SOEZ Collar Strategy
SOEZ (Franklin Solana ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
The Fund seeks to reflect generally the performance of the price of Solana and rewards from staking as much of the Fund’s Solana as is practicable (i.e. up to 100%), before payment of the Fund's expenses.
SOEZ (Franklin Solana ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $36.2M, a beta of 0.54 versus the broader market, a 52-week range of 13.08-25.33, average daily share volume of 19K, a public-listing history dating back to 2025. These structural characteristics shape how SOEZ etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.54 indicates SOEZ has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. SOEZ pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on SOEZ?
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 SOEZ snapshot
As of May 15, 2026, spot at $15.54, ATM IV 53.70%, expected move 15.40%. The collar on SOEZ 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 SOEZ specifically: IV rank is unavailable in the current snapshot, so regime-based timing for SOEZ is inferred from ATM IV at 53.70% alone, with a market-implied 1-standard-deviation move of approximately 15.40% (roughly $2.39 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 SOEZ expiries trade a higher absolute premium for lower per-day decay. Position sizing on SOEZ should anchor to the underlying notional of $15.54 per share and to the trader's directional view on SOEZ etf.
SOEZ collar setup
The SOEZ 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 SOEZ near $15.54, the first option leg uses a $16.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SOEZ 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 SOEZ shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $15.54 | long |
| Sell 1 | Call | $16.00 | $0.85 |
| Buy 1 | Put | $15.00 | $0.78 |
SOEZ collar risk and reward
- Net Premium / Debit
- -$1,546.50
- Max Profit (per contract)
- $53.50
- Max Loss (per contract)
- -$46.50
- Breakeven(s)
- $15.47
- Risk / Reward Ratio
- 1.151
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.
SOEZ collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on SOEZ. 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% | -$46.50 |
| $3.44 | -77.8% | -$46.50 |
| $6.88 | -55.7% | -$46.50 |
| $10.31 | -33.6% | -$46.50 |
| $13.75 | -11.5% | -$46.50 |
| $17.18 | +10.6% | +$53.50 |
| $20.62 | +32.7% | +$53.50 |
| $24.05 | +54.8% | +$53.50 |
| $27.49 | +76.9% | +$53.50 |
| $30.92 | +99.0% | +$53.50 |
When traders use collar on SOEZ
Collars on SOEZ hedge an existing long SOEZ 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.
SOEZ thesis for this collar
The market-implied 1-standard-deviation range for SOEZ extends from approximately $13.15 on the downside to $17.93 on the upside. A SOEZ collar hedges an existing long SOEZ 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. As a Financial Services name, SOEZ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SOEZ-specific events.
SOEZ 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. SOEZ positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SOEZ alongside the broader basket even when SOEZ-specific fundamentals are unchanged. Always rebuild the position from current SOEZ chain quotes before placing a trade.
Frequently asked questions
- What is a collar on SOEZ?
- A collar on SOEZ is the collar strategy applied to SOEZ (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 SOEZ etf trading near $15.54, the strikes shown on this page are snapped to the nearest listed SOEZ chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SOEZ 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 SOEZ collar priced from the end-of-day chain at a 30-day expiry (ATM IV 53.70%), the computed maximum profit is $53.50 per contract and the computed maximum loss is -$46.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SOEZ collar?
- The breakeven for the SOEZ collar priced on this page is roughly $15.47 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 SOEZ market-implied 1-standard-deviation expected move is approximately 15.40%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on SOEZ?
- Collars on SOEZ hedge an existing long SOEZ 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 SOEZ implied volatility affect this collar?
- Current SOEZ ATM IV is 53.70%; IV rank context is unavailable in the current snapshot.