Breakdown of the JPM Collar expiring Sep 30 2025 for $S&P 500(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$ Short Puts @ 4,955Purpose: Earn premium to help pay for the long put.Risk: JPM would be forced to buy SPX below 4,955, leading to significant losses if SPX falls too far.This level is critical downside support. Markets might bounce if we test this.Long Puts @ 5,870Purpose: Protect JPM's portfolio if the market drops below this level.Effect: Starts making money as SPX drops below 5,870.This is the beginning of JPMâs hedging zone.Short Calls @ 6,505Purpose: Caps upside in exchange for premium to finance puts.Risk: JPM loses money if SPX rallies above 6,505 (they're short calls).Acts as a ceiling/resista