How are PBRG 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 PBRG collar priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 97.70%), the computed maximum profit is $159.50 per contract and the computed maximum loss is -$140.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a PBRG collar?

The breakeven for the PBRG collar priced on this page is roughly $43.41 at expiration, derived from the September 29, 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 PBRG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 28.01%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current PBRG implied volatility affect this collar?

PBRG ATM IV is at 97.70% with IV rank near 16.39%, 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.

PBRG Collar Strategy

PBRG (Themes ETF Trust - Leverage Shares 2X Long PBR Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

PBRG is designed for making bullish bets on the stock price of Petroleo Brasileiro S.A., through swap agreements. The objective is to obtain daily leveraged exposure equivalent to 200% of the fund's net assets. To maintain this exposure, daily rebalancing is performed to make adjustments in response to PBR's daily price movements. As a geared product, the fund is intended as a short-term tactical tool, rather than as a long-term investment vehicle. As a result, returns may deviate from the expected 2x if held for longer than a single day due to compounding. This strategy is high-risk and does not include a defensive position as part of its overall process.

PBRG (Themes ETF Trust - Leverage Shares 2X Long PBR Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.2M, a beta of -2.58 versus the broader market, a 52-week range of 14.83-52.49, average daily share volume of 2K, a public-listing history dating back to 2025. These structural characteristics shape how PBRG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -2.58 indicates PBRG has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a collar on PBRG?

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.

PBRG snapshot

As of September 29, 2026, spot at $44.53, ATM IV 97.70%, IV rank 16.39%, expected move 28.01%. The collar on PBRG below is built from the September 29, 2026 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 PBRG specifically: IV regime affects collar pricing on both sides; compressed PBRG IV at 97.70% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 28.01% (roughly $12.47 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 PBRG expiries trade a higher absolute premium for lower per-day decay. Position sizing on PBRG should anchor to the underlying notional of $44.53 per share and to the trader's directional view on PBRG etf.

PBRG collar setup

The PBRG collar below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With PBRG at $44.53 on that close, the first option leg uses a $45.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PBRG 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 PBRG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$44.53	long
Sell 1	Call	$45.00	$3.43
Buy 1	Put	$42.00	$2.30

PBRG collar risk and reward

Net Premium / Debit: -$4,340.50
Max Profit (per contract): $159.50
Max Loss (per contract): -$140.50
Breakeven(s): $43.41
Risk / Reward Ratio: 1.135

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.

PBRG collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on PBRG. 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%	-$140.50
$9.85	-77.9%	-$140.50
$19.70	-55.8%	-$140.50
$29.54	-33.7%	-$140.50
$39.39	-11.5%	-$140.50
$49.23	+10.6%	+$159.50
$59.08	+32.7%	+$159.50
$68.92	+54.8%	+$159.50
$78.77	+76.9%	+$159.50
$88.61	+99.0%	+$159.50

When traders use collar on PBRG

Collars on PBRG hedge an existing long PBRG 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.

PBRG thesis for this collar

The market-implied 1-standard-deviation range for PBRG extends from approximately $32.06 on the downside to $57.00 on the upside. A PBRG collar hedges an existing long PBRG 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 PBRG IV rank near 16.39% 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 PBRG at 97.70%. As a Financial Services name, PBRG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PBRG-specific events.

PBRG 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. PBRG positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PBRG alongside the broader basket even when PBRG-specific fundamentals are unchanged. Always rebuild the position from current PBRG chain quotes before placing a trade.

Frequently asked questions

What is a collar on PBRG?: A collar on PBRG is the collar strategy applied to PBRG (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 PBRG etf at $44.53 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed PBRG chain strike and the premiums come straight from that session's bid/ask midpoint.
How are PBRG 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 PBRG collar priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 97.70%), the computed maximum profit is $159.50 per contract and the computed maximum loss is -$140.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a PBRG collar?: The breakeven for the PBRG collar priced on this page is roughly $43.41 at expiration, derived from the September 29, 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 PBRG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 28.01%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on PBRG?: Collars on PBRG hedge an existing long PBRG 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 PBRG implied volatility affect this collar?: PBRG ATM IV is at 97.70% with IV rank near 16.39%, 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.