MRAL Collar Strategy
MRAL (GraniteShares 2x Long MARA Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of MARA Holdings Inc, (NASDAQ: MARA) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of MARA for periods greater than a day.
MRAL (GraniteShares 2x Long MARA Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $19.3M, a beta of 7.71 versus the broader market, a 52-week range of 22.14-366.3, average daily share volume of 170K, a public-listing history dating back to 2019. These structural characteristics shape how MRAL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 7.71 indicates MRAL has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a collar on MRAL?
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 MRAL snapshot
As of May 15, 2026, spot at $62.24, ATM IV 169.70%, IV rank 44.79%, expected move 48.65%. The collar on MRAL 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 63-day expiry.
Why this collar structure on MRAL specifically: IV regime affects collar pricing on both sides; mid-range MRAL IV at 169.70% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 48.65% (roughly $30.28 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated MRAL expiries trade a higher absolute premium for lower per-day decay. Position sizing on MRAL should anchor to the underlying notional of $62.24 per share and to the trader's directional view on MRAL etf.
MRAL collar setup
The MRAL 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 MRAL near $62.24, the first option leg uses a $65.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MRAL chain at a 63-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 MRAL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $62.24 | long |
| Sell 1 | Call | $65.00 | $16.10 |
| Buy 1 | Put | $59.00 | $15.20 |
MRAL collar risk and reward
- Net Premium / Debit
- -$6,134.00
- Max Profit (per contract)
- $366.00
- Max Loss (per contract)
- -$234.00
- Breakeven(s)
- $61.34
- Risk / Reward Ratio
- 1.564
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.
MRAL collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on MRAL. 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% | -$234.00 |
| $13.77 | -77.9% | -$234.00 |
| $27.53 | -55.8% | -$234.00 |
| $41.29 | -33.7% | -$234.00 |
| $55.05 | -11.5% | -$234.00 |
| $68.81 | +10.6% | +$366.00 |
| $82.57 | +32.7% | +$366.00 |
| $96.33 | +54.8% | +$366.00 |
| $110.09 | +76.9% | +$366.00 |
| $123.85 | +99.0% | +$366.00 |
When traders use collar on MRAL
Collars on MRAL hedge an existing long MRAL 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.
MRAL thesis for this collar
The market-implied 1-standard-deviation range for MRAL extends from approximately $31.96 on the downside to $92.52 on the upside. A MRAL collar hedges an existing long MRAL 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 MRAL IV rank near 44.79% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on MRAL should anchor more to the directional view and the expected-move geometry. As a Financial Services name, MRAL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MRAL-specific events.
MRAL 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. MRAL positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move MRAL alongside the broader basket even when MRAL-specific fundamentals are unchanged. Always rebuild the position from current MRAL chain quotes before placing a trade.
Frequently asked questions
- What is a collar on MRAL?
- A collar on MRAL is the collar strategy applied to MRAL (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 MRAL etf trading near $62.24, the strikes shown on this page are snapped to the nearest listed MRAL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are MRAL 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 MRAL collar priced from the end-of-day chain at a 30-day expiry (ATM IV 169.70%), the computed maximum profit is $366.00 per contract and the computed maximum loss is -$234.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a MRAL collar?
- The breakeven for the MRAL collar priced on this page is roughly $61.34 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 MRAL market-implied 1-standard-deviation expected move is approximately 48.65%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on MRAL?
- Collars on MRAL hedge an existing long MRAL 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 MRAL implied volatility affect this collar?
- MRAL ATM IV is at 169.70% with IV rank near 44.79%, 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.