SYLD Collar Strategy
SYLD (Cambria Shareholder Yield ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
SYLD actively selects US stocks that exhibit high shareholder yield which is calculated by considering companys cash flow measures. Selection starts with the top 20% stocks by combining two popular themes dividend payments and share buybacks. The funds quantitative algorithm then factors in the debt paydowns of the remaining stocks and applies valuation factors. The top 100 stocks that represents the best combination of shareholder yield characteristics and value metrics forms the final portfolio. The fund equal weights its holdings during normal market condition, and is rebalanced and reconstituted quarterly. SYLD generally holds large-caps, but may invest in small- and midcap stocks.
SYLD (Cambria Shareholder Yield ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $959.9M, a beta of 0.74 versus the broader market, a 52-week range of 65.26-85.57, average daily share volume of 47K, a public-listing history dating back to 2013. These structural characteristics shape how SYLD etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.74 places SYLD roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. SYLD pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on SYLD?
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.
SYLD snapshot
As of August 14, 2026, spot at $86.28, ATM IV 19.20%, IV rank 26.17%, expected move 5.50%. The collar on SYLD below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 7-day expiry.
Why this collar structure on SYLD specifically: IV regime affects collar pricing on both sides; compressed SYLD IV at 19.20% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 5.50% (roughly $4.75 on the underlying). The 7-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SYLD expiries trade a higher absolute premium for lower per-day decay. Position sizing on SYLD should anchor to the underlying notional of $86.28 per share and to the trader's directional view on SYLD etf.
SYLD collar setup
The SYLD collar below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With SYLD at $86.28 on that close, the first option leg uses a $90.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SYLD chain at a 7-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 SYLD shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $86.28 | long |
| Sell 1 | Call | $90.00 | $0.58 |
| Buy 1 | Put | $82.00 | $0.40 |
SYLD collar risk and reward
- Net Premium / Debit
- -$8,610.00
- Max Profit (per contract)
- $390.00
- Max Loss (per contract)
- -$410.00
- Breakeven(s)
- $86.10
- Risk / Reward Ratio
- 0.951
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.
SYLD collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on SYLD. 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% | -$410.00 |
| $19.09 | -77.9% | -$410.00 |
| $38.16 | -55.8% | -$410.00 |
| $57.24 | -33.7% | -$410.00 |
| $76.31 | -11.6% | -$410.00 |
| $95.39 | +10.6% | +$390.00 |
| $114.47 | +32.7% | +$390.00 |
| $133.54 | +54.8% | +$390.00 |
| $152.62 | +76.9% | +$390.00 |
| $171.69 | +99.0% | +$390.00 |
When traders use collar on SYLD
Collars on SYLD hedge an existing long SYLD 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.
SYLD thesis for this collar
The market-implied 1-standard-deviation range for SYLD extends from approximately $81.53 on the downside to $91.03 on the upside. A SYLD collar hedges an existing long SYLD 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 SYLD IV rank near 26.17% 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 SYLD at 19.20%. As a Financial Services name, SYLD options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SYLD-specific events.
SYLD 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. SYLD positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SYLD alongside the broader basket even when SYLD-specific fundamentals are unchanged. Always rebuild the position from current SYLD chain quotes before placing a trade.
Frequently asked questions
- What is a collar on SYLD?
- A collar on SYLD is the collar strategy applied to SYLD (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 SYLD etf at $86.28 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed SYLD chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are SYLD 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 SYLD collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 19.20%), the computed maximum profit is $390.00 per contract and the computed maximum loss is -$410.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SYLD collar?
- The breakeven for the SYLD collar priced on this page is roughly $86.10 at expiration, derived from the August 14, 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 SYLD market-implied 1-standard-deviation expected move in the same options snapshot is approximately 5.50%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on SYLD?
- Collars on SYLD hedge an existing long SYLD 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 SYLD implied volatility affect this collar?
- SYLD ATM IV is at 19.20% with IV rank near 26.17%, 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.