COZX Collar Strategy

COZX (Investment Managers Series Trust II - Tradr 2X Long CORZ Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

COZX is a short-term tactical tool that aims to deliver twice (200%) the daily performance of Core Scientific, Inc. stock (CORZ), before fees and expenses. The fund primarily enters into total return swap agreements with major global financial institutions that mirror CORZs daily returns. In case swaps are unavailable or less efficient, the fund may use FLEX call options or directly hold CORZ stock. Purchasers holding shares for longer than a day will need to monitor and rebalance their position frequently to attempt to achieve the 2x multiple. Purchasers should conduct their own individual stock research prior to initiating a position and trade with conviction. Due to the complexities of the product, shares tend to perform as anticipated only when the underlying shares are trending, and holders are on the positive corresponding side of that trade.

COZX (Investment Managers Series Trust II - Tradr 2X Long CORZ Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.6M, a beta of 7.93 versus the broader market, a 52-week range of 6.9-32.57, average daily share volume of 60K, a public-listing history dating back to 2025. These structural characteristics shape how COZX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 7.93 indicates COZX 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 COZX?

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.

COZX snapshot

As of September 29, 2026, spot at $7.24, ATM IV 150.50%, IV rank 7.30%, expected move 43.15%. The collar on COZX below is built from the September 29, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 80-day expiry.

Why this collar structure on COZX specifically: IV regime affects collar pricing on both sides; compressed COZX IV at 150.50% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 43.15% (roughly $3.12 on the underlying). The 80-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated COZX expiries trade a higher absolute premium for lower per-day decay. Position sizing on COZX should anchor to the underlying notional of $7.24 per share and to the trader's directional view on COZX etf.

COZX collar setup

The COZX collar below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With COZX at $7.24 on that close, the first option leg uses a $7.60 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed COZX chain at a 80-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 COZX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$7.24	long
Sell 1	Call	$7.60	N/A
Buy 1	Put	$6.88	N/A

COZX 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.

COZX collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on COZX. 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 COZX

Collars on COZX hedge an existing long COZX 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.

COZX thesis for this collar

The market-implied 1-standard-deviation range for COZX extends from approximately $4.12 on the downside to $10.36 on the upside. A COZX collar hedges an existing long COZX 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 COZX IV rank near 7.30% 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 COZX at 150.50%. As a Financial Services name, COZX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to COZX-specific events.

COZX 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. COZX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move COZX alongside the broader basket even when COZX-specific fundamentals are unchanged. Always rebuild the position from current COZX chain quotes before placing a trade.

Frequently asked questions

What is a collar on COZX?: A collar on COZX is the collar strategy applied to COZX (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 COZX etf at $7.24 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed COZX chain strike and the premiums come straight from that session's bid/ask midpoint.
How are COZX 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 COZX collar priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 150.50%), 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 COZX collar?: The breakeven for the COZX collar priced on this page is no defined breakeven on the modeled curve at expiration, derived from the September 29, 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 COZX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 43.15%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on COZX?: Collars on COZX hedge an existing long COZX 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 COZX implied volatility affect this collar?: COZX ATM IV is at 150.50% with IV rank near 7.30%, 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.