SUSL Collar Strategy
SUSL (iShares ESG MSCI USA Leaders ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The iShares ESG MSCI USA Leaders ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large and mid-capitalization stocks of companies with high environmental, social, and governance performance relative to their sector peers as determined by the index provider.
SUSL (iShares ESG MSCI USA Leaders ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.09B, a beta of 1.09 versus the broader market, a 52-week range of 101.45-131.94, average daily share volume of 32K, a public-listing history dating back to 2019. These structural characteristics shape how SUSL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.09 places SUSL roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. SUSL pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on SUSL?
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 SUSL snapshot
As of May 15, 2026, spot at $131.20, ATM IV 15.90%, IV rank 1.16%, expected move 4.56%. The collar on SUSL 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 SUSL specifically: IV regime affects collar pricing on both sides; compressed SUSL IV at 15.90% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 4.56% (roughly $5.98 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 SUSL expiries trade a higher absolute premium for lower per-day decay. Position sizing on SUSL should anchor to the underlying notional of $131.20 per share and to the trader's directional view on SUSL etf.
SUSL collar setup
The SUSL 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 SUSL near $131.20, the first option leg uses a $133.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SUSL 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 SUSL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $131.20 | long |
| Sell 1 | Call | $133.00 | $1.80 |
| Buy 1 | Put | $125.00 | $0.64 |
SUSL collar risk and reward
- Net Premium / Debit
- -$13,004.00
- Max Profit (per contract)
- $296.00
- Max Loss (per contract)
- -$504.00
- Breakeven(s)
- $130.04
- Risk / Reward Ratio
- 0.587
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.
SUSL collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on SUSL. 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 | -100.0% | -$504.00 |
| $29.02 | -77.9% | -$504.00 |
| $58.03 | -55.8% | -$504.00 |
| $87.03 | -33.7% | -$504.00 |
| $116.04 | -11.6% | -$504.00 |
| $145.05 | +10.6% | +$296.00 |
| $174.06 | +32.7% | +$296.00 |
| $203.07 | +54.8% | +$296.00 |
| $232.07 | +76.9% | +$296.00 |
| $261.08 | +99.0% | +$296.00 |
When traders use collar on SUSL
Collars on SUSL hedge an existing long SUSL 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.
SUSL thesis for this collar
The market-implied 1-standard-deviation range for SUSL extends from approximately $125.22 on the downside to $137.18 on the upside. A SUSL collar hedges an existing long SUSL 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 SUSL IV rank near 1.16% 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 SUSL at 15.90%. As a Financial Services name, SUSL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SUSL-specific events.
SUSL 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. SUSL positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SUSL alongside the broader basket even when SUSL-specific fundamentals are unchanged. Always rebuild the position from current SUSL chain quotes before placing a trade.
Frequently asked questions
- What is a collar on SUSL?
- A collar on SUSL is the collar strategy applied to SUSL (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 SUSL etf trading near $131.20, the strikes shown on this page are snapped to the nearest listed SUSL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SUSL 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 SUSL collar priced from the end-of-day chain at a 30-day expiry (ATM IV 15.90%), the computed maximum profit is $296.00 per contract and the computed maximum loss is -$504.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SUSL collar?
- The breakeven for the SUSL collar priced on this page is roughly $130.04 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 SUSL market-implied 1-standard-deviation expected move is approximately 4.56%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on SUSL?
- Collars on SUSL hedge an existing long SUSL 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 SUSL implied volatility affect this collar?
- SUSL ATM IV is at 15.90% with IV rank near 1.16%, 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.