RGTZ Collar Strategy
RGTZ (Daily Target 2X Short RGTZ ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The Fund seeks daily inverse investment results, before fees and expenses, of -2 times (-200%) the daily percentage change in the share price of Rigetti Computing, Inc. (Nasdaq: RGTI) The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.
RGTZ (Daily Target 2X Short RGTZ ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $40.3M, a beta of -5.35 versus the broader market, a 52-week range of 8.14-37.48, average daily share volume of 2.4M, a public-listing history dating back to 2025. These structural characteristics shape how RGTZ etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -5.35 indicates RGTZ 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 RGTZ?
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 RGTZ snapshot
As of May 15, 2026, spot at $11.18, ATM IV 182.30%, expected move 52.26%. The collar on RGTZ 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 RGTZ specifically: IV rank is unavailable in the current snapshot, so regime-based timing for RGTZ is inferred from ATM IV at 182.30% alone, with a market-implied 1-standard-deviation move of approximately 52.26% (roughly $5.84 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 RGTZ expiries trade a higher absolute premium for lower per-day decay. Position sizing on RGTZ should anchor to the underlying notional of $11.18 per share and to the trader's directional view on RGTZ etf.
RGTZ collar setup
The RGTZ 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 RGTZ near $11.18, the first option leg uses a $12.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RGTZ 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 RGTZ shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $11.18 | long |
| Sell 1 | Call | $12.00 | $2.08 |
| Buy 1 | Put | $11.00 | $2.43 |
RGTZ collar risk and reward
- Net Premium / Debit
- -$1,153.00
- Max Profit (per contract)
- $47.00
- Max Loss (per contract)
- -$53.00
- Breakeven(s)
- $11.53
- Risk / Reward Ratio
- 0.887
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.
RGTZ collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on RGTZ. 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% | -$53.00 |
| $2.48 | -77.8% | -$53.00 |
| $4.95 | -55.7% | -$53.00 |
| $7.42 | -33.6% | -$53.00 |
| $9.89 | -11.5% | -$53.00 |
| $12.36 | +10.6% | +$47.00 |
| $14.84 | +32.7% | +$47.00 |
| $17.31 | +54.8% | +$47.00 |
| $19.78 | +76.9% | +$47.00 |
| $22.25 | +99.0% | +$47.00 |
When traders use collar on RGTZ
Collars on RGTZ hedge an existing long RGTZ 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.
RGTZ thesis for this collar
The market-implied 1-standard-deviation range for RGTZ extends from approximately $5.34 on the downside to $17.02 on the upside. A RGTZ collar hedges an existing long RGTZ 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. As a Financial Services name, RGTZ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RGTZ-specific events.
RGTZ 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. RGTZ positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move RGTZ alongside the broader basket even when RGTZ-specific fundamentals are unchanged. Always rebuild the position from current RGTZ chain quotes before placing a trade.
Frequently asked questions
- What is a collar on RGTZ?
- A collar on RGTZ is the collar strategy applied to RGTZ (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 RGTZ etf trading near $11.18, the strikes shown on this page are snapped to the nearest listed RGTZ chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are RGTZ 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 RGTZ collar priced from the end-of-day chain at a 30-day expiry (ATM IV 182.30%), the computed maximum profit is $47.00 per contract and the computed maximum loss is -$53.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a RGTZ collar?
- The breakeven for the RGTZ collar priced on this page is roughly $11.53 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 RGTZ market-implied 1-standard-deviation expected move is approximately 52.26%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on RGTZ?
- Collars on RGTZ hedge an existing long RGTZ 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 RGTZ implied volatility affect this collar?
- Current RGTZ ATM IV is 182.30%; IV rank context is unavailable in the current snapshot.