CIFU Collar Strategy
CIFU (T-REX 2X Long CIFR Daily Target ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
The fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of CIFR on a daily basis. The fund may also seek to achieve its investment objective by purchasing call options on CIFR or by investing directly in the common stock of CIFR. The fund is non-diversified.
CIFU (T-REX 2X Long CIFR Daily Target ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $9.9M, a beta of 8.99 versus the broader market, a 52-week range of 9.99-51.21, average daily share volume of 241K, a public-listing history dating back to 2025, approximately 5K full-time employees. These structural characteristics shape how CIFU etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 8.99 indicates CIFU has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a collar on CIFU?
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.
CIFU snapshot
As of August 14, 2026, spot at $13.15, ATM IV 201.70%, IV rank 23.04%, expected move 57.83%. The collar on CIFU below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this collar structure on CIFU specifically: IV regime affects collar pricing on both sides; compressed CIFU IV at 201.70% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 57.83% (roughly $7.60 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CIFU expiries trade a higher absolute premium for lower per-day decay. Position sizing on CIFU should anchor to the underlying notional of $13.15 per share and to the trader's directional view on CIFU etf.
CIFU collar setup
The CIFU collar below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CIFU at $13.15 on that close, the first option leg uses a $14.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CIFU chain at a 35-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 CIFU shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $13.15 | long |
| Sell 1 | Call | $14.00 | $2.63 |
| Buy 1 | Put | $12.00 | $2.53 |
CIFU collar risk and reward
- Net Premium / Debit
- -$1,305.00
- Max Profit (per contract)
- $95.00
- Max Loss (per contract)
- -$105.00
- Breakeven(s)
- $13.05
- Risk / Reward Ratio
- 0.905
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.
CIFU collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on CIFU. 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 | -99.9% | -$105.00 |
| $2.92 | -77.8% | -$105.00 |
| $5.82 | -55.7% | -$105.00 |
| $8.73 | -33.6% | -$105.00 |
| $11.64 | -11.5% | -$105.00 |
| $14.54 | +10.6% | +$95.00 |
| $17.45 | +32.7% | +$95.00 |
| $20.36 | +54.8% | +$95.00 |
| $23.26 | +76.9% | +$95.00 |
| $26.17 | +99.0% | +$95.00 |
When traders use collar on CIFU
Collars on CIFU hedge an existing long CIFU etf 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.
CIFU thesis for this collar
The market-implied 1-standard-deviation range for CIFU extends from approximately $5.55 on the downside to $20.75 on the upside. A CIFU collar hedges an existing long CIFU 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 CIFU IV rank near 23.04% 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 CIFU at 201.70%. As a Financial Services name, CIFU options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CIFU-specific events.
CIFU 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. CIFU positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CIFU alongside the broader basket even when CIFU-specific fundamentals are unchanged. Always rebuild the position from current CIFU chain quotes before placing a trade.
Frequently asked questions
- What is a collar on CIFU?
- A collar on CIFU is the collar strategy applied to CIFU (etf). 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 CIFU etf at $13.15 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed CIFU chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CIFU 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 CIFU collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 201.70%), the computed maximum profit is $95.00 per contract and the computed maximum loss is -$105.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CIFU collar?
- The breakeven for the CIFU collar priced on this page is roughly $13.05 at expiration, derived from the August 14, 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 CIFU market-implied 1-standard-deviation expected move in the same options snapshot is approximately 57.83%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on CIFU?
- Collars on CIFU hedge an existing long CIFU etf 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 CIFU implied volatility affect this collar?
- CIFU ATM IV is at 201.70% with IV rank near 23.04%, 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.