RGTX Collar Strategy
RGTX (Daily Target 2X Long RGTI ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on NASDAQ.
The Defiance Daily Target 2X Long RGTI ETF is engineered to yield investment results that are double (200%) the daily percentage change in the stock price of Rigetti Computing, Inc. (NASDAQ: RGTI). Due to its daily leveraged design, this Fund significantly differs from most other exchange-traded funds, and there is no assurance it will consistently achieve its stated goal. It is important to note that the Fund is not intended to provide a cumulative return of two times RGTI's performance for any duration exceeding a single trading day.
RGTX (Daily Target 2X Long RGTI ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $11.7M, a beta of 8.97 versus the broader market, a 52-week range of 11.8-501.8, average daily share volume of 1.8M, a public-listing history dating back to 2025. These structural characteristics shape how RGTX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 8.97 indicates RGTX has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. RGTX pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on RGTX?
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 RGTX snapshot
As of June 29, 2026, spot at $18.75, ATM IV 196.60%, IV rank 33.39%, expected move 56.36%. The collar on RGTX 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 18-day expiry.
Why this collar structure on RGTX specifically: IV regime affects collar pricing on both sides; mid-range RGTX IV at 196.60% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 56.36% (roughly $10.57 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated RGTX expiries trade a higher absolute premium for lower per-day decay. Position sizing on RGTX should anchor to the underlying notional of $18.75 per share and to the trader's directional view on RGTX etf.
RGTX collar setup
The RGTX 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 RGTX near $18.75, the first option leg uses a $20.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RGTX chain at a 18-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 RGTX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $18.75 | long |
| Sell 1 | Call | $20.00 | $2.63 |
| Buy 1 | Put | $18.00 | $3.05 |
RGTX collar risk and reward
- Net Premium / Debit
- -$1,917.50
- Max Profit (per contract)
- $82.50
- Max Loss (per contract)
- -$117.50
- Breakeven(s)
- $19.18
- Risk / Reward Ratio
- 0.702
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.
RGTX collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on RGTX. 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 | -99.9% | -$117.50 |
| $4.15 | -77.8% | -$117.50 |
| $8.30 | -55.7% | -$117.50 |
| $12.44 | -33.6% | -$117.50 |
| $16.59 | -11.5% | -$117.50 |
| $20.73 | +10.6% | +$82.50 |
| $24.88 | +32.7% | +$82.50 |
| $29.02 | +54.8% | +$82.50 |
| $33.17 | +76.9% | +$82.50 |
| $37.31 | +99.0% | +$82.50 |
When traders use collar on RGTX
Collars on RGTX hedge an existing long RGTX 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.
RGTX thesis for this collar
The market-implied 1-standard-deviation range for RGTX extends from approximately $8.18 on the downside to $29.32 on the upside. A RGTX collar hedges an existing long RGTX 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 RGTX IV rank near 33.39% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on RGTX should anchor more to the directional view and the expected-move geometry. As a Financial Services name, RGTX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RGTX-specific events.
RGTX 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. RGTX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move RGTX alongside the broader basket even when RGTX-specific fundamentals are unchanged. Always rebuild the position from current RGTX chain quotes before placing a trade.
Frequently asked questions
- What is a collar on RGTX?
- A collar on RGTX is the collar strategy applied to RGTX (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 RGTX etf trading near $18.75, the strikes shown on this page are snapped to the nearest listed RGTX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are RGTX 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 RGTX collar priced from the end-of-day chain at a 30-day expiry (ATM IV 196.60%), the computed maximum profit is $82.50 per contract and the computed maximum loss is -$117.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a RGTX collar?
- The breakeven for the RGTX collar priced on this page is roughly $19.18 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 RGTX market-implied 1-standard-deviation expected move is approximately 56.36%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on RGTX?
- Collars on RGTX hedge an existing long RGTX 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 RGTX implied volatility affect this collar?
- RGTX ATM IV is at 196.60% with IV rank near 33.39%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.