How are HACK 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 HACK collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 29.50%), the computed maximum profit is $760.50 per contract and the computed maximum loss is -$739.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a HACK collar?

The breakeven for the HACK collar priced on this page is roughly $117.40 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 HACK market-implied 1-standard-deviation expected move in the same options snapshot is approximately 8.46%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current HACK implied volatility affect this collar?

HACK ATM IV is at 29.50% with IV rank near 58.96%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

HACK Collar Strategy

HACK (Amplify Cybersecurity ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

HACK is the first cybersecurity ETF on the market. The fund follows the ISE Cyber Security Industry classification and splits the industry into two segments: developers of cybersecurity hardware or software and providers of cybersecurity services. To be eligible for inclusion, a company must meet minimum market capitalization and liquidity screens. Eligible stocks must also derive at least 90% of their revenues from cybersecurity and should score at least 1.25% in revenue contribution. The resulting portfolio is market cap-weighted, subject to a weight capping methodology. The index is reconstituted and rebalanced quarterly.

HACK (Amplify Cybersecurity ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $2.22B, a beta of 0.82 versus the broader market, a 52-week range of 69.66-120.27, average daily share volume of 169K, a public-listing history dating back to 2014. These structural characteristics shape how HACK etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.82 places HACK roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. HACK pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a collar on HACK?

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.

HACK snapshot

As of August 14, 2026, spot at $118.42, ATM IV 29.50%, IV rank 58.96%, expected move 8.46%. The collar on HACK 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 HACK specifically: IV regime affects collar pricing on both sides; mid-range HACK IV at 29.50% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 8.46% (roughly $10.02 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 HACK expiries trade a higher absolute premium for lower per-day decay. Position sizing on HACK should anchor to the underlying notional of $118.42 per share and to the trader's directional view on HACK etf.

HACK collar setup

The HACK 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 HACK at $118.42 on that close, the first option leg uses a $125.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HACK 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 HACK shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$118.42	long
Sell 1	Call	$125.00	$1.95
Buy 1	Put	$110.00	$0.93

HACK collar risk and reward

Net Premium / Debit: -$11,739.50
Max Profit (per contract): $760.50
Max Loss (per contract): -$739.50
Breakeven(s): $117.40
Risk / Reward Ratio: 1.028

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.

HACK collar payoff curve

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

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$739.50
$26.19	-77.9%	-$739.50
$52.37	-55.8%	-$739.50
$78.56	-33.7%	-$739.50
$104.74	-11.6%	-$739.50
$130.92	+10.6%	+$760.50
$157.10	+32.7%	+$760.50
$183.29	+54.8%	+$760.50
$209.47	+76.9%	+$760.50
$235.65	+99.0%	+$760.50

When traders use collar on HACK

Collars on HACK hedge an existing long HACK 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.

HACK thesis for this collar

The market-implied 1-standard-deviation range for HACK extends from approximately $108.40 on the downside to $128.44 on the upside. A HACK collar hedges an existing long HACK 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 HACK IV rank near 58.96% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on HACK should anchor more to the directional view and the expected-move geometry. As a Financial Services name, HACK options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HACK-specific events.

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

Frequently asked questions

What is a collar on HACK?: A collar on HACK is the collar strategy applied to HACK (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 HACK etf at $118.42 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed HACK chain strike and the premiums come straight from that session's bid/ask midpoint.
How are HACK 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 HACK collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 29.50%), the computed maximum profit is $760.50 per contract and the computed maximum loss is -$739.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a HACK collar?: The breakeven for the HACK collar priced on this page is roughly $117.40 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 HACK market-implied 1-standard-deviation expected move in the same options snapshot is approximately 8.46%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on HACK?: Collars on HACK hedge an existing long HACK 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 HACK implied volatility affect this collar?: HACK ATM IV is at 29.50% with IV rank near 58.96%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.