NVYY Collar Strategy
NVYY (GraniteShares YieldBOOST NVDA ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The Fund’s primary investment objective is to achieve 2 times (200%) the income generated from selling options on NVIDIA Corp. (NASDAQ NVDA) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 2 times (200%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
NVYY (GraniteShares YieldBOOST NVDA ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $57.3M, a beta of 0.88 versus the broader market, a 52-week range of 13.58-28.3, average daily share volume of 106K, a public-listing history dating back to 2025. These structural characteristics shape how NVYY etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.88 places NVYY roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. NVYY pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on NVYY?
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 NVYY snapshot
As of May 15, 2026, spot at $14.07, ATM IV 75.70%, IV rank 36.05%, expected move 21.70%. The collar on NVYY 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 34-day expiry.
Why this collar structure on NVYY specifically: IV regime affects collar pricing on both sides; mid-range NVYY IV at 75.70% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 21.70% (roughly $3.05 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated NVYY expiries trade a higher absolute premium for lower per-day decay. Position sizing on NVYY should anchor to the underlying notional of $14.07 per share and to the trader's directional view on NVYY etf.
NVYY collar setup
The NVYY 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 NVYY near $14.07, the first option leg uses a $15.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NVYY chain at a 34-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 NVYY shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $14.07 | long |
| Sell 1 | Call | $15.00 | $0.96 |
| Buy 1 | Put | $13.00 | $0.77 |
NVYY collar risk and reward
- Net Premium / Debit
- -$1,388.00
- Max Profit (per contract)
- $112.00
- Max Loss (per contract)
- -$88.00
- Breakeven(s)
- $13.88
- Risk / Reward Ratio
- 1.273
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.
NVYY collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on NVYY. 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 | -99.9% | -$88.00 |
| $3.12 | -77.8% | -$88.00 |
| $6.23 | -55.7% | -$88.00 |
| $9.34 | -33.6% | -$88.00 |
| $12.45 | -11.5% | -$88.00 |
| $15.56 | +10.6% | +$112.00 |
| $18.67 | +32.7% | +$112.00 |
| $21.78 | +54.8% | +$112.00 |
| $24.89 | +76.9% | +$112.00 |
| $28.00 | +99.0% | +$112.00 |
When traders use collar on NVYY
Collars on NVYY hedge an existing long NVYY 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.
NVYY thesis for this collar
The market-implied 1-standard-deviation range for NVYY extends from approximately $11.02 on the downside to $17.12 on the upside. A NVYY collar hedges an existing long NVYY 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 NVYY IV rank near 36.05% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on NVYY should anchor more to the directional view and the expected-move geometry. As a Financial Services name, NVYY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NVYY-specific events.
NVYY 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. NVYY positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move NVYY alongside the broader basket even when NVYY-specific fundamentals are unchanged. Always rebuild the position from current NVYY chain quotes before placing a trade.
Frequently asked questions
- What is a collar on NVYY?
- A collar on NVYY is the collar strategy applied to NVYY (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 NVYY etf trading near $14.07, the strikes shown on this page are snapped to the nearest listed NVYY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are NVYY 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 NVYY collar priced from the end-of-day chain at a 30-day expiry (ATM IV 75.70%), the computed maximum profit is $112.00 per contract and the computed maximum loss is -$88.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a NVYY collar?
- The breakeven for the NVYY collar priced on this page is roughly $13.88 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 NVYY market-implied 1-standard-deviation expected move is approximately 21.70%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on NVYY?
- Collars on NVYY hedge an existing long NVYY 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 NVYY implied volatility affect this collar?
- NVYY ATM IV is at 75.70% with IV rank near 36.05%, 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.