HBMX Collar Strategy
HBMX (ETF Opportunities Trust - Tuttle Capital Concentrated Memory Stack ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
HBMX invests in a concentrated portfolio of approximately 20 to 35 companies involved in the memory semiconductor value chain. The strategy focuses on businesses that derive a meaningful portion of their revenues from memory technologies such as DRAM, NAND flash, high-bandwidth memory (HBM), and emerging memory architectures, as well as companies providing semiconductor packaging, testing, materials, equipment, and related services. The fund uses a pure-play approach, generally requiring at least 25% of revenues to come from memory-related activities. Portfolio holdings may include companies across developed and emerging markets and can span all market capitalizations. The adviser may use derivatives, including swaps, options, and futures, to obtain exposure and manage portfolio positioning. The fund is non-diversified and seeks concentrated exposure to a segment of the semiconductor industry expected to play an increasingly important role in AI and high-performance computing infrastructure.
HBMX (ETF Opportunities Trust - Tuttle Capital Concentrated Memory Stack ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $27.6M, a beta of 0.00 versus the broader market, a 52-week range of 19.43-31.9, average daily share volume of 92K, a public-listing history dating back to 2026. These structural characteristics shape how HBMX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.00 indicates HBMX 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 HBMX?
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.
HBMX snapshot
As of September 29, 2026, spot at $25.02, ATM IV 45.30%, expected move 12.99%. The collar on HBMX 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 HBMX specifically: IV rank is unavailable in the current snapshot, so regime-based timing for HBMX is inferred from ATM IV at 45.30% alone, with a market-implied 1-standard-deviation move of approximately 12.99% (roughly $3.25 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 HBMX expiries trade a higher absolute premium for lower per-day decay. Position sizing on HBMX should anchor to the underlying notional of $25.02 per share and to the trader's directional view on HBMX etf.
HBMX collar setup
The HBMX 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 HBMX at $25.02 on that close, 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 HBMX 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 HBMX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $25.02 | long |
| Sell 1 | Call | $26.00 | $1.90 |
| Buy 1 | Put | $24.00 | $1.85 |
HBMX collar risk and reward
- Net Premium / Debit
- -$2,497.00
- Max Profit (per contract)
- $103.00
- Max Loss (per contract)
- -$97.00
- Breakeven(s)
- $24.97
- Risk / Reward Ratio
- 1.062
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.
HBMX collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on HBMX. 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% | -$97.00 |
| $5.54 | -77.9% | -$97.00 |
| $11.07 | -55.7% | -$97.00 |
| $16.60 | -33.6% | -$97.00 |
| $22.13 | -11.5% | -$97.00 |
| $27.66 | +10.6% | +$103.00 |
| $33.20 | +32.7% | +$103.00 |
| $38.73 | +54.8% | +$103.00 |
| $44.26 | +76.9% | +$103.00 |
| $49.79 | +99.0% | +$103.00 |
When traders use collar on HBMX
Collars on HBMX hedge an existing long HBMX 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.
HBMX thesis for this collar
The market-implied 1-standard-deviation range for HBMX extends from approximately $21.77 on the downside to $28.27 on the upside. A HBMX collar hedges an existing long HBMX 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, HBMX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HBMX-specific events.
HBMX 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. HBMX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move HBMX alongside the broader basket even when HBMX-specific fundamentals are unchanged. Always rebuild the position from current HBMX chain quotes before placing a trade.
Frequently asked questions
- What is a collar on HBMX?
- A collar on HBMX is the collar strategy applied to HBMX (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 HBMX etf at $25.02 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed HBMX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are HBMX 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 HBMX collar priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 45.30%), the computed maximum profit is $103.00 per contract and the computed maximum loss is -$97.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a HBMX collar?
- The breakeven for the HBMX collar priced on this page is roughly $24.97 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 HBMX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 12.99%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on HBMX?
- Collars on HBMX hedge an existing long HBMX 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 HBMX implied volatility affect this collar?
- Current HBMX ATM IV is 45.30%; IV rank context is unavailable in the current snapshot.