RCLR Collar Strategy
RCLR (Reckoner BBB-B CLO Reinvesting ETF), in the Financial Services sector, (Asset Management - Bonds industry), listed on AMEX.
This exchange-traded fund (ETF) endeavors to achieve strong overall returns by primarily allocating its investments to specific segments of collateralized loan obligations (CLOs) that hold credit ratings ranging from BBB down to B. It employs a dynamic reinvestment strategy, which is designed to proactively manage the credit risks and generate consistent income streams from its holdings within the CLO market.
RCLR (Reckoner BBB-B CLO Reinvesting ETF) trades in the Financial Services sector, specifically Asset Management - Bonds, with a market capitalization of approximately $15.2M, a beta of 0.07 versus the broader market, a 52-week range of 48.14-50.62, average daily share volume of 1K, a public-listing history dating back to 2026. These structural characteristics shape how RCLR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.07 indicates RCLR 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 RCLR?
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 RCLR snapshot
As of June 29, 2026, spot at $50.46, ATM IV 30.00%, expected move 8.60%. The collar on RCLR 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 53-day expiry.
Why this collar structure on RCLR specifically: IV rank is unavailable in the current snapshot, so regime-based timing for RCLR is inferred from ATM IV at 30.00% alone, with a market-implied 1-standard-deviation move of approximately 8.60% (roughly $4.34 on the underlying). The 53-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated RCLR expiries trade a higher absolute premium for lower per-day decay. Position sizing on RCLR should anchor to the underlying notional of $50.46 per share and to the trader's directional view on RCLR stock.
RCLR collar setup
The RCLR 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 RCLR near $50.46, the first option leg uses a $53.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RCLR chain at a 53-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 RCLR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $50.46 | long |
| Sell 1 | Call | $53.00 | $0.76 |
| Buy 1 | Put | $48.00 | $0.57 |
RCLR collar risk and reward
- Net Premium / Debit
- -$5,027.00
- Max Profit (per contract)
- $273.00
- Max Loss (per contract)
- -$227.00
- Breakeven(s)
- $50.27
- Risk / Reward Ratio
- 1.203
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.
RCLR collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on RCLR. 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% | -$227.00 |
| $11.17 | -77.9% | -$227.00 |
| $22.32 | -55.8% | -$227.00 |
| $33.48 | -33.7% | -$227.00 |
| $44.63 | -11.5% | -$227.00 |
| $55.79 | +10.6% | +$273.00 |
| $66.95 | +32.7% | +$273.00 |
| $78.10 | +54.8% | +$273.00 |
| $89.26 | +76.9% | +$273.00 |
| $100.41 | +99.0% | +$273.00 |
When traders use collar on RCLR
Collars on RCLR hedge an existing long RCLR 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.
RCLR thesis for this collar
The market-implied 1-standard-deviation range for RCLR extends from approximately $46.12 on the downside to $54.80 on the upside. A RCLR collar hedges an existing long RCLR 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, RCLR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RCLR-specific events.
RCLR 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. RCLR positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move RCLR alongside the broader basket even when RCLR-specific fundamentals are unchanged. Always rebuild the position from current RCLR chain quotes before placing a trade.
Frequently asked questions
- What is a collar on RCLR?
- A collar on RCLR is the collar strategy applied to RCLR (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 RCLR stock trading near $50.46, the strikes shown on this page are snapped to the nearest listed RCLR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are RCLR 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 RCLR collar priced from the end-of-day chain at a 30-day expiry (ATM IV 30.00%), the computed maximum profit is $273.00 per contract and the computed maximum loss is -$227.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a RCLR collar?
- The breakeven for the RCLR collar priced on this page is roughly $50.27 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 RCLR market-implied 1-standard-deviation expected move is approximately 8.60%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on RCLR?
- Collars on RCLR hedge an existing long RCLR 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 RCLR implied volatility affect this collar?
- Current RCLR ATM IV is 30.00%; IV rank context is unavailable in the current snapshot.