How are TSYY 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 TSYY collar priced from the end-of-day chain at a 30-day expiry (ATM IV 54.90%), the computed maximum profit is -$111.00 per contract and the computed maximum loss is -$411.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a TSYY collar?

The breakeven for the TSYY collar priced on this page is no defined breakeven on the modeled curve 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 TSYY market-implied 1-standard-deviation expected move is approximately 15.74%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current TSYY implied volatility affect this collar?

TSYY ATM IV is at 54.90% with IV rank near 10.82%, 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.

TSYY Collar Strategy

TSYY (GraniteShares YieldBOOST TSLA ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on NASDAQ.

The Fund's primary aim is to double (200%) the income earned from writing options on Tesla Inc. (TSLA). This is achieved by selling options on leveraged exchange-traded funds (ETFs) that are designed to deliver two times the daily performance of TSLA. A secondary goal is to capture the performance of these underlying leveraged ETFs, though any potential investment gains are capped. Furthermore, the fund has the option to implement downside protection measures, which might affect the overall net income generated.

TSYY (GraniteShares YieldBOOST TSLA ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $78.8M, a beta of 1.50 versus the broader market, a 52-week range of 20.28-82.96, average daily share volume of 104K, a public-listing history dating back to 2024. These structural characteristics shape how TSYY etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.50 indicates TSYY has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. TSYY pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a collar on TSYY?

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 TSYY snapshot

As of June 30, 2026, spot at $23.39, ATM IV 54.90%, IV rank 10.82%, expected move 15.74%. The collar on TSYY 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 234-day expiry.

Why this collar structure on TSYY specifically: IV regime affects collar pricing on both sides; compressed TSYY IV at 54.90% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 15.74% (roughly $3.68 on the underlying). The 234-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated TSYY expiries trade a higher absolute premium for lower per-day decay. Position sizing on TSYY should anchor to the underlying notional of $23.39 per share and to the trader's directional view on TSYY etf.

TSYY collar setup

The TSYY 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 TSYY near $23.39, the first option leg uses a $25.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TSYY chain at a 234-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 TSYY shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$23.39	long
Sell 1	Call	$25.00	$2.38
Buy 1	Put	$22.00	$5.10

TSYY collar risk and reward

Net Premium / Debit: -$2,611.00
Max Profit (per contract): -$111.00
Max Loss (per contract): -$411.00
Breakeven(s): None on modeled curve
Risk / Reward Ratio: -0.270

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.

TSYY collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on TSYY. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$411.00
$5.18	-77.9%	-$411.00
$10.35	-55.7%	-$411.00
$15.52	-33.6%	-$411.00
$20.69	-11.5%	-$411.00
$25.86	+10.6%	-$111.00
$31.03	+32.7%	-$111.00
$36.20	+54.8%	-$111.00
$41.37	+76.9%	-$111.00
$46.54	+99.0%	-$111.00

When traders use collar on TSYY

Collars on TSYY hedge an existing long TSYY 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.

TSYY thesis for this collar

The market-implied 1-standard-deviation range for TSYY extends from approximately $19.71 on the downside to $27.07 on the upside. A TSYY collar hedges an existing long TSYY 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 TSYY IV rank near 10.82% 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 TSYY at 54.90%. As a Financial Services name, TSYY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TSYY-specific events.

TSYY 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. TSYY positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TSYY alongside the broader basket even when TSYY-specific fundamentals are unchanged. Always rebuild the position from current TSYY chain quotes before placing a trade.

Frequently asked questions

What is a collar on TSYY?: A collar on TSYY is the collar strategy applied to TSYY (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 TSYY etf trading near $23.39, the strikes shown on this page are snapped to the nearest listed TSYY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are TSYY 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 TSYY collar priced from the end-of-day chain at a 30-day expiry (ATM IV 54.90%), the computed maximum profit is -$111.00 per contract and the computed maximum loss is -$411.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a TSYY collar?: The breakeven for the TSYY collar priced on this page is no defined breakeven on the modeled curve 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 TSYY market-implied 1-standard-deviation expected move is approximately 15.74%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on TSYY?: Collars on TSYY hedge an existing long TSYY 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 TSYY implied volatility affect this collar?: TSYY ATM IV is at 54.90% with IV rank near 10.82%, 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.