TUR Collar Strategy
TUR (iShares MSCI Turkey ETF), in the Financial Services sector, (Asset Management - Global industry), listed on NASDAQ.
The iShares MSCI Turkey ETF aims to replicate the returns of a diversified index consisting of equities from Turkish companies.
TUR (iShares MSCI Turkey ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $176.2M, a beta of 0.38 versus the broader market, a 52-week range of 31.72-43.98, average daily share volume of 193K, 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 0.38 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.
TUR snapshot
As of September 29, 2026, spot at $34.66, ATM IV 32.80%, IV rank 5.47%, expected move 9.40%. The collar on TUR below is built from the September 29, 2026 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 TUR specifically: IV regime affects collar pricing on both sides; compressed TUR IV at 32.80% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 9.40% (roughly $3.26 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 TUR expiries trade a higher absolute premium for lower per-day decay. Position sizing on TUR should anchor to the underlying notional of $34.66 per share and to the trader's directional view on TUR etf.
TUR collar setup
The TUR collar below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With TUR at $34.66 on that close, the first option leg uses a $36.00 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 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 TUR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $34.66 | long |
| Sell 1 | Call | $36.00 | $0.45 |
| Buy 1 | Put | $33.00 | $0.35 |
TUR collar risk and reward
- Net Premium / Debit
- -$3,456.00
- Max Profit (per contract)
- $144.00
- Max Loss (per contract)
- -$156.00
- Breakeven(s)
- $34.56
- Risk / Reward Ratio
- 0.923
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% | -$156.00 |
| $7.67 | -77.9% | -$156.00 |
| $15.33 | -55.8% | -$156.00 |
| $23.00 | -33.6% | -$156.00 |
| $30.66 | -11.5% | -$156.00 |
| $38.32 | +10.6% | +$144.00 |
| $45.98 | +32.7% | +$144.00 |
| $53.65 | +54.8% | +$144.00 |
| $61.31 | +76.9% | +$144.00 |
| $68.97 | +99.0% | +$144.00 |
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 $31.40 on the downside to $37.92 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 5.47% 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 TUR at 32.80%. 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 at $34.66 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed TUR chain strike and the premiums come straight from that session's 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 September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 32.80%), the computed maximum profit is $144.00 per contract and the computed maximum loss is -$156.00 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 $34.56 at expiration, derived from the September 29, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The TUR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.40%; 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 32.80% with IV rank near 5.47%, 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.