NOBL Collar Strategy
NOBL (ProShares - S&P 500 Dividend Aristocrats ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
The fund will invest at least 80% of its total assets in component securities of the index. The index contains a minimum of 40 stocks, which are equally weighted, and no single sector is allowed to comprise more than 30% of the index weight. It seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide exposure to the returns of the index without regard to market conditions, trends or direction.
NOBL (ProShares - S&P 500 Dividend Aristocrats ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $11.24B, a beta of 0.71 versus the broader market, a 52-week range of 98.25-115.31, average daily share volume of 741K, a public-listing history dating back to 2013. These structural characteristics shape how NOBL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.71 places NOBL roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. NOBL pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on NOBL?
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 NOBL snapshot
As of May 15, 2026, spot at $105.57, ATM IV 11.70%, IV rank 3.91%, expected move 3.35%. The collar on NOBL 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 NOBL specifically: IV regime affects collar pricing on both sides; compressed NOBL IV at 11.70% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 3.35% (roughly $3.54 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 NOBL expiries trade a higher absolute premium for lower per-day decay. Position sizing on NOBL should anchor to the underlying notional of $105.57 per share and to the trader's directional view on NOBL etf.
NOBL collar setup
The NOBL 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 NOBL near $105.57, the first option leg uses a $111.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NOBL 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 NOBL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $105.57 | long |
| Sell 1 | Call | $111.00 | $1.53 |
| Buy 1 | Put | $100.00 | $0.95 |
NOBL collar risk and reward
- Net Premium / Debit
- -$10,499.50
- Max Profit (per contract)
- $600.50
- Max Loss (per contract)
- -$499.50
- Breakeven(s)
- $104.99
- Risk / Reward Ratio
- 1.202
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.
NOBL collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on NOBL. 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% | -$499.50 |
| $23.35 | -77.9% | -$499.50 |
| $46.69 | -55.8% | -$499.50 |
| $70.03 | -33.7% | -$499.50 |
| $93.37 | -11.6% | -$499.50 |
| $116.72 | +10.6% | +$600.50 |
| $140.06 | +32.7% | +$600.50 |
| $163.40 | +54.8% | +$600.50 |
| $186.74 | +76.9% | +$600.50 |
| $210.08 | +99.0% | +$600.50 |
When traders use collar on NOBL
Collars on NOBL hedge an existing long NOBL 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.
NOBL thesis for this collar
The market-implied 1-standard-deviation range for NOBL extends from approximately $102.03 on the downside to $109.11 on the upside. A NOBL collar hedges an existing long NOBL 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 NOBL IV rank near 3.91% 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 NOBL at 11.70%. As a Financial Services name, NOBL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NOBL-specific events.
NOBL 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. NOBL positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move NOBL alongside the broader basket even when NOBL-specific fundamentals are unchanged. Always rebuild the position from current NOBL chain quotes before placing a trade.
Frequently asked questions
- What is a collar on NOBL?
- A collar on NOBL is the collar strategy applied to NOBL (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 NOBL etf trading near $105.57, the strikes shown on this page are snapped to the nearest listed NOBL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are NOBL 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 NOBL collar priced from the end-of-day chain at a 30-day expiry (ATM IV 11.70%), the computed maximum profit is $600.50 per contract and the computed maximum loss is -$499.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a NOBL collar?
- The breakeven for the NOBL collar priced on this page is roughly $104.99 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 NOBL market-implied 1-standard-deviation expected move is approximately 3.35%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on NOBL?
- Collars on NOBL hedge an existing long NOBL 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 NOBL implied volatility affect this collar?
- NOBL ATM IV is at 11.70% with IV rank near 3.91%, 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.