How are HIMZ 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 HIMZ collar priced from the end-of-day chain at a 30-day expiry (ATM IV 179.10%), the computed maximum profit is $92.00 per contract and the computed maximum loss is -$308.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a HIMZ collar?

The breakeven for the HIMZ collar priced on this page is roughly $49.08 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 HIMZ market-implied 1-standard-deviation expected move is approximately 51.35%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current HIMZ implied volatility affect this collar?

HIMZ ATM IV is at 179.10% with IV rank near 21.87%, 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.

HIMZ Collar Strategy

HIMZ (Daily Target 2X Long HIMS ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on NASDAQ.

This exchange-traded fund, officially named the Defiance Daily Target 2X Short HIMS ETF (referred to as "the Fund"), is designed to deliver daily investment performance. Before accounting for fees and expenses, it seeks to provide results that are two times the inverse (-200%) of the day-to-day percentage shifts in the share price of Hims & Hers Health, Inc. (listed on the NYSE as HIMS). Given its strategy of seeking daily inverse leveraged returns, this Fund stands apart from most conventional exchange-traded funds, and there is no assurance that it will consistently meet its stated objective. Investors should be aware that holding this Fund for more than a single trading day means it is unlikely to achieve a cumulative return equal to -200% of HIMS's performance over that extended period.

HIMZ (Daily Target 2X Long HIMS ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $20.2M, a beta of 4.81 versus the broader market, a 52-week range of 12.376-557.48, average daily share volume of 1.0M, a public-listing history dating back to 2025. These structural characteristics shape how HIMZ etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 4.81 indicates HIMZ has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. HIMZ pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a collar on HIMZ?

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 HIMZ snapshot

As of June 30, 2026, spot at $48.03, ATM IV 179.10%, IV rank 21.87%, expected move 51.35%. The collar on HIMZ 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 HIMZ specifically: IV regime affects collar pricing on both sides; compressed HIMZ IV at 179.10% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 51.35% (roughly $24.66 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 HIMZ expiries trade a higher absolute premium for lower per-day decay. Position sizing on HIMZ should anchor to the underlying notional of $48.03 per share and to the trader's directional view on HIMZ etf.

HIMZ collar setup

The HIMZ 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 HIMZ near $48.03, the first option leg uses a $50.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HIMZ 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 HIMZ shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$48.03	long
Sell 1	Call	$50.00	$5.95
Buy 1	Put	$46.00	$7.00

HIMZ collar risk and reward

Net Premium / Debit: -$4,908.00
Max Profit (per contract): $92.00
Max Loss (per contract): -$308.00
Breakeven(s): $49.08
Risk / Reward Ratio: 0.299

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.

HIMZ collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on HIMZ. 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%	-$308.00
$10.63	-77.9%	-$308.00
$21.25	-55.8%	-$308.00
$31.87	-33.7%	-$308.00
$42.48	-11.5%	-$308.00
$53.10	+10.6%	+$92.00
$63.72	+32.7%	+$92.00
$74.34	+54.8%	+$92.00
$84.96	+76.9%	+$92.00
$95.58	+99.0%	+$92.00

When traders use collar on HIMZ

Collars on HIMZ hedge an existing long HIMZ 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.

HIMZ thesis for this collar

The market-implied 1-standard-deviation range for HIMZ extends from approximately $23.37 on the downside to $72.69 on the upside. A HIMZ collar hedges an existing long HIMZ 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 HIMZ IV rank near 21.87% 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 HIMZ at 179.10%. As a Financial Services name, HIMZ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HIMZ-specific events.

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

Frequently asked questions

What is a collar on HIMZ?: A collar on HIMZ is the collar strategy applied to HIMZ (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 HIMZ etf trading near $48.03, the strikes shown on this page are snapped to the nearest listed HIMZ chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are HIMZ 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 HIMZ collar priced from the end-of-day chain at a 30-day expiry (ATM IV 179.10%), the computed maximum profit is $92.00 per contract and the computed maximum loss is -$308.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a HIMZ collar?: The breakeven for the HIMZ collar priced on this page is roughly $49.08 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 HIMZ market-implied 1-standard-deviation expected move is approximately 51.35%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on HIMZ?: Collars on HIMZ hedge an existing long HIMZ 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 HIMZ implied volatility affect this collar?: HIMZ ATM IV is at 179.10% with IV rank near 21.87%, 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.