged. Always rebuild the position from current GPTY chain quotes before placing a trade.
Frequently asked questions
- What is a collar on GPTY?
- A collar on GPTY is the collar strategy applied to GPTY (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 GPTY etf at $43.08 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed GPTY chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are GPTY 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 GPTY collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 28.10%), the computed maximum profit is $152.00 per contract and the computed maximum loss is -$248.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a GPTY collar?
- The breakeven for the GPTY collar priced on this page is roughly $43.48 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 GPTY market-implied 1-standard-deviation expected move in the same options snapshot is approximately 8.06%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on GPTY?
- Collars on GPTY hedge an existing long GPTY 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 GPTY implied volatility affect this collar?
- GPTY ATM IV is at 28.10% with IV rank near 4.34%, 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.