EUV Collar Strategy
EUV (Corgi Lithography & Semiconductor Photonics ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
EUV seeks capital appreciation by actively managing a portfolio of companies significantly involved in photonics and light-based technologies. The fund considers companies deriving significant revenue from the theme, spanning photonics-enabled semiconductor manufacturing and inspection, lasers and laser systems, fiber-optic and optical networking equipment, imaging, sensing, and lidar technologies, and enabling software, control electronics, and specialty materials. 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.
EUV (Corgi Lithography & Semiconductor Photonics ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $431.8M, a beta of -1.39 versus the broader market, a 52-week range of 20.61-32, average daily share volume of 1.2M, a public-listing history dating back to 2026. These structural characteristics shape how EUV stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -1.39 indicates EUV 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 EUV?
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.
EUV snapshot
As of September 29, 2026, spot at $25.21, ATM IV 47.90%, expected move 13.73%. The collar on EUV 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 EUV specifically: IV rank is unavailable in the current snapshot, so regime-based timing for EUV is inferred from ATM IV at 47.90% alone, with a market-implied 1-standard-deviation move of approximately 13.73% (roughly $3.46 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 EUV expiries trade a higher absolute premium for lower per-day decay. Position sizing on EUV should anchor to the underlying notional of $25.21 per share and to the trader's directional view on EUV stock.
EUV collar setup
The EUV 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 EUV at $25.21 on that close, the first option leg uses a $26.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed EUV 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 EUV shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $25.21 | long |
| Sell 1 | Call | $26.00 | $0.63 |
| Buy 1 | Put | $24.00 | $0.58 |
EUV collar risk and reward
- Net Premium / Debit
- -$2,516.00
- Max Profit (per contract)
- $84.00
- Max Loss (per contract)
- -$116.00
- Breakeven(s)
- $25.16
- Risk / Reward Ratio
- 0.724
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.
EUV collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on EUV. 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% | -$116.00 |
| $5.58 | -77.9% | -$116.00 |
| $11.16 | -55.7% | -$116.00 |
| $16.73 | -33.6% | -$116.00 |
| $22.30 | -11.5% | -$116.00 |
| $27.87 | +10.6% | +$84.00 |
| $33.45 | +32.7% | +$84.00 |
| $39.02 | +54.8% | +$84.00 |
| $44.59 | +76.9% | +$84.00 |
| $50.17 | +99.0% | +$84.00 |
When traders use collar on EUV
Collars on EUV hedge an existing long EUV 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.
EUV thesis for this collar
The market-implied 1-standard-deviation range for EUV extends from approximately $21.75 on the downside to $28.67 on the upside. A EUV collar hedges an existing long EUV 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, EUV options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to EUV-specific events.
EUV 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. EUV positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move EUV alongside the broader basket even when EUV-specific fundamentals are unchanged. Always rebuild the position from current EUV chain quotes before placing a trade.
Frequently asked questions
- What is a collar on EUV?
- A collar on EUV is the collar strategy applied to EUV (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 EUV stock at $25.21 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed EUV chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are EUV 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 EUV collar priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 47.90%), the computed maximum profit is $84.00 per contract and the computed maximum loss is -$116.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a EUV collar?
- The breakeven for the EUV collar priced on this page is roughly $25.16 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 EUV market-implied 1-standard-deviation expected move in the same options snapshot is approximately 13.73%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on EUV?
- Collars on EUV hedge an existing long EUV 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 EUV implied volatility affect this collar?
- Current EUV ATM IV is 47.90%; IV rank context is unavailable in the current snapshot.