ODDS Collar Strategy
ODDS (Pacer BlueStar Digital Entertainment ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
A rules-based exchange traded fund (ETF) that aims to offer investors exposure to globally listed companies and depositary receipts that generate the majority of their revenue from online gambling, video game development or eSports.
ODDS (Pacer BlueStar Digital Entertainment ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $4.0M, a beta of 1.08 versus the broader market, a 52-week range of 22.61-35.52, average daily share volume of 1K, a public-listing history dating back to 2022. These structural characteristics shape how ODDS etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.08 places ODDS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. ODDS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on ODDS?
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 ODDS snapshot
As of May 15, 2026, spot at $23.93, ATM IV 36.40%, IV rank 13.80%, expected move 10.44%. The collar on ODDS 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 ODDS specifically: IV regime affects collar pricing on both sides; compressed ODDS IV at 36.40% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 10.44% (roughly $2.50 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 ODDS expiries trade a higher absolute premium for lower per-day decay. Position sizing on ODDS should anchor to the underlying notional of $23.93 per share and to the trader's directional view on ODDS etf.
ODDS collar setup
The ODDS 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 ODDS near $23.93, the first option leg uses a $25.13 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ODDS 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 ODDS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $23.93 | long |
| Sell 1 | Call | $25.13 | N/A |
| Buy 1 | Put | $22.73 | N/A |
ODDS collar risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
ODDS collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on ODDS. 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.
When traders use collar on ODDS
Collars on ODDS hedge an existing long ODDS 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.
ODDS thesis for this collar
The market-implied 1-standard-deviation range for ODDS extends from approximately $21.43 on the downside to $26.43 on the upside. A ODDS collar hedges an existing long ODDS 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 ODDS IV rank near 13.80% 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 ODDS at 36.40%. As a Financial Services name, ODDS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ODDS-specific events.
ODDS 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. ODDS positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ODDS alongside the broader basket even when ODDS-specific fundamentals are unchanged. Always rebuild the position from current ODDS chain quotes before placing a trade.
Frequently asked questions
- What is a collar on ODDS?
- A collar on ODDS is the collar strategy applied to ODDS (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 ODDS etf trading near $23.93, the strikes shown on this page are snapped to the nearest listed ODDS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ODDS 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 ODDS collar priced from the end-of-day chain at a 30-day expiry (ATM IV 36.40%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ODDS collar?
- The breakeven for the ODDS collar priced on this page is no defined breakeven on the modeled curve 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 ODDS market-implied 1-standard-deviation expected move is approximately 10.44%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on ODDS?
- Collars on ODDS hedge an existing long ODDS 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 ODDS implied volatility affect this collar?
- ODDS ATM IV is at 36.40% with IV rank near 13.80%, 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.