TSLR Collar Strategy
TSLR (GraniteShares 2x Long TSLA Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Tesla Inc, (NASDAQ: TSLA) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of TSLA for periods greater than a day.
TSLR (GraniteShares 2x Long TSLA Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $167.9M, a beta of 3.22 versus the broader market, a 52-week range of 14.1-39.54, average daily share volume of 2.4M, a public-listing history dating back to 2023. These structural characteristics shape how TSLR etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 3.22 indicates TSLR has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a collar on TSLR?
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 TSLR snapshot
As of May 15, 2026, spot at $25.93, ATM IV 89.70%, IV rank 21.33%, expected move 25.72%. The collar on TSLR 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 TSLR specifically: IV regime affects collar pricing on both sides; compressed TSLR IV at 89.70% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 25.72% (roughly $6.67 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 TSLR expiries trade a higher absolute premium for lower per-day decay. Position sizing on TSLR should anchor to the underlying notional of $25.93 per share and to the trader's directional view on TSLR etf.
TSLR collar setup
The TSLR 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 TSLR near $25.93, the first option leg uses a $27.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TSLR 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 TSLR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $25.93 | long |
| Sell 1 | Call | $27.00 | $2.55 |
| Buy 1 | Put | $25.00 | $2.18 |
TSLR collar risk and reward
- Net Premium / Debit
- -$2,555.50
- Max Profit (per contract)
- $144.50
- Max Loss (per contract)
- -$55.50
- Breakeven(s)
- $25.56
- Risk / Reward Ratio
- 2.604
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.
TSLR collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on TSLR. 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% | -$55.50 |
| $5.74 | -77.9% | -$55.50 |
| $11.47 | -55.7% | -$55.50 |
| $17.21 | -33.6% | -$55.50 |
| $22.94 | -11.5% | -$55.50 |
| $28.67 | +10.6% | +$144.50 |
| $34.40 | +32.7% | +$144.50 |
| $40.14 | +54.8% | +$144.50 |
| $45.87 | +76.9% | +$144.50 |
| $51.60 | +99.0% | +$144.50 |
When traders use collar on TSLR
Collars on TSLR hedge an existing long TSLR 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.
TSLR thesis for this collar
The market-implied 1-standard-deviation range for TSLR extends from approximately $19.26 on the downside to $32.60 on the upside. A TSLR collar hedges an existing long TSLR 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 TSLR IV rank near 21.33% 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 TSLR at 89.70%. As a Financial Services name, TSLR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TSLR-specific events.
TSLR 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. TSLR positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TSLR alongside the broader basket even when TSLR-specific fundamentals are unchanged. Always rebuild the position from current TSLR chain quotes before placing a trade.
Frequently asked questions
- What is a collar on TSLR?
- A collar on TSLR is the collar strategy applied to TSLR (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 TSLR etf trading near $25.93, the strikes shown on this page are snapped to the nearest listed TSLR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TSLR 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 TSLR collar priced from the end-of-day chain at a 30-day expiry (ATM IV 89.70%), the computed maximum profit is $144.50 per contract and the computed maximum loss is -$55.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a TSLR collar?
- The breakeven for the TSLR collar priced on this page is roughly $25.56 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 TSLR market-implied 1-standard-deviation expected move is approximately 25.72%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on TSLR?
- Collars on TSLR hedge an existing long TSLR 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 TSLR implied volatility affect this collar?
- TSLR ATM IV is at 89.70% with IV rank near 21.33%, 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.