EYES Collar Strategy
EYES (Corgi Data & Surveillance ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
EYEStargets pure-play or the top 10 companiesmaterially involved indeveloping and deploying technologies that collect, process, analyze, and operationalize data for monitoring, security, and operational visibility.The fund considers companies deriving significant revenue from this theme, spanningsensors, cameras, biometrics, identity verification, geospatial systems, enterprise analytics platforms, and privacy and governance technologies.Using a bottom-up approach that combines fundamental analysis with thematic and quantitative screening, the fund invests in US and international stocks of any market capitalization.Otherfactors include supply chain positioning, growth potential, and valuation.Up to 15% may beallocatedto illiquid investments, including passive minority interests inSPVs.Holdings may include cash, cash equivalents, or short-term US treasuries for liquidity or portfolio management.
EYES (Corgi Data & Surveillance ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $3.7M, a beta of 0.00 versus the broader market, a 52-week range of 23.9-1098.9, average daily share volume of 5K, a public-listing history dating back to 2026. These structural characteristics shape how EYES stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.00 indicates EYES 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 EYES?
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.
EYES snapshot
As of August 14, 2026, spot at $30.21, ATM IV 37.80%, IV rank 6.85%, expected move 10.84%. The collar on EYES 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 35-day expiry.
Why this collar structure on EYES specifically: IV regime affects collar pricing on both sides; compressed EYES IV at 37.80% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 10.84% (roughly $3.27 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated EYES expiries trade a higher absolute premium for lower per-day decay. Position sizing on EYES should anchor to the underlying notional of $30.21 per share and to the trader's directional view on EYES stock.
EYES collar setup
The EYES 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 EYES at $30.21 on that close, the first option leg uses a $31.72 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed EYES chain at a 35-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 EYES shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $30.21 | long |
| Sell 1 | Call | $31.72 | N/A |
| Buy 1 | Put | $28.70 | N/A |
EYES 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.
EYES collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on EYES. 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 EYES
Collars on EYES hedge an existing long EYES 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.
EYES thesis for this collar
The market-implied 1-standard-deviation range for EYES extends from approximately $26.94 on the downside to $33.48 on the upside. A EYES collar hedges an existing long EYES 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 EYES IV rank near 6.85% 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 EYES at 37.80%. As a Financial Services name, EYES options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to EYES-specific events.
EYES 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. EYES positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move EYES alongside the broader basket even when EYES-specific fundamentals are unchanged. Always rebuild the position from current EYES chain quotes before placing a trade.
Frequently asked questions
- What is a collar on EYES?
- A collar on EYES is the collar strategy applied to EYES (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 EYES stock at $30.21 on the most recent close, the strikes shown on this page are snapped to the nearest listed EYES chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are EYES 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 EYES collar priced from the end-of-day chain at a 30-day expiry (ATM IV 37.80%), 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 EYES collar?
- The breakeven for the EYES 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 EYES market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.84%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on EYES?
- Collars on EYES hedge an existing long EYES 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 EYES implied volatility affect this collar?
- EYES ATM IV is at 37.80% with IV rank near 6.85%, 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.