How are FGRU 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 FGRU collar priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 98.90%), the computed maximum profit is $62.00 per contract and the computed maximum loss is -$38.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a FGRU collar?

The breakeven for the FGRU collar priced on this page is roughly $7.38 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 FGRU market-implied 1-standard-deviation expected move in the same options snapshot is approximately 28.35%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current FGRU implied volatility affect this collar?

FGRU ATM IV is at 98.90% with IV rank near 19.25%, 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.

FGRU Collar Strategy

FGRU (ETF Opportunities Trust - T-REX 2X Long FIGR Daily Target ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

FGRU uses swap agreements and listed call options to make bullish bets on the share price of Figure Technology Solutions, Inc. (FIGR). The fund may also invest directly in the FIGR. Figure Technology Solutions, Inc. is a blockchain-native capital marketplace, which engages in connecting origination, funding, and secondary market activity. It operates through the following segments: FTI, Markets, and Other. The fund seeks to maintain daily leveraged exposure equivalent to 200% of the daily percentage change in FIGR price through daily rebalancing. Returns may deviate from the expected 200% if held for longer than a single day due to factors such as volatility and compounding.

FGRU (ETF Opportunities Trust - T-REX 2X Long FIGR Daily Target ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $2.5M, a beta of -1.35 versus the broader market, a 52-week range of 6.05-26.1, average daily share volume of 61K, a public-listing history dating back to 2026. These structural characteristics shape how FGRU stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -1.35 indicates FGRU 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 FGRU?

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.

FGRU snapshot

As of September 29, 2026, spot at $7.60, ATM IV 98.90%, IV rank 19.25%, expected move 28.35%. The collar on FGRU 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 80-day expiry.

Why this collar structure on FGRU specifically: IV regime affects collar pricing on both sides; compressed FGRU IV at 98.90% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 28.35% (roughly $2.15 on the underlying). The 80-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FGRU expiries trade a higher absolute premium for lower per-day decay. Position sizing on FGRU should anchor to the underlying notional of $7.60 per share and to the trader's directional view on FGRU stock.

FGRU collar setup

The FGRU 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 FGRU at $7.60 on that close, the first option leg uses a $8.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FGRU chain at a 80-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 FGRU shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$7.60	long
Sell 1	Call	$8.00	$2.88
Buy 1	Put	$7.00	$2.66

FGRU collar risk and reward

Net Premium / Debit: -$738.00
Max Profit (per contract): $62.00
Max Loss (per contract): -$38.00
Breakeven(s): $7.38
Risk / Reward Ratio: 1.632

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.

FGRU collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on FGRU. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-99.9%	-$38.00
$1.69	-77.8%	-$38.00
$3.37	-55.7%	-$38.00
$5.05	-33.6%	-$38.00
$6.73	-11.5%	-$38.00
$8.41	+10.6%	+$62.00
$10.09	+32.7%	+$62.00
$11.77	+54.8%	+$62.00
$13.44	+76.9%	+$62.00
$15.12	+99.0%	+$62.00

When traders use collar on FGRU

Collars on FGRU hedge an existing long FGRU 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.

FGRU thesis for this collar

The market-implied 1-standard-deviation range for FGRU extends from approximately $5.45 on the downside to $9.75 on the upside. A FGRU collar hedges an existing long FGRU 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 FGRU IV rank near 19.25% 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 FGRU at 98.90%. As a Financial Services name, FGRU options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FGRU-specific events.

FGRU 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. FGRU positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FGRU alongside the broader basket even when FGRU-specific fundamentals are unchanged. Always rebuild the position from current FGRU chain quotes before placing a trade.

Frequently asked questions

What is a collar on FGRU?: A collar on FGRU is the collar strategy applied to FGRU (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 FGRU stock at $7.60 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed FGRU chain strike and the premiums come straight from that session's bid/ask midpoint.
How are FGRU 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 FGRU collar priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 98.90%), the computed maximum profit is $62.00 per contract and the computed maximum loss is -$38.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a FGRU collar?: The breakeven for the FGRU collar priced on this page is roughly $7.38 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 FGRU market-implied 1-standard-deviation expected move in the same options snapshot is approximately 28.35%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on FGRU?: Collars on FGRU hedge an existing long FGRU 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 FGRU implied volatility affect this collar?: FGRU ATM IV is at 98.90% with IV rank near 19.25%, 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.