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 49.40%), the computed maximum profit is $280.00 per contract and the computed maximum loss is -$270.00 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 $56.20 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 14.16%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current NOBL implied volatility affect this collar?

NOBL ATM IV is at 49.40% with IV rank near 81.16%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

NOBL Collar Strategy

NOBL (ProShares - S&P 500 Dividend Aristocrats ETF), in the Financial Services sector, (Asset Management - Income industry), listed on CBOE.

This fund allocates a minimum of 80% of its total capital to the constituent equities of its reference index. The benchmark itself is structured to feature at least 40 equally weighted companies, with no single industry sector permitted to exceed 30% of the index's overall composition. The fund's objective is to maintain complete investment in various financial instruments and securities that, in combination, aim to replicate the index's performance, irrespective of prevailing market conditions, trends, or direction.

NOBL (ProShares - S&P 500 Dividend Aristocrats ETF) trades in the Financial Services sector, specifically Asset Management - Income, with a market capitalization of approximately $11.04B, a beta of 0.67 versus the broader market, a 52-week range of 50-57.655, average daily share volume of 1.1M, 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 0.67 indicates NOBL has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. 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 June 30, 2026, spot at $56.19, ATM IV 49.40%, IV rank 81.16%, expected move 14.16%. 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 17-day expiry.

Why this collar structure on NOBL specifically: IV regime affects collar pricing on both sides; elevated NOBL IV at 49.40% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 14.16% (roughly $7.96 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 NOBL expiries trade a higher absolute premium for lower per-day decay. Position sizing on NOBL should anchor to the underlying notional of $56.19 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 $56.19, the first option leg uses a $59.00 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 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 NOBL shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$56.19	long
Sell 1	Call	$59.00	$0.47
Buy 1	Put	$53.50	$0.48

NOBL collar risk and reward

Net Premium / Debit: -$5,620.00
Max Profit (per contract): $280.00
Max Loss (per contract): -$270.00
Breakeven(s): $56.20
Risk / Reward Ratio: 1.037

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.

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%	-$270.00
$12.43	-77.9%	-$270.00
$24.86	-55.8%	-$270.00
$37.28	-33.7%	-$270.00
$49.70	-11.5%	-$270.00
$62.12	+10.6%	+$280.00
$74.55	+32.7%	+$280.00
$86.97	+54.8%	+$280.00
$99.39	+76.9%	+$280.00
$111.82	+99.0%	+$280.00

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 $48.23 on the downside to $64.15 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 81.16% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on NOBL at 49.40%. 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 $56.19, 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 49.40%), the computed maximum profit is $280.00 per contract and the computed maximum loss is -$270.00 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 $56.20 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 14.16%; 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 49.40% with IV rank near 81.16%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.