How are TTT 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 TTT collar priced from the end-of-day chain at a 30-day expiry (ATM IV 22.10%), the computed maximum profit is $302.00 per contract and the computed maximum loss is -$298.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a TTT collar?

The breakeven for the TTT collar priced on this page is roughly $63.97 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 TTT market-implied 1-standard-deviation expected move is approximately 6.34%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current TTT implied volatility affect this collar?

TTT ATM IV is at 22.10% with IV rank near 25.02%, 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.

TTT Collar Strategy

TTT (ProShares UltraPro Short 20+ Year Treasury), in the Financial Services sector, (Asset Management industry), listed on AMEX.

TTT provides daily -3x exposure to the ICE U.S. Treasury 20+ Year Bond Index. Using a combination of swaps and futures, TTT gives investors -3x exposure to daily moves in T-bonds with more than 20 years left to maturity. The daily reset means investors shouldn't expect the leverage factor to hold constant over investment horizons greater than one day. In short, the fund is a valid option for tactical positioning/hedging against rising interest rates, but it's important to keep in mind that the -3x leverage results in greater impact from the effects of compounding. As a levered product, TTT is not a buy-and-hold ETF, it's a short-term tactical instrument.

TTT (ProShares UltraPro Short 20+ Year Treasury) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $16.3M, a beta of -7.16 versus the broader market, a 52-week range of 59.23-82.65, average daily share volume of 6K, a public-listing history dating back to 2012. These structural characteristics shape how TTT etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -7.16 indicates TTT has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. TTT pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a collar on TTT?

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 TTT snapshot

As of June 29, 2026, spot at $63.97, ATM IV 22.10%, IV rank 25.02%, expected move 6.34%. The collar on TTT 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 18-day expiry.

Why this collar structure on TTT specifically: IV regime affects collar pricing on both sides; compressed TTT IV at 22.10% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 6.34% (roughly $4.05 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated TTT expiries trade a higher absolute premium for lower per-day decay. Position sizing on TTT should anchor to the underlying notional of $63.97 per share and to the trader's directional view on TTT etf.

TTT collar setup

The TTT 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 TTT near $63.97, the first option leg uses a $66.99 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TTT chain at a 18-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 TTT shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$63.97	long
Sell 1	Call	$66.99	$0.30
Buy 1	Put	$60.99	$0.30

TTT collar risk and reward

Net Premium / Debit: -$6,397.00
Max Profit (per contract): $302.00
Max Loss (per contract): -$298.00
Breakeven(s): $63.97
Risk / Reward Ratio: 1.013

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.

TTT collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on TTT. 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%	-$298.00
$14.15	-77.9%	-$298.00
$28.30	-55.8%	-$298.00
$42.44	-33.7%	-$298.00
$56.58	-11.5%	-$298.00
$70.73	+10.6%	+$302.00
$84.87	+32.7%	+$302.00
$99.01	+54.8%	+$302.00
$113.15	+76.9%	+$302.00
$127.30	+99.0%	+$302.00

When traders use collar on TTT

Collars on TTT hedge an existing long TTT 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.

TTT thesis for this collar

The market-implied 1-standard-deviation range for TTT extends from approximately $59.92 on the downside to $68.02 on the upside. A TTT collar hedges an existing long TTT 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 TTT IV rank near 25.02% 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 TTT at 22.10%. As a Financial Services name, TTT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TTT-specific events.

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

Frequently asked questions

What is a collar on TTT?: A collar on TTT is the collar strategy applied to TTT (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 TTT etf trading near $63.97, the strikes shown on this page are snapped to the nearest listed TTT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are TTT 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 TTT collar priced from the end-of-day chain at a 30-day expiry (ATM IV 22.10%), the computed maximum profit is $302.00 per contract and the computed maximum loss is -$298.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a TTT collar?: The breakeven for the TTT collar priced on this page is roughly $63.97 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 TTT market-implied 1-standard-deviation expected move is approximately 6.34%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on TTT?: Collars on TTT hedge an existing long TTT 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 TTT implied volatility affect this collar?: TTT ATM IV is at 22.10% with IV rank near 25.02%, 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.