TUR Collar Strategy
TUR (iShares MSCI Turkey ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The iShares MSCI Turkey ETF seeks to track the investment results of a broad-based index composed of Turkish equities.
TUR (iShares MSCI Turkey ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $191.2M, a beta of 0.42 versus the broader market, a 52-week range of 29.64-43.98, average daily share volume of 384K, a public-listing history dating back to 2008. These structural characteristics shape how TUR etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.42 indicates TUR has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. TUR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on TUR?
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 TUR snapshot
As of May 15, 2026, spot at $41.40, ATM IV 35.80%, IV rank 31.10%, expected move 10.26%. The collar on TUR 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 TUR specifically: IV regime affects collar pricing on both sides; mid-range TUR IV at 35.80% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 10.26% (roughly $4.25 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 TUR expiries trade a higher absolute premium for lower per-day decay. Position sizing on TUR should anchor to the underlying notional of $41.40 per share and to the trader's directional view on TUR etf.
TUR collar setup
The TUR 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 TUR near $41.40, the first option leg uses a $43.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TUR 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 TUR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $41.40 | long |
| Sell 1 | Call | $43.00 | $0.70 |
| Buy 1 | Put | $39.00 | $1.78 |
TUR collar risk and reward
- Net Premium / Debit
- -$4,247.50
- Max Profit (per contract)
- $52.50
- Max Loss (per contract)
- -$347.50
- Breakeven(s)
- $42.48
- Risk / Reward Ratio
- 0.151
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.
TUR collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on TUR. 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% | -$347.50 |
| $9.16 | -77.9% | -$347.50 |
| $18.32 | -55.8% | -$347.50 |
| $27.47 | -33.7% | -$347.50 |
| $36.62 | -11.5% | -$347.50 |
| $45.77 | +10.6% | +$52.50 |
| $54.93 | +32.7% | +$52.50 |
| $64.08 | +54.8% | +$52.50 |
| $73.23 | +76.9% | +$52.50 |
| $82.38 | +99.0% | +$52.50 |
When traders use collar on TUR
Collars on TUR hedge an existing long TUR 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.
TUR thesis for this collar
The market-implied 1-standard-deviation range for TUR extends from approximately $37.15 on the downside to $45.65 on the upside. A TUR collar hedges an existing long TUR 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 TUR IV rank near 31.10% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on TUR should anchor more to the directional view and the expected-move geometry. As a Financial Services name, TUR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TUR-specific events.
TUR 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. TUR positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TUR alongside the broader basket even when TUR-specific fundamentals are unchanged. Always rebuild the position from current TUR chain quotes before placing a trade.
Frequently asked questions
- What is a collar on TUR?
- A collar on TUR is the collar strategy applied to TUR (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 TUR etf trading near $41.40, the strikes shown on this page are snapped to the nearest listed TUR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TUR 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 TUR collar priced from the end-of-day chain at a 30-day expiry (ATM IV 35.80%), the computed maximum profit is $52.50 per contract and the computed maximum loss is -$347.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a TUR collar?
- The breakeven for the TUR collar priced on this page is roughly $42.48 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 TUR market-implied 1-standard-deviation expected move is approximately 10.26%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on TUR?
- Collars on TUR hedge an existing long TUR 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 TUR implied volatility affect this collar?
- TUR ATM IV is at 35.80% with IV rank near 31.10%, 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.