TSLY Collar Strategy
TSLY (YieldMax TSLA Option Income Strategy ETF), in the Financial Services sector, (Asset Management - Income industry), listed on AMEX.
The YieldMax TSLA Option Income Strategy ETF (TSLY) is an actively managed, exchange-traded fund dedicated to producing consistent weekly income. This is achieved through the strategic sale of call options or call spreads based on TSLA shares. The fund's methodology is crafted to collect premiums from these options while also allowing investors to participate in potential gains from the underlying TSLA stock's price appreciation.
TSLY (YieldMax TSLA Option Income Strategy ETF) trades in the Financial Services sector, specifically Asset Management - Income, with a market capitalization of approximately $596.7M, a beta of 1.50 versus the broader market, a 52-week range of 25.76-48.45, average daily share volume of 710K, a public-listing history dating back to 2022. These structural characteristics shape how TSLY etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.50 indicates TSLY has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. TSLY pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on TSLY?
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 TSLY snapshot
As of June 30, 2026, spot at $28.69, ATM IV 157.70%, IV rank 33.02%, expected move 45.21%. The collar on TSLY 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 TSLY specifically: IV regime affects collar pricing on both sides; mid-range TSLY IV at 157.70% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 45.21% (roughly $12.97 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 TSLY expiries trade a higher absolute premium for lower per-day decay. Position sizing on TSLY should anchor to the underlying notional of $28.69 per share and to the trader's directional view on TSLY etf.
TSLY collar setup
The TSLY 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 TSLY near $28.69, the first option leg uses a $30.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TSLY 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 TSLY shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $28.69 | long |
| Sell 1 | Call | $30.00 | $0.12 |
| Buy 1 | Put | $27.00 | $0.45 |
TSLY collar risk and reward
- Net Premium / Debit
- -$2,902.00
- Max Profit (per contract)
- $98.00
- Max Loss (per contract)
- -$202.00
- Breakeven(s)
- $29.02
- Risk / Reward Ratio
- 0.485
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.
TSLY collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on TSLY. 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% | -$202.00 |
| $6.35 | -77.9% | -$202.00 |
| $12.69 | -55.8% | -$202.00 |
| $19.04 | -33.6% | -$202.00 |
| $25.38 | -11.5% | -$202.00 |
| $31.72 | +10.6% | +$98.00 |
| $38.06 | +32.7% | +$98.00 |
| $44.41 | +54.8% | +$98.00 |
| $50.75 | +76.9% | +$98.00 |
| $57.09 | +99.0% | +$98.00 |
When traders use collar on TSLY
Collars on TSLY hedge an existing long TSLY 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.
TSLY thesis for this collar
The market-implied 1-standard-deviation range for TSLY extends from approximately $15.72 on the downside to $41.66 on the upside. A TSLY collar hedges an existing long TSLY 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 TSLY IV rank near 33.02% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on TSLY should anchor more to the directional view and the expected-move geometry. As a Financial Services name, TSLY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TSLY-specific events.
TSLY 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. TSLY positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TSLY alongside the broader basket even when TSLY-specific fundamentals are unchanged. Always rebuild the position from current TSLY chain quotes before placing a trade.
Frequently asked questions
- What is a collar on TSLY?
- A collar on TSLY is the collar strategy applied to TSLY (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 TSLY etf trading near $28.69, the strikes shown on this page are snapped to the nearest listed TSLY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TSLY 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 TSLY collar priced from the end-of-day chain at a 30-day expiry (ATM IV 157.70%), the computed maximum profit is $98.00 per contract and the computed maximum loss is -$202.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a TSLY collar?
- The breakeven for the TSLY collar priced on this page is roughly $29.02 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 TSLY market-implied 1-standard-deviation expected move is approximately 45.21%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on TSLY?
- Collars on TSLY hedge an existing long TSLY 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 TSLY implied volatility affect this collar?
- TSLY ATM IV is at 157.70% with IV rank near 33.02%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.