How are NANR 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 NANR collar priced from the end-of-day chain at a 30-day expiry (ATM IV 13.40%), the computed maximum profit is $367.00 per contract and the computed maximum loss is -$333.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a NANR collar?

The breakeven for the NANR collar priced on this page is roughly $75.33 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 NANR market-implied 1-standard-deviation expected move is approximately 3.84%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current NANR implied volatility affect this collar?

NANR ATM IV is at 13.40% with IV rank near 9.41%, 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.

NANR Collar Strategy

NANR (State Street SPDR S&P North American Natural Resources ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

The State Street SPDR S&P North American Natural Resources ETF (NANR) aims to replicate the total return performance of the S&P BMI North American Natural Resources Index, before accounting for fees and expenses. This ETF provides investors with access to large and mid-capitalization publicly traded companies within the energy, metals & mining, and agriculture industries located in the United States and Canada. Each quarter, during its index rebalancing, the portfolio's allocation to these sectors is set, specifically maintaining 45% in energy companies, 35% in metals and mining firms, and 20% in the agriculture sector.

NANR (State Street SPDR S&P North American Natural Resources ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $769.0M, a beta of 0.47 versus the broader market, a 52-week range of 56.28-86.58, average daily share volume of 36K, a public-listing history dating back to 2015. These structural characteristics shape how NANR etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.47 indicates NANR has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. NANR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a collar on NANR?

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 NANR snapshot

As of June 30, 2026, spot at $75.37, ATM IV 13.40%, IV rank 9.41%, expected move 3.84%. The collar on NANR 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 17-day expiry.

Why this collar structure on NANR specifically: IV regime affects collar pricing on both sides; compressed NANR IV at 13.40% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 3.84% (roughly $2.90 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated NANR expiries trade a higher absolute premium for lower per-day decay. Position sizing on NANR should anchor to the underlying notional of $75.37 per share and to the trader's directional view on NANR etf.

NANR collar setup

The NANR 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 NANR near $75.37, the first option leg uses a $79.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NANR chain at a 17-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 NANR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$75.37	long
Sell 1	Call	$79.00	$0.37
Buy 1	Put	$72.00	$0.33

NANR collar risk and reward

Net Premium / Debit: -$7,533.00
Max Profit (per contract): $367.00
Max Loss (per contract): -$333.00
Breakeven(s): $75.33
Risk / Reward Ratio: 1.102

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.

NANR collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on NANR. 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%	-$333.00
$16.67	-77.9%	-$333.00
$33.34	-55.8%	-$333.00
$50.00	-33.7%	-$333.00
$66.66	-11.6%	-$333.00
$83.33	+10.6%	+$367.00
$99.99	+32.7%	+$367.00
$116.66	+54.8%	+$367.00
$133.32	+76.9%	+$367.00
$149.98	+99.0%	+$367.00

When traders use collar on NANR

Collars on NANR hedge an existing long NANR 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.

NANR thesis for this collar

The market-implied 1-standard-deviation range for NANR extends from approximately $72.47 on the downside to $78.27 on the upside. A NANR collar hedges an existing long NANR 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 NANR IV rank near 9.41% 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 NANR at 13.40%. As a Financial Services name, NANR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NANR-specific events.

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

Frequently asked questions

What is a collar on NANR?: A collar on NANR is the collar strategy applied to NANR (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 NANR etf trading near $75.37, the strikes shown on this page are snapped to the nearest listed NANR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are NANR 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 NANR collar priced from the end-of-day chain at a 30-day expiry (ATM IV 13.40%), the computed maximum profit is $367.00 per contract and the computed maximum loss is -$333.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a NANR collar?: The breakeven for the NANR collar priced on this page is roughly $75.33 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 NANR market-implied 1-standard-deviation expected move is approximately 3.84%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on NANR?: Collars on NANR hedge an existing long NANR 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 NANR implied volatility affect this collar?: NANR ATM IV is at 13.40% with IV rank near 9.41%, 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.