USRD Collar Strategy
USRD (Themes US R&D Champions ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
This exchange-traded fund (ETF) aims to offer exposure to prominent U.S. companies within the large and mid-capitalization segments. It focuses on the top 50 firms, as determined by the index provider's distinctive metric measuring research and development (R&D) intensity. Typically, the fund will allocate at least 80% of its net assets, along with any funds borrowed for investment purposes, to the securities composing this benchmark. It operates with a non-diversified investment strategy.
USRD (Themes US R&D Champions ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.2M, a beta of 1.28 versus the broader market, a 52-week range of 30.305-40.381, average daily share volume of 0K, a public-listing history dating back to 2023. These structural characteristics shape how USRD etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.28 places USRD roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. USRD pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on USRD?
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 USRD snapshot
As of June 29, 2026, spot at $27.83, ATM IV 308.40%, IV rank 60.36%, expected move 88.42%. The collar on USRD 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 USRD specifically: IV regime affects collar pricing on both sides; mid-range USRD IV at 308.40% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 88.42% (roughly $24.61 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 USRD expiries trade a higher absolute premium for lower per-day decay. Position sizing on USRD should anchor to the underlying notional of $27.83 per share and to the trader's directional view on USRD etf.
USRD collar setup
The USRD 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 USRD near $27.83, the first option leg uses a $29.22 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed USRD 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 USRD shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $27.83 | long |
| Sell 1 | Call | $29.22 | N/A |
| Buy 1 | Put | $26.44 | N/A |
USRD collar risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
USRD collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on USRD. 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.
When traders use collar on USRD
Collars on USRD hedge an existing long USRD 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.
USRD thesis for this collar
The market-implied 1-standard-deviation range for USRD extends from approximately $3.22 on the downside to $52.44 on the upside. A USRD collar hedges an existing long USRD 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 USRD IV rank near 60.36% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on USRD should anchor more to the directional view and the expected-move geometry. As a Financial Services name, USRD options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to USRD-specific events.
USRD 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. USRD positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move USRD alongside the broader basket even when USRD-specific fundamentals are unchanged. Always rebuild the position from current USRD chain quotes before placing a trade.
Frequently asked questions
- What is a collar on USRD?
- A collar on USRD is the collar strategy applied to USRD (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 USRD etf trading near $27.83, the strikes shown on this page are snapped to the nearest listed USRD chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are USRD 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 USRD collar priced from the end-of-day chain at a 30-day expiry (ATM IV 308.40%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a USRD collar?
- The breakeven for the USRD 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 USRD market-implied 1-standard-deviation expected move is approximately 88.42%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on USRD?
- Collars on USRD hedge an existing long USRD 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 USRD implied volatility affect this collar?
- USRD ATM IV is at 308.40% with IV rank near 60.36%, 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.