QAI Collar Strategy
QAI (NYLI Hedge Multi-Strategy Tracker ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
New York Life Investments ETF Trust - NYLI Hedge Multi-Strategy Tracker ETF is an exchange traded fund of funds launched and managed by New York Life Investment Management LLC. It invests through derivatives and through other funds in public equity, fixed income, currency and commodity markets of global region. The fund employs long/short strategy and uses derivatives such as futures and options to create its portfolio. For its equity portion, it invests through other funds in stocks of companies operating across diversified sectors. The fund invests in growth, value, low volatility and momentum stocks of companies across diversified market capitalization. For its fixed income portion, it invests through other funds in U.S. investment grade corporate debt, U.S. government bonds with short-term, long term and intermediate-term maturity obligations, U.S. high yield debt, U.S.
QAI (NYLI Hedge Multi-Strategy Tracker ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $774.8M, a beta of 0.37 versus the broader market, a 52-week range of 32.05-36.89, average daily share volume of 135K, a public-listing history dating back to 2009. These structural characteristics shape how QAI etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.37 indicates QAI has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. QAI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on QAI?
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 QAI snapshot
As of June 30, 2026, spot at $36.63, ATM IV 73.90%, IV rank 48.15%, expected move 21.19%. The collar on QAI 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 QAI specifically: IV regime affects collar pricing on both sides; mid-range QAI IV at 73.90% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 21.19% (roughly $7.76 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 QAI expiries trade a higher absolute premium for lower per-day decay. Position sizing on QAI should anchor to the underlying notional of $36.63 per share and to the trader's directional view on QAI etf.
QAI collar setup
The QAI 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 QAI near $36.63, the first option leg uses a $38.46 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed QAI 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 QAI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $36.63 | long |
| Sell 1 | Call | $38.46 | N/A |
| Buy 1 | Put | $34.80 | N/A |
QAI 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.
QAI collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on QAI. 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 QAI
Collars on QAI hedge an existing long QAI 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.
QAI thesis for this collar
The market-implied 1-standard-deviation range for QAI extends from approximately $28.87 on the downside to $44.39 on the upside. A QAI collar hedges an existing long QAI 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 QAI IV rank near 48.15% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on QAI should anchor more to the directional view and the expected-move geometry. As a Financial Services name, QAI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to QAI-specific events.
QAI 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. QAI positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move QAI alongside the broader basket even when QAI-specific fundamentals are unchanged. Always rebuild the position from current QAI chain quotes before placing a trade.
Frequently asked questions
- What is a collar on QAI?
- A collar on QAI is the collar strategy applied to QAI (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 QAI etf trading near $36.63, the strikes shown on this page are snapped to the nearest listed QAI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are QAI 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 QAI collar priced from the end-of-day chain at a 30-day expiry (ATM IV 73.90%), 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 QAI collar?
- The breakeven for the QAI 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 QAI market-implied 1-standard-deviation expected move is approximately 21.19%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on QAI?
- Collars on QAI hedge an existing long QAI 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 QAI implied volatility affect this collar?
- QAI ATM IV is at 73.90% with IV rank near 48.15%, 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.