HGER Collar Strategy
HGER (Harbor Commodity All-Weather Strategy ETF (HGER)), in the Financial Services sector, (Asset Management industry), listed on NYSE.
HGER attempts to diversify efficiently across commodities to target the most sensitive to US-CPI. Selection begins with the 24 most liquid commodity futures, scored for economic significance and quality, considering open interest, holding and trading costs, and inflation sensitivity. The index holds at least 15 commodity futures with weights ranging 2-20%, except gold which can have up to 40% weight. A proprietary scarcity debasement indicator determines the type of inflationary environment, to which the allocation to gold is adjusted accordingly. The index is reconstituted and rebalanced quarterly. Index calculation is based on total return, which includes the futures returns plus returns from managing the funds cash collateral.
HGER (Harbor Commodity All-Weather Strategy ETF (HGER)) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $792.5M, a beta of 0.76 versus the broader market, a 52-week range of 23.48-33.54, average daily share volume of 1.1M, a public-listing history dating back to 2022. These structural characteristics shape how HGER etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.76 places HGER roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. HGER pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on HGER?
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 HGER snapshot
As of May 15, 2026, spot at $32.62, ATM IV 27.60%, IV rank 8.55%, expected move 7.91%. The collar on HGER 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 34-day expiry.
Why this collar structure on HGER specifically: IV regime affects collar pricing on both sides; compressed HGER IV at 27.60% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 7.91% (roughly $2.58 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated HGER expiries trade a higher absolute premium for lower per-day decay. Position sizing on HGER should anchor to the underlying notional of $32.62 per share and to the trader's directional view on HGER etf.
HGER collar setup
The HGER 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 HGER near $32.62, the first option leg uses a $34.25 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HGER chain at a 34-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 HGER shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $32.62 | long |
| Sell 1 | Call | $34.25 | N/A |
| Buy 1 | Put | $30.99 | N/A |
HGER collar risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
HGER collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on HGER. 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.
When traders use collar on HGER
Collars on HGER hedge an existing long HGER 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.
HGER thesis for this collar
The market-implied 1-standard-deviation range for HGER extends from approximately $30.04 on the downside to $35.20 on the upside. A HGER collar hedges an existing long HGER 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 HGER IV rank near 8.55% 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 HGER at 27.60%. As a Financial Services name, HGER options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HGER-specific events.
HGER 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. HGER positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move HGER alongside the broader basket even when HGER-specific fundamentals are unchanged. Always rebuild the position from current HGER chain quotes before placing a trade.
Frequently asked questions
- What is a collar on HGER?
- A collar on HGER is the collar strategy applied to HGER (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 HGER etf trading near $32.62, the strikes shown on this page are snapped to the nearest listed HGER chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are HGER 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 HGER collar priced from the end-of-day chain at a 30-day expiry (ATM IV 27.60%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a HGER collar?
- The breakeven for the HGER collar priced on this page is no defined breakeven on the modeled curve 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 HGER market-implied 1-standard-deviation expected move is approximately 7.91%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on HGER?
- Collars on HGER hedge an existing long HGER 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 HGER implied volatility affect this collar?
- HGER ATM IV is at 27.60% with IV rank near 8.55%, 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.