HAUZ Collar Strategy
HAUZ (Xtrackers International Real Estate ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
The Xtrackers International Real Estate ETF is designed to achieve investment returns that closely parallel the performance of the iSTOXX Developed and Emerging Markets ex USA PK VN Real Estate Index, prior to any deductions for fees and expenses.
HAUZ (Xtrackers International Real Estate ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.05B, a beta of 0.97 versus the broader market, a 52-week range of 21.84-25.73, average daily share volume of 103K, a public-listing history dating back to 2013. These structural characteristics shape how HAUZ etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.97 places HAUZ roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. HAUZ pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on HAUZ?
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 HAUZ snapshot
As of June 30, 2026, spot at $22.41, ATM IV 150.00%, IV rank 46.63%, expected move 43.00%. The collar on HAUZ 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 17-day expiry.
Why this collar structure on HAUZ specifically: IV regime affects collar pricing on both sides; mid-range HAUZ IV at 150.00% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 43.00% (roughly $9.64 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated HAUZ expiries trade a higher absolute premium for lower per-day decay. Position sizing on HAUZ should anchor to the underlying notional of $22.41 per share and to the trader's directional view on HAUZ etf.
HAUZ collar setup
The HAUZ 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 HAUZ near $22.41, the first option leg uses a $24.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HAUZ chain at a 17-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 HAUZ shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $22.41 | long |
| Sell 1 | Call | $24.00 | $0.76 |
| Buy 1 | Put | $21.00 | $0.91 |
HAUZ collar risk and reward
- Net Premium / Debit
- -$2,256.00
- Max Profit (per contract)
- $144.00
- Max Loss (per contract)
- -$156.00
- Breakeven(s)
- $22.56
- Risk / Reward Ratio
- 0.923
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.
HAUZ collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on HAUZ. 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% | -$156.00 |
| $4.96 | -77.8% | -$156.00 |
| $9.92 | -55.7% | -$156.00 |
| $14.87 | -33.6% | -$156.00 |
| $19.83 | -11.5% | -$156.00 |
| $24.78 | +10.6% | +$144.00 |
| $29.73 | +32.7% | +$144.00 |
| $34.69 | +54.8% | +$144.00 |
| $39.64 | +76.9% | +$144.00 |
| $44.59 | +99.0% | +$144.00 |
When traders use collar on HAUZ
Collars on HAUZ hedge an existing long HAUZ 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.
HAUZ thesis for this collar
The market-implied 1-standard-deviation range for HAUZ extends from approximately $12.77 on the downside to $32.05 on the upside. A HAUZ collar hedges an existing long HAUZ 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 HAUZ IV rank near 46.63% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on HAUZ should anchor more to the directional view and the expected-move geometry. As a Financial Services name, HAUZ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HAUZ-specific events.
HAUZ 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. HAUZ positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move HAUZ alongside the broader basket even when HAUZ-specific fundamentals are unchanged. Always rebuild the position from current HAUZ chain quotes before placing a trade.
Frequently asked questions
- What is a collar on HAUZ?
- A collar on HAUZ is the collar strategy applied to HAUZ (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 HAUZ etf trading near $22.41, the strikes shown on this page are snapped to the nearest listed HAUZ chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are HAUZ 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 HAUZ collar priced from the end-of-day chain at a 30-day expiry (ATM IV 150.00%), the computed maximum profit is $144.00 per contract and the computed maximum loss is -$156.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a HAUZ collar?
- The breakeven for the HAUZ collar priced on this page is roughly $22.56 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 HAUZ market-implied 1-standard-deviation expected move is approximately 43.00%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on HAUZ?
- Collars on HAUZ hedge an existing long HAUZ 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 HAUZ implied volatility affect this collar?
- HAUZ ATM IV is at 150.00% with IV rank near 46.63%, 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.