GREK Collar Strategy
GREK (Global X - MSCI Greece ETF), in the Financial Services sector, (Asset Management - Global industry), listed on AMEX.
The Global X MSCI Greece ETF (GREK) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Greece Select 25/50 Index.
GREK (Global X - MSCI Greece ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $383.0M, a beta of 0.84 versus the broader market, a 52-week range of 51.79-77.26, average daily share volume of 137K, a public-listing history dating back to 2011. These structural characteristics shape how GREK etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.84 places GREK roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. GREK pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on GREK?
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 GREK snapshot
As of May 15, 2026, spot at $70.87, ATM IV 27.70%, IV rank 52.28%, expected move 7.94%. The collar on GREK 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 GREK specifically: IV regime affects collar pricing on both sides; mid-range GREK IV at 27.70% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 7.94% (roughly $5.63 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 GREK expiries trade a higher absolute premium for lower per-day decay. Position sizing on GREK should anchor to the underlying notional of $70.87 per share and to the trader's directional view on GREK etf.
GREK collar setup
The GREK 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 GREK near $70.87, the first option leg uses a $74.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GREK 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 GREK shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $70.87 | long |
| Sell 1 | Call | $74.00 | $1.03 |
| Buy 1 | Put | $67.00 | $1.08 |
GREK collar risk and reward
- Net Premium / Debit
- -$7,092.00
- Max Profit (per contract)
- $308.00
- Max Loss (per contract)
- -$392.00
- Breakeven(s)
- $70.92
- Risk / Reward Ratio
- 0.786
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.
GREK collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on GREK. 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% | -$392.00 |
| $15.68 | -77.9% | -$392.00 |
| $31.35 | -55.8% | -$392.00 |
| $47.02 | -33.7% | -$392.00 |
| $62.68 | -11.5% | -$392.00 |
| $78.35 | +10.6% | +$308.00 |
| $94.02 | +32.7% | +$308.00 |
| $109.69 | +54.8% | +$308.00 |
| $125.36 | +76.9% | +$308.00 |
| $141.03 | +99.0% | +$308.00 |
When traders use collar on GREK
Collars on GREK hedge an existing long GREK 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.
GREK thesis for this collar
The market-implied 1-standard-deviation range for GREK extends from approximately $65.24 on the downside to $76.50 on the upside. A GREK collar hedges an existing long GREK 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 GREK IV rank near 52.28% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on GREK should anchor more to the directional view and the expected-move geometry. As a Financial Services name, GREK options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GREK-specific events.
GREK 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. GREK positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move GREK alongside the broader basket even when GREK-specific fundamentals are unchanged. Always rebuild the position from current GREK chain quotes before placing a trade.
Frequently asked questions
- What is a collar on GREK?
- A collar on GREK is the collar strategy applied to GREK (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 GREK etf trading near $70.87, the strikes shown on this page are snapped to the nearest listed GREK chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are GREK 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 GREK collar priced from the end-of-day chain at a 30-day expiry (ATM IV 27.70%), the computed maximum profit is $308.00 per contract and the computed maximum loss is -$392.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a GREK collar?
- The breakeven for the GREK collar priced on this page is roughly $70.92 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 GREK market-implied 1-standard-deviation expected move is approximately 7.94%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on GREK?
- Collars on GREK hedge an existing long GREK 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 GREK implied volatility affect this collar?
- GREK ATM IV is at 27.70% with IV rank near 52.28%, 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.