XRN Collar Strategy
XRN (Chiron Real Estate Inc.), in the Financial Services sector, (REIT - Industrial industry), listed on NYSE.
Global Medical REIT, Inc. engages in the acquisition of purpose-built healthcare facilities and the leasing of those properties to healthcare systems and physician groups. The company was founded on March 18, 2011 and is headquartered in Bethesda, MD.
XRN (Chiron Real Estate Inc.) trades in the Financial Services sector, specifically REIT - Industrial, with a market capitalization of approximately $454.2M, a beta of 1.14 versus the broader market, a 52-week range of 29.05-39.93, average daily share volume of 141K, a public-listing history dating back to 2016, approximately 26 full-time employees. These structural characteristics shape how XRN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.14 places XRN roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. XRN pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on XRN?
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 XRN snapshot
As of May 15, 2026, spot at $33.83, ATM IV 27.60%, expected move 7.91%. The collar on XRN 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 34-day expiry.
Why this collar structure on XRN specifically: IV rank is unavailable in the current snapshot, so regime-based timing for XRN is inferred from ATM IV at 27.60% alone, with a market-implied 1-standard-deviation move of approximately 7.91% (roughly $2.68 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated XRN expiries trade a higher absolute premium for lower per-day decay. Position sizing on XRN should anchor to the underlying notional of $33.83 per share and to the trader's directional view on XRN stock.
XRN collar setup
The XRN 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 XRN near $33.83, the first option leg uses a $35.52 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed XRN chain at a 34-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 XRN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $33.83 | long |
| Sell 1 | Call | $35.52 | N/A |
| Buy 1 | Put | $32.14 | N/A |
XRN 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.
XRN collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on XRN. 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 XRN
Collars on XRN hedge an existing long XRN 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.
XRN thesis for this collar
The market-implied 1-standard-deviation range for XRN extends from approximately $31.15 on the downside to $36.51 on the upside. A XRN collar hedges an existing long XRN 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, XRN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to XRN-specific events.
XRN 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. XRN positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move XRN alongside the broader basket even when XRN-specific fundamentals are unchanged. Always rebuild the position from current XRN chain quotes before placing a trade.
Frequently asked questions
- What is a collar on XRN?
- A collar on XRN is the collar strategy applied to XRN (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 XRN stock trading near $33.83, the strikes shown on this page are snapped to the nearest listed XRN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are XRN 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 XRN collar priced from the end-of-day chain at a 30-day expiry (ATM IV 27.60%), 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 XRN collar?
- The breakeven for the XRN collar priced on this page is no defined breakeven on the modeled curve 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 XRN market-implied 1-standard-deviation expected move is approximately 7.91%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on XRN?
- Collars on XRN hedge an existing long XRN 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 XRN implied volatility affect this collar?
- Current XRN ATM IV is 27.60%; IV rank context is unavailable in the current snapshot.