How are JIRE 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 JIRE collar priced from the end-of-day chain at a 30-day expiry (ATM IV 16.50%), the computed maximum profit is $438.00 per contract and the computed maximum loss is -$462.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a JIRE collar?

The breakeven for the JIRE collar priced on this page is roughly $82.62 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 JIRE market-implied 1-standard-deviation expected move is approximately 4.73%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current JIRE implied volatility affect this collar?

JIRE ATM IV is at 16.50% with IV rank near 18.45%, 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.

JIRE Collar Strategy

JIRE (JPMorgan International Research Enhanced Equity ETF), in the Financial Services sector, (Asset Management - Global industry), listed on AMEX.

This fund typically directs at least 80% of its capital into equity investments. Its core objective is to surpass the long-term returns of the MSCI EAFE Index, while meticulously maintaining a risk profile that mirrors the index's, particularly concerning sector and geographic exposures. The investment approach primarily involves selecting companies that are constituents of the index, though it also retains the flexibility to invest in securities not represented within it. A strict focus is maintained on companies based exclusively in developed markets.

JIRE (JPMorgan International Research Enhanced Equity ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $10.81B, a beta of 0.86 versus the broader market, a 52-week range of 68.47-83.385, average daily share volume of 476K, a public-listing history dating back to 2022. These structural characteristics shape how JIRE etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.86 places JIRE roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. JIRE pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a collar on JIRE?

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 JIRE snapshot

As of June 30, 2026, spot at $82.45, ATM IV 16.50%, IV rank 18.45%, expected move 4.73%. The collar on JIRE 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 108-day expiry.

Why this collar structure on JIRE specifically: IV regime affects collar pricing on both sides; compressed JIRE IV at 16.50% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 4.73% (roughly $3.90 on the underlying). The 108-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated JIRE expiries trade a higher absolute premium for lower per-day decay. Position sizing on JIRE should anchor to the underlying notional of $82.45 per share and to the trader's directional view on JIRE etf.

JIRE collar setup

The JIRE 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 JIRE near $82.45, the first option leg uses a $87.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed JIRE chain at a 108-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 JIRE shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$82.45	long
Sell 1	Call	$87.00	$1.73
Buy 1	Put	$78.00	$1.90

JIRE collar risk and reward

Net Premium / Debit: -$8,262.00
Max Profit (per contract): $438.00
Max Loss (per contract): -$462.00
Breakeven(s): $82.62
Risk / Reward Ratio: 0.948

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.

JIRE collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on JIRE. 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%	-$462.00
$18.24	-77.9%	-$462.00
$36.47	-55.8%	-$462.00
$54.70	-33.7%	-$462.00
$72.93	-11.6%	-$462.00
$91.16	+10.6%	+$438.00
$109.38	+32.7%	+$438.00
$127.61	+54.8%	+$438.00
$145.84	+76.9%	+$438.00
$164.07	+99.0%	+$438.00

When traders use collar on JIRE

Collars on JIRE hedge an existing long JIRE 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.

JIRE thesis for this collar

The market-implied 1-standard-deviation range for JIRE extends from approximately $78.55 on the downside to $86.35 on the upside. A JIRE collar hedges an existing long JIRE 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 JIRE IV rank near 18.45% 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 JIRE at 16.50%. As a Financial Services name, JIRE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to JIRE-specific events.

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

Frequently asked questions

What is a collar on JIRE?: A collar on JIRE is the collar strategy applied to JIRE (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 JIRE etf trading near $82.45, the strikes shown on this page are snapped to the nearest listed JIRE chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are JIRE 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 JIRE collar priced from the end-of-day chain at a 30-day expiry (ATM IV 16.50%), the computed maximum profit is $438.00 per contract and the computed maximum loss is -$462.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a JIRE collar?: The breakeven for the JIRE collar priced on this page is roughly $82.62 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 JIRE market-implied 1-standard-deviation expected move is approximately 4.73%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on JIRE?: Collars on JIRE hedge an existing long JIRE 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 JIRE implied volatility affect this collar?: JIRE ATM IV is at 16.50% with IV rank near 18.45%, 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.