DOCK Collar Strategy
DOCK (Corgi Etf Trust I - Portfolios Rail & Freight Etf), in the Financial Services sector, (Asset Management industry), listed on CBOE.
DOCK seeks capital appreciation by actively managing a portfolio of companies materially involved in freight transportation and logistics infrastructure used to move goods across domestic and international supply chains. The fund considers companies deriving significant revenue from the theme, spanning freight transportation and logistics, spanning ports, railroads, trucking, ocean shipping, air cargo, freight forwarding, warehousing, and related infrastructure. The fund invests in US and non-US companies of any market cap, using a bottom-up process combining fundamental analysis with thematic and quantitative screening. Other factors include supply chain positioning, growth potential, and valuation. Up to 15% may be allocated to illiquid investments, including passive minority interests in special purpose vehicles (SPVs). The fund may hold cash, cash equivalents, or short-term US Treasuries for liquidity and portfolio management.
DOCK (Corgi Etf Trust I - Portfolios Rail & Freight Etf) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $758,630, a beta of -0.26 versus the broader market, a 52-week range of 25.07-28.52, average daily share volume of 1K, a public-listing history dating back to 2026. These structural characteristics shape how DOCK stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.26 indicates DOCK has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a collar on DOCK?
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.
DOCK snapshot
As of September 29, 2026, spot at $25.13, ATM IV 18.50%, expected move 5.30%. The collar on DOCK below is built from the 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 DOCK specifically: IV rank is unavailable in the current snapshot, so regime-based timing for DOCK is inferred from ATM IV at 18.50% alone, with a market-implied 1-standard-deviation move of approximately 5.30% (roughly $1.33 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 DOCK expiries trade a higher absolute premium for lower per-day decay. Position sizing on DOCK should anchor to the underlying notional of $25.13 per share and to the trader's directional view on DOCK stock.
DOCK collar setup
The DOCK 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 DOCK at $25.13 on that close, the first option leg uses a $26.39 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed DOCK 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 DOCK shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $25.13 | long |
| Sell 1 | Call | $26.39 | N/A |
| Buy 1 | Put | $23.87 | N/A |
DOCK 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.
DOCK collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on DOCK. 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 DOCK
Collars on DOCK hedge an existing long DOCK stock 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.
DOCK thesis for this collar
The market-implied 1-standard-deviation range for DOCK extends from approximately $23.80 on the downside to $26.46 on the upside. A DOCK collar hedges an existing long DOCK 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. As a Financial Services name, DOCK options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to DOCK-specific events.
DOCK 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. DOCK positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move DOCK alongside the broader basket even when DOCK-specific fundamentals are unchanged. Always rebuild the position from current DOCK chain quotes before placing a trade.
Frequently asked questions
- What is a collar on DOCK?
- A collar on DOCK is the collar strategy applied to DOCK (stock). 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 DOCK stock at $25.13 on the most recent close, the strikes shown on this page are snapped to the nearest listed DOCK chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are DOCK 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 DOCK collar priced from the end-of-day chain at a 30-day expiry (ATM IV 18.50%), 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 DOCK collar?
- The breakeven for the DOCK collar priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 DOCK market-implied 1-standard-deviation expected move in the same options snapshot is approximately 5.30%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on DOCK?
- Collars on DOCK hedge an existing long DOCK stock 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 DOCK implied volatility affect this collar?
- Current DOCK ATM IV is 18.50%; IV rank context is unavailable in the current snapshot.