COHX Covered Call Strategy
COHX (Investment Managers Series Trust II - Tradr 2X Long COHR Daily ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on CBOE.
COHX uses swap agreements and listed call options to make bullish bets on the share price of Coherent Corp. (NYSE: COHR). The fund may also invest directly in COHR. Coherent Corp. develops, manufactures, and markets engineered materials, opto-electronic components and devices, and lasers for use in the industrial, communications, electronics, and instrumentation markets. It operates through the following segments: Networking, Materials, and Lasers. The fund seeks to maintain daily leveraged exposure equivalent to 200% of the daily percentage change in COHR price through daily rebalancing. Returns may deviate from the expected 2x if held for longer than a single day due to factors such as volatility and compounding effects.
COHX (Investment Managers Series Trust II - Tradr 2X Long COHR Daily ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $49.5M, a beta of 6.98 versus the broader market, a 52-week range of 5.88-75.64, average daily share volume of 1.3M, a public-listing history dating back to 2026. These structural characteristics shape how COHX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 6.98 indicates COHX 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 covered call on COHX?
A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income.
COHX snapshot
As of November 13, 2026, spot at $10.52, ATM IV 173.00%, IV rank 26.67%, expected move 49.60%. The covered call on COHX below is built from the November 13, 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 covered call structure on COHX specifically: COHX IV at 173.00% is on the cheap side of its 1-year range, which means a premium-selling COHX covered call collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 49.60% (roughly $5.22 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 COHX expiries trade a higher absolute premium for lower per-day decay. Position sizing on COHX should anchor to the underlying notional of $10.52 per share and to the trader's directional view on COHX etf.
COHX covered call setup
The COHX covered call below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With COHX at $10.52 on that close, the first option leg uses a $11.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed COHX 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 COHX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $10.52 | long |
| Sell 1 | Call | $11.00 | $2.93 |
COHX covered call risk and reward
- Net Premium / Debit
- -$759.50
- Max Profit (per contract)
- $340.50
- Max Loss (per contract)
- -$758.50
- Breakeven(s)
- $7.60
- Risk / Reward Ratio
- 0.449
Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium.
COHX covered call payoff curve
Modeled P&L at expiration across a range of underlying prices for the covered call on COHX. 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% | -$758.50 |
| $2.33 | -77.8% | -$526.01 |
| $4.66 | -55.7% | -$293.52 |
| $6.98 | -33.6% | -$61.02 |
| $9.31 | -11.5% | +$171.47 |
| $11.63 | +10.6% | +$340.50 |
| $13.96 | +32.7% | +$340.50 |
| $16.28 | +54.8% | +$340.50 |
| $18.61 | +76.9% | +$340.50 |
| $20.93 | +99.0% | +$340.50 |
When traders use covered call on COHX
Covered calls on COHX are an income strategy run on existing COHX etf positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
COHX thesis for this covered call
The market-implied 1-standard-deviation range for COHX extends from approximately $5.30 on the downside to $15.74 on the upside. A COHX covered call collects premium on an existing long COHX position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether COHX will breach that level within the expiration window. Current COHX IV rank near 26.67% 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 COHX at 173.00%. As a Financial Services name, COHX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to COHX-specific events.
COHX covered call positions are structurally neutral to slightly bullish; 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. COHX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move COHX alongside the broader basket even when COHX-specific fundamentals are unchanged. Short-premium structures like a covered call on COHX carry tail risk when realized volatility exceeds the implied move; review historical COHX earnings reactions and macro stress periods before sizing. Always rebuild the position from current COHX chain quotes before placing a trade.
Frequently asked questions
- What is a covered call on COHX?
- A covered call on COHX is the covered call strategy applied to COHX (etf). The strategy is structurally neutral to slightly bullish: A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income. With COHX etf at $10.52 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed COHX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are COHX covered call max profit and max loss calculated?
- Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium. For the COHX covered call priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 173.00%), the computed maximum profit is $340.50 per contract and the computed maximum loss is -$758.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a COHX covered call?
- The breakeven for the COHX covered call priced on this page is roughly $7.60 at expiration, derived from the November 13, 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 COHX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 49.60%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a covered call on COHX?
- Covered calls on COHX are an income strategy run on existing COHX etf positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
- How does current COHX implied volatility affect this covered call?
- COHX ATM IV is at 173.00% with IV rank near 26.67%, 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.