Q4 JPM Collar Roll 🚨
JHEQX (JPM's hedged equity fund) rolled the quarterly collar into Dec on 9/30:
Long 7245 Put
Short 6110 Put
Short 8060 Call
Size: 23.3k contracts each side
7245 is your structural floor for Q4. Dealers stay long delta above it, same mechanical bid. The 200DMA (~7217) sits just underneath. 8060 is the ceiling. SPX closed at 7651, ~407 points above the long put and ~408 below the short call, so it's sitting dead center of the collar (about 5.3% each way).