How are NBIZ 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 NBIZ collar priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 154.50%), the computed maximum profit is $146.00 per contract and the computed maximum loss is -$154.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a NBIZ collar?

The breakeven for the NBIZ collar priced on this page is roughly $20.54 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 NBIZ market-implied 1-standard-deviation expected move in the same options snapshot is approximately 44.29%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current NBIZ implied volatility affect this collar?

NBIZ ATM IV is at 154.50% with IV rank near 29.58%, 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.

NBIZ Collar Strategy

NBIZ (Tradr 2X Short NBIS Daily ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on CBOE.

The Tradr 2X Short NBIS Daily ETF (NBIZ) aims to deliver an inverse daily leveraged return equivalent to 200% of the daily percentage price movement of Nebius Group N.V. (NBIS) stock. It accomplishes this by taking bearish stances on NBIS shares, primarily utilizing swap agreements and listed call options, with the potential for direct investment in NBIS. Nebius Group N.V. itself offers an AI-focused cloud platform, providing comprehensive infrastructure like large-scale GPU clusters, cloud services, and developer tools to support AI innovators globally. Its operations encompass brands such as Toloka AI, which supplies data for generative AI development, alongside TripleTen and Avride. Due to its strategy of daily rebalancing, returns may diverge considerably from the anticipated -200% daily performance if the fund is held for more than one day, a consequence of market volatility and compounding effects. The fund expects to back its positions by investing in US Government securities, money market funds, short-term bond ETFs, and corporate debt as collateral.

NBIZ (Tradr 2X Short NBIS Daily ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $1,963, a beta of -1.59 versus the broader market, a 52-week range of 17.32-4800, average daily share volume of 1.9M, a public-listing history dating back to 2026. These structural characteristics shape how NBIZ etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -1.59 indicates NBIZ 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 NBIZ?

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.

NBIZ snapshot

As of September 29, 2026, spot at $20.49, ATM IV 154.50%, IV rank 29.58%, expected move 44.29%. The collar on NBIZ 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 17-day expiry.

Why this collar structure on NBIZ specifically: IV regime affects collar pricing on both sides; compressed NBIZ IV at 154.50% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 44.29% (roughly $9.08 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 NBIZ expiries trade a higher absolute premium for lower per-day decay. Position sizing on NBIZ should anchor to the underlying notional of $20.49 per share and to the trader's directional view on NBIZ etf.

NBIZ collar setup

The NBIZ 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 NBIZ at $20.49 on that close, the first option leg uses a $22.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NBIZ 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 NBIZ shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$20.49	long
Sell 1	Call	$22.00	$2.00
Buy 1	Put	$19.00	$2.05

NBIZ collar risk and reward

Net Premium / Debit: -$2,054.00
Max Profit (per contract): $146.00
Max Loss (per contract): -$154.00
Breakeven(s): $20.54
Risk / Reward Ratio: 0.948

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.

NBIZ collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on NBIZ. 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%	-$154.00
$4.54	-77.8%	-$154.00
$9.07	-55.7%	-$154.00
$13.60	-33.6%	-$154.00
$18.13	-11.5%	-$154.00
$22.66	+10.6%	+$146.00
$27.19	+32.7%	+$146.00
$31.72	+54.8%	+$146.00
$36.24	+76.9%	+$146.00
$40.77	+99.0%	+$146.00

When traders use collar on NBIZ

Collars on NBIZ hedge an existing long NBIZ 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.

NBIZ thesis for this collar

The market-implied 1-standard-deviation range for NBIZ extends from approximately $11.41 on the downside to $29.57 on the upside. A NBIZ collar hedges an existing long NBIZ 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 NBIZ IV rank near 29.58% 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 NBIZ at 154.50%. As a Financial Services name, NBIZ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NBIZ-specific events.

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

Frequently asked questions

What is a collar on NBIZ?: A collar on NBIZ is the collar strategy applied to NBIZ (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 NBIZ etf at $20.49 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed NBIZ chain strike and the premiums come straight from that session's bid/ask midpoint.
How are NBIZ 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 NBIZ collar priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 154.50%), the computed maximum profit is $146.00 per contract and the computed maximum loss is -$154.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a NBIZ collar?: The breakeven for the NBIZ collar priced on this page is roughly $20.54 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 NBIZ market-implied 1-standard-deviation expected move in the same options snapshot is approximately 44.29%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on NBIZ?: Collars on NBIZ hedge an existing long NBIZ 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 NBIZ implied volatility affect this collar?: NBIZ ATM IV is at 154.50% with IV rank near 29.58%, 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.