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 August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 59.50%), the computed maximum profit is $63.00 per contract and the computed maximum loss is -$37.00 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 $12.37 at expiration, derived from the August 14, 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 NVYY market-implied 1-standard-deviation expected move in the same options snapshot is approximately 17.06%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current NVYY implied volatility affect this collar?

NVYY ATM IV is at 59.50% with IV rank near 29.10%, 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.

NVYY Collar Strategy

NVYY (GraniteShares YieldBOOST NVDA ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on NASDAQ.

This fund primarily aims to generate an income stream equivalent to twice (200%) that derived from selling options directly on NVIDIA Corp. (NVDA). It achieves this by writing options on specialized leveraged exchange-traded funds (ETFs) that are designed to deliver two times (200%) the daily performance of NVIDIA stock. Additionally, a secondary goal of the fund is to capture the performance of these underlying leveraged ETFs, although this comes with a predefined ceiling on any potential investment profits. Measures for downside protection might be employed, which could subsequently influence the overall net income achieved.

NVYY (GraniteShares YieldBOOST NVDA ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $35.1M, a beta of 0.77 versus the broader market, a 52-week range of 12.05-27.32, average daily share volume of 79K, 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 0.77 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.

NVYY snapshot

As of August 14, 2026, spot at $12.21, ATM IV 59.50%, IV rank 29.10%, expected move 17.06%. The collar on NVYY below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.

Why this collar structure on NVYY specifically: IV regime affects collar pricing on both sides; compressed NVYY IV at 59.50% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 17.06% (roughly $2.08 on the underlying). The 35-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 $12.21 per share and to the trader's directional view on NVYY etf.

NVYY collar setup

The NVYY collar below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With NVYY at $12.21 on that close, the first option leg uses a $13.00 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 35-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	$12.21	long
Sell 1	Call	$13.00	$0.64
Buy 1	Put	$12.00	$0.80

NVYY collar risk and reward

Net Premium / Debit: -$1,237.00
Max Profit (per contract): $63.00
Max Loss (per contract): -$37.00
Breakeven(s): $12.37
Risk / Reward Ratio: 1.703

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.

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	-99.9%	-$37.00
$2.71	-77.8%	-$37.00
$5.41	-55.7%	-$37.00
$8.11	-33.6%	-$37.00
$10.80	-11.5%	-$37.00
$13.50	+10.6%	+$63.00
$16.20	+32.7%	+$63.00
$18.90	+54.8%	+$63.00
$21.60	+76.9%	+$63.00
$24.30	+99.0%	+$63.00

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 $10.13 on the downside to $14.29 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 29.10% 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 NVYY at 59.50%. 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 at $12.21 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed NVYY chain strike and the premiums come straight from that session's 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 August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 59.50%), the computed maximum profit is $63.00 per contract and the computed maximum loss is -$37.00 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 $12.37 at expiration, derived from the August 14, 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 NVYY market-implied 1-standard-deviation expected move in the same options snapshot is approximately 17.06%; 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 59.50% with IV rank near 29.10%, 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.