COZX Long Call 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 long call on COZX?
A long call buys upside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes above the strike plus premium at expiration.
COZX snapshot
As of September 29, 2026, spot at $7.24, ATM IV 150.50%, IV rank 7.30%, expected move 43.15%. The long call 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 long call structure on COZX specifically: COZX IV at 150.50% is on the cheap side of its 1-year range, which favors premium-buying structures like a COZX long call, 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 long call setup
The COZX long call 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 $7.00 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 1 | Call | $7.00 | $2.20 |
COZX long call risk and reward
- Net Premium / Debit
- -$220.00
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- -$220.00
- Breakeven(s)
- $9.20
- Risk / Reward Ratio
- Unbounded
Max profit is unbounded; max loss equals the premium paid times 100. Breakeven is strike plus premium.
COZX long call payoff curve
Modeled P&L at expiration across a range of underlying prices for the long call 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -99.9% | -$220.00 |
| $1.61 | -77.8% | -$220.00 |
| $3.21 | -55.7% | -$220.00 |
| $4.81 | -33.6% | -$220.00 |
| $6.41 | -11.5% | -$220.00 |
| $8.01 | +10.6% | -$119.15 |
| $9.61 | +32.7% | +$40.82 |
| $11.21 | +54.8% | +$200.79 |
| $12.81 | +76.9% | +$360.76 |
| $14.41 | +99.0% | +$520.73 |
When traders use long call on COZX
Long calls on COZX express a bullish thesis with defined risk; traders use them ahead of COZX catalysts (earnings, product launches, macro events) when the expected upside justifies the premium and theta decay.
COZX thesis for this long call
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 long call expresses a directional view that the underlying closes above the strike plus premium at expiration, ideally with implied volatility holding or expanding to preserve extrinsic value through the hold period. 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 long call positions are structurally 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. 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. Long-premium structures like a long call on COZX are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current COZX chain quotes before placing a trade.
Frequently asked questions
- What is a long call on COZX?
- A long call on COZX is the long call strategy applied to COZX (etf). The strategy is structurally bullish: A long call buys upside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes above the strike plus premium at expiration. 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 long call max profit and max loss calculated?
- Max profit is unbounded; max loss equals the premium paid times 100. Breakeven is strike plus premium. For the COZX long call 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 -$220.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a COZX long call?
- The breakeven for the COZX long call priced on this page is roughly $9.20 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 long call on COZX?
- Long calls on COZX express a bullish thesis with defined risk; traders use them ahead of COZX catalysts (earnings, product launches, macro events) when the expected upside justifies the premium and theta decay.
- How does current COZX implied volatility affect this long call?
- 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.