THNQ Collar Strategy
THNQ (ROBO Global Artificial Intelligence ETF), in the Financial Services sector, (Asset Management - Global industry), listed on AMEX.
This fund aims to mirror the performance of its benchmark index by typically allocating a minimum of 80% of its total capital to the index's constituent securities or their corresponding depositary receipts. The underlying index itself focuses on publicly traded companies that generate a significant portion of their earnings from activities within the artificial intelligence sector. It's important to note that this fund operates with a concentrated investment strategy rather than a diversified one.
THNQ (ROBO Global Artificial Intelligence ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $299.0M, a beta of 1.84 versus the broader market, a 52-week range of 53.63-93.59, average daily share volume of 27K, a public-listing history dating back to 2020. These structural characteristics shape how THNQ etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.84 indicates THNQ has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. THNQ pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on THNQ?
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 THNQ snapshot
As of June 30, 2026, spot at $91.23, ATM IV 32.40%, IV rank 3.26%, expected move 9.29%. The collar on THNQ 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 THNQ specifically: IV regime affects collar pricing on both sides; compressed THNQ IV at 32.40% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 9.29% (roughly $8.47 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 THNQ expiries trade a higher absolute premium for lower per-day decay. Position sizing on THNQ should anchor to the underlying notional of $91.23 per share and to the trader's directional view on THNQ etf.
THNQ collar setup
The THNQ 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 THNQ near $91.23, the first option leg uses a $95.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed THNQ 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 THNQ shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $91.23 | long |
| Sell 1 | Call | $95.00 | $1.09 |
| Buy 1 | Put | $87.00 | $1.04 |
THNQ collar risk and reward
- Net Premium / Debit
- -$9,118.00
- Max Profit (per contract)
- $382.00
- Max Loss (per contract)
- -$418.00
- Breakeven(s)
- $91.18
- Risk / Reward Ratio
- 0.914
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.
THNQ collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on THNQ. 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% | -$418.00 |
| $20.18 | -77.9% | -$418.00 |
| $40.35 | -55.8% | -$418.00 |
| $60.52 | -33.7% | -$418.00 |
| $80.69 | -11.6% | -$418.00 |
| $100.86 | +10.6% | +$382.00 |
| $121.03 | +32.7% | +$382.00 |
| $141.20 | +54.8% | +$382.00 |
| $161.37 | +76.9% | +$382.00 |
| $181.54 | +99.0% | +$382.00 |
When traders use collar on THNQ
Collars on THNQ hedge an existing long THNQ 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.
THNQ thesis for this collar
The market-implied 1-standard-deviation range for THNQ extends from approximately $82.76 on the downside to $99.70 on the upside. A THNQ collar hedges an existing long THNQ 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 THNQ IV rank near 3.26% 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 THNQ at 32.40%. As a Financial Services name, THNQ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to THNQ-specific events.
THNQ 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. THNQ positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move THNQ alongside the broader basket even when THNQ-specific fundamentals are unchanged. Always rebuild the position from current THNQ chain quotes before placing a trade.
Frequently asked questions
- What is a collar on THNQ?
- A collar on THNQ is the collar strategy applied to THNQ (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 THNQ etf trading near $91.23, the strikes shown on this page are snapped to the nearest listed THNQ chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are THNQ 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 THNQ collar priced from the end-of-day chain at a 30-day expiry (ATM IV 32.40%), the computed maximum profit is $382.00 per contract and the computed maximum loss is -$418.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a THNQ collar?
- The breakeven for the THNQ collar priced on this page is roughly $91.18 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 THNQ market-implied 1-standard-deviation expected move is approximately 9.29%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on THNQ?
- Collars on THNQ hedge an existing long THNQ 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 THNQ implied volatility affect this collar?
- THNQ ATM IV is at 32.40% with IV rank near 3.26%, 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.