FIGG Collar Strategy
FIGG (Leverage Shares 2x Long FIG Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The Leverage Shares 2x Long FIG Daily ETF (FIGG) is a 2x Daily Leveraged (Bull) ETF designed for active traders seeking to magnify short-term results. The FIGG ETF aims to achieve two times (200%) the daily performance of FIG stock, minus fees and expenses.
FIGG (Leverage Shares 2x Long FIG Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $2.0M, a beta of -0.17 versus the broader market, a 52-week range of 13.86-326.8, average daily share volume of 212K, a public-listing history dating back to 2025. These structural characteristics shape how FIGG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.17 indicates FIGG has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a collar on FIGG?
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.
Current FIGG snapshot
As of May 15, 2026, spot at $25.13, ATM IV 172.40%, expected move 49.43%. The collar on FIGG below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 63-day expiry.
Why this collar structure on FIGG specifically: IV rank is unavailable in the current snapshot, so regime-based timing for FIGG is inferred from ATM IV at 172.40% alone, with a market-implied 1-standard-deviation move of approximately 49.43% (roughly $12.42 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FIGG expiries trade a higher absolute premium for lower per-day decay. Position sizing on FIGG should anchor to the underlying notional of $25.13 per share and to the trader's directional view on FIGG etf.
FIGG collar setup
The FIGG collar below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With FIGG near $25.13, the first option leg uses a $26.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FIGG chain at a 63-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 FIGG shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $25.13 | long |
| Sell 1 | Call | $26.00 | $6.90 |
| Buy 1 | Put | $24.00 | $5.95 |
FIGG collar risk and reward
- Net Premium / Debit
- -$2,418.00
- Max Profit (per contract)
- $182.00
- Max Loss (per contract)
- -$18.00
- Breakeven(s)
- $24.18
- Risk / Reward Ratio
- 10.111
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.
FIGG collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on FIGG. 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 | -100.0% | -$18.00 |
| $5.57 | -77.9% | -$18.00 |
| $11.12 | -55.7% | -$18.00 |
| $16.68 | -33.6% | -$18.00 |
| $22.23 | -11.5% | -$18.00 |
| $27.79 | +10.6% | +$182.00 |
| $33.34 | +32.7% | +$182.00 |
| $38.90 | +54.8% | +$182.00 |
| $44.45 | +76.9% | +$182.00 |
| $50.01 | +99.0% | +$182.00 |
When traders use collar on FIGG
Collars on FIGG hedge an existing long FIGG 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.
FIGG thesis for this collar
The market-implied 1-standard-deviation range for FIGG extends from approximately $12.71 on the downside to $37.55 on the upside. A FIGG collar hedges an existing long FIGG 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. As a Financial Services name, FIGG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FIGG-specific events.
FIGG 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. FIGG positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FIGG alongside the broader basket even when FIGG-specific fundamentals are unchanged. Always rebuild the position from current FIGG chain quotes before placing a trade.
Frequently asked questions
- What is a collar on FIGG?
- A collar on FIGG is the collar strategy applied to FIGG (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 FIGG etf trading near $25.13, the strikes shown on this page are snapped to the nearest listed FIGG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are FIGG 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 FIGG collar priced from the end-of-day chain at a 30-day expiry (ATM IV 172.40%), the computed maximum profit is $182.00 per contract and the computed maximum loss is -$18.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a FIGG collar?
- The breakeven for the FIGG collar priced on this page is roughly $24.18 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current FIGG market-implied 1-standard-deviation expected move is approximately 49.43%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on FIGG?
- Collars on FIGG hedge an existing long FIGG 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 FIGG implied volatility affect this collar?
- Current FIGG ATM IV is 172.40%; IV rank context is unavailable in the current snapshot.