NBIL Collar Strategy
NBIL (GraniteShares 2x Long NBIS Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
NBIL is a short-term tactical tool that aims to deliver 2x the price return, less fees and expenses, for a single day of Nebius Group N.V. stock. Purchasers holding shares for longer than a day need to monitor and frequently rebalance their position to attempt to achieve the 2x multiple. At the adviser's discretion, the fund may utilize standardized exchange-traded and FLEX call and put options with 1-week to 1-month terms. It may either buy deep in-the-money calls or use a synthetic forward options strategy. Aside from the leverage, the shares take on added volatility due to the lack of diversification. Purchasers should conduct their own stock research prior to initiating a position and trade with conviction.
NBIL (GraniteShares 2x Long NBIS Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $227.3M, a beta of 7.83 versus the broader market, a 52-week range of 6.37-68.49, average daily share volume of 3.2M, a public-listing history dating back to 2025. These structural characteristics shape how NBIL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 7.83 indicates NBIL 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 NBIL?
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.
NBIL snapshot
As of September 29, 2026, spot at $26.71, ATM IV 156.70%, expected move 44.92%. The collar on NBIL below is built from the September 29, 2026 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 NBIL specifically: IV rank is unavailable in the current snapshot, so regime-based timing for NBIL is inferred from ATM IV at 156.70% alone, with a market-implied 1-standard-deviation move of approximately 44.92% (roughly $12.00 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 NBIL expiries trade a higher absolute premium for lower per-day decay. Position sizing on NBIL should anchor to the underlying notional of $26.71 per share and to the trader's directional view on NBIL etf.
NBIL collar setup
The NBIL collar below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With NBIL at $26.71 on that close, the first option leg uses a $28.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NBIL 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 NBIL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $26.71 | long |
| Sell 1 | Call | $28.00 | $3.23 |
| Buy 1 | Put | $25.00 | $2.48 |
NBIL collar risk and reward
- Net Premium / Debit
- -$2,596.00
- Max Profit (per contract)
- $204.00
- Max Loss (per contract)
- -$96.00
- Breakeven(s)
- $25.96
- Risk / Reward Ratio
- 2.125
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.
NBIL collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on NBIL. 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% | -$96.00 |
| $5.91 | -77.9% | -$96.00 |
| $11.82 | -55.7% | -$96.00 |
| $17.72 | -33.6% | -$96.00 |
| $23.63 | -11.5% | -$96.00 |
| $29.53 | +10.6% | +$204.00 |
| $35.44 | +32.7% | +$204.00 |
| $41.34 | +54.8% | +$204.00 |
| $47.25 | +76.9% | +$204.00 |
| $53.15 | +99.0% | +$204.00 |
When traders use collar on NBIL
Collars on NBIL hedge an existing long NBIL 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.
NBIL thesis for this collar
The market-implied 1-standard-deviation range for NBIL extends from approximately $14.71 on the downside to $38.71 on the upside. A NBIL collar hedges an existing long NBIL 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. As a Financial Services name, NBIL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NBIL-specific events.
NBIL 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. NBIL positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move NBIL alongside the broader basket even when NBIL-specific fundamentals are unchanged. Always rebuild the position from current NBIL chain quotes before placing a trade.
Frequently asked questions
- What is a collar on NBIL?
- A collar on NBIL is the collar strategy applied to NBIL (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 NBIL etf at $26.71 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed NBIL chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are NBIL 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 NBIL collar priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 156.70%), the computed maximum profit is $204.00 per contract and the computed maximum loss is -$96.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a NBIL collar?
- The breakeven for the NBIL collar priced on this page is roughly $25.96 at expiration, derived from the September 29, 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 NBIL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 44.92%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on NBIL?
- Collars on NBIL hedge an existing long NBIL 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 NBIL implied volatility affect this collar?
- Current NBIL ATM IV is 156.70%; IV rank context is unavailable in the current snapshot.