How are GXC 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 GXC collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 462.20%), the computed maximum profit is $500.00 per contract and the computed maximum loss is -$500.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a GXC collar?

The breakeven for the GXC collar priced on this page is roughly $90.00 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 GXC market-implied 1-standard-deviation expected move in the same options snapshot is approximately 132.51%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current GXC implied volatility affect this collar?

GXC ATM IV is at 462.20% with IV rank near 93.44%, 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.

GXC Collar Strategy

GXC (State Street SPDR S&P China ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

SPDR Index Shares Funds - State Street SPDR S&P China ETF is an exchange traded fund launched by State Street Global Advisors, Inc. The fund is managed by SSGA Funds Management, Inc. It invests in public equity markets of China. The fund invests in stocks of companies operating across diversified sectors. The fund invests in growth and value stocks of companies across diversified market capitalization. The fund seeks to track the performance of the S&P China BMI Index, by using representative sampling technique.

GXC (State Street SPDR S&P China ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $433.4M, a beta of 0.69 versus the broader market, a 52-week range of 85.03-107.01, average daily share volume of 31K, a public-listing history dating back to 2007. These structural characteristics shape how GXC etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.69 indicates GXC has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. GXC pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a collar on GXC?

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.

GXC snapshot

As of August 14, 2026, spot at $90.39, ATM IV 462.20%, IV rank 93.44%, expected move 132.51%. The collar on GXC 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 GXC specifically: IV regime affects collar pricing on both sides; elevated GXC IV at 462.20% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 132.51% (roughly $119.77 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 GXC expiries trade a higher absolute premium for lower per-day decay. Position sizing on GXC should anchor to the underlying notional of $90.39 per share and to the trader's directional view on GXC etf.

GXC collar setup

The GXC 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 GXC at $90.39 on that close, the first option leg uses a $95.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GXC 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 GXC shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$90.39	long
Sell 1	Call	$95.00	$1.21
Buy 1	Put	$85.00	$0.82

GXC collar risk and reward

Net Premium / Debit: -$9,000.00
Max Profit (per contract): $500.00
Max Loss (per contract): -$500.00
Breakeven(s): $90.00
Risk / Reward Ratio: 1.000

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.

GXC collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on GXC. 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%	-$500.00
$19.99	-77.9%	-$500.00
$39.98	-55.8%	-$500.00
$59.96	-33.7%	-$500.00
$79.95	-11.6%	-$500.00
$99.93	+10.6%	+$500.00
$119.92	+32.7%	+$500.00
$139.90	+54.8%	+$500.00
$159.89	+76.9%	+$500.00
$179.87	+99.0%	+$500.00

When traders use collar on GXC

Collars on GXC hedge an existing long GXC 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.

GXC thesis for this collar

The market-implied 1-standard-deviation range for GXC extends from approximately $-29.38 on the downside to $210.16 on the upside. A GXC collar hedges an existing long GXC 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 GXC IV rank near 93.44% 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 GXC at 462.20%. As a Financial Services name, GXC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GXC-specific events.

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

Frequently asked questions

What is a collar on GXC?: A collar on GXC is the collar strategy applied to GXC (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 GXC etf at $90.39 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed GXC chain strike and the premiums come straight from that session's bid/ask midpoint.
How are GXC 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 GXC collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 462.20%), the computed maximum profit is $500.00 per contract and the computed maximum loss is -$500.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a GXC collar?: The breakeven for the GXC collar priced on this page is roughly $90.00 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 GXC market-implied 1-standard-deviation expected move in the same options snapshot is approximately 132.51%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on GXC?: Collars on GXC hedge an existing long GXC 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 GXC implied volatility affect this collar?: GXC ATM IV is at 462.20% with IV rank near 93.44%, 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.