HIMZ Collar Strategy
HIMZ (Daily Target 2X Long HIMS ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The Defiance Daily Target 2X Short HIMS ETF (the “Fund”) seeks daily investment results, before fees and expenses, of two times the inverse (-200%) of the daily percentage change in the share price of Hims & Hers Health, Inc. (NYSE: HIMS). Because the Fund seeks daily inverse leveraged investment results, it is very different from most other exchange-traded funds and there is no guarantee that the Fund will meet its stated objective. The Fund should not be expected to provide -200% of the cumulative return of HIMS for periods greater than a single trading day.
HIMZ (Daily Target 2X Long HIMS ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $11.5M, a beta of 5.45 versus the broader market, a 52-week range of 12.376-782.18, average daily share volume of 2.3M, 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 5.45 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 May 15, 2026, spot at $28.80, ATM IV 159.00%, IV rank 15.70%, expected move 45.58%. 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 34-day expiry.
Why this collar structure on HIMZ specifically: IV regime affects collar pricing on both sides; compressed HIMZ IV at 159.00% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 45.58% (roughly $13.13 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 HIMZ expiries trade a higher absolute premium for lower per-day decay. Position sizing on HIMZ should anchor to the underlying notional of $28.80 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 $28.80, the first option leg uses a $30.00 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 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 HIMZ shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $28.80 | long |
| Sell 1 | Call | $30.00 | $4.55 |
| Buy 1 | Put | $27.00 | $5.05 |
HIMZ collar risk and reward
- Net Premium / Debit
- -$2,930.00
- Max Profit (per contract)
- $70.00
- Max Loss (per contract)
- -$230.00
- Breakeven(s)
- $29.30
- Risk / Reward Ratio
- 0.304
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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$230.00 |
| $6.38 | -77.9% | -$230.00 |
| $12.74 | -55.8% | -$230.00 |
| $19.11 | -33.6% | -$230.00 |
| $25.48 | -11.5% | -$230.00 |
| $31.84 | +10.6% | +$70.00 |
| $38.21 | +32.7% | +$70.00 |
| $44.58 | +54.8% | +$70.00 |
| $50.94 | +76.9% | +$70.00 |
| $57.31 | +99.0% | +$70.00 |
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 $15.67 on the downside to $41.93 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 15.70% 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 159.00%. 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 $28.80, 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 159.00%), the computed maximum profit is $70.00 per contract and the computed maximum loss is -$230.00 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 $29.30 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 45.58%; 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 159.00% with IV rank near 15.70%, 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.