IAUI Collar Strategy
IAUI (NEOS Gold High Income ETF), in the Financial Services sector, (Asset Management - Income industry), listed on CBOE.
The NEOS Gold High Income ETF, referred to as "the Fund," is designed with a dual objective: to provide investors with substantial monthly income while also offering the potential for capital appreciation. It achieves these goals by strategically allocating its assets to various exchange-traded products (ETPs) that maintain direct holdings in gold.
IAUI (NEOS Gold High Income ETF) trades in the Financial Services sector, specifically Asset Management - Income, with a market capitalization of approximately $104.4M, a beta of 0.48 versus the broader market, a 52-week range of 47.79-64.57, average daily share volume of 232K, a public-listing history dating back to 2025. These structural characteristics shape how IAUI etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.48 indicates IAUI has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. IAUI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on IAUI?
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.
IAUI snapshot
As of September 30, 2026, spot at $48.24, ATM IV 9.40%, IV rank 1.72%, expected move 2.69%. The collar on IAUI below is built from the September 30, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 79-day expiry.
Why this collar structure on IAUI specifically: IV regime affects collar pricing on both sides; compressed IAUI IV at 9.40% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 2.69% (roughly $1.30 on the underlying). The 79-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated IAUI expiries trade a higher absolute premium for lower per-day decay. Position sizing on IAUI should anchor to the underlying notional of $48.24 per share and to the trader's directional view on IAUI etf.
IAUI collar setup
The IAUI collar below is built from the September 30, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With IAUI at $48.24 on that close, the first option leg uses a $51.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed IAUI chain at a 79-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 IAUI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $48.24 | long |
| Sell 1 | Call | $51.00 | $0.95 |
| Buy 1 | Put | $46.00 | $0.58 |
IAUI collar risk and reward
- Net Premium / Debit
- -$4,787.00
- Max Profit (per contract)
- $313.00
- Max Loss (per contract)
- -$187.00
- Breakeven(s)
- $47.87
- Risk / Reward Ratio
- 1.674
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.
IAUI collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on IAUI. 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% | -$187.00 |
| $10.68 | -77.9% | -$187.00 |
| $21.34 | -55.8% | -$187.00 |
| $32.01 | -33.7% | -$187.00 |
| $42.67 | -11.5% | -$187.00 |
| $53.34 | +10.6% | +$313.00 |
| $64.00 | +32.7% | +$313.00 |
| $74.67 | +54.8% | +$313.00 |
| $85.33 | +76.9% | +$313.00 |
| $96.00 | +99.0% | +$313.00 |
When traders use collar on IAUI
Collars on IAUI hedge an existing long IAUI 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.
IAUI thesis for this collar
The market-implied 1-standard-deviation range for IAUI extends from approximately $46.94 on the downside to $49.54 on the upside. A IAUI collar hedges an existing long IAUI 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 IAUI IV rank near 1.72% 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 IAUI at 9.40%. As a Financial Services name, IAUI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to IAUI-specific events.
IAUI 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. IAUI positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move IAUI alongside the broader basket even when IAUI-specific fundamentals are unchanged. Always rebuild the position from current IAUI chain quotes before placing a trade.
Frequently asked questions
- What is a collar on IAUI?
- A collar on IAUI is the collar strategy applied to IAUI (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 IAUI etf at $48.24 on the September 30, 2026 close, the strikes shown on this page are snapped to the nearest listed IAUI chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are IAUI 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 IAUI collar priced from the September 30, 2026 end-of-day chain at a 30-day expiry (ATM IV 9.40%), the computed maximum profit is $313.00 per contract and the computed maximum loss is -$187.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a IAUI collar?
- The breakeven for the IAUI collar priced on this page is roughly $47.87 at expiration, derived from the September 30, 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 IAUI market-implied 1-standard-deviation expected move in the same options snapshot is approximately 2.69%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on IAUI?
- Collars on IAUI hedge an existing long IAUI 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 IAUI implied volatility affect this collar?
- IAUI ATM IV is at 9.40% with IV rank near 1.72%, 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.