SKHA Collar Strategy
SKHA (Investment Managers Series Trust II - Tradr 2X Long SK Hynix Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
SKHA uses swap agreements and listed call options to make bullish bets on the share price of SK hynix, Inc. (Nasdaq: SKHY). The fund may also invest directly in SKHY. SK hynix, Inc. engages in the design, manufacture, and sale of semiconductor products. Its products include dynamic random access memory, not-AND flash memory, and multi-chip package. The fund seeks to maintain daily leveraged exposure equivalent to 200% of the daily percentage change in SKHY price through daily rebalancing. Returns may deviate from the expected 2x if held for longer than a single day due to factors such as volatility and compounding effects.
SKHA (Investment Managers Series Trust II - Tradr 2X Long SK Hynix Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $723,889, a beta of 0.00 versus the broader market, a 52-week range of 19.25-43.62, average daily share volume of 8K, a public-listing history dating back to 2026. These structural characteristics shape how SKHA etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.00 indicates SKHA 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 SKHA?
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.
SKHA snapshot
As of September 29, 2026, spot at $37.22, ATM IV 110.00%, expected move 31.54%. The collar on SKHA 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 SKHA specifically: IV rank is unavailable in the current snapshot, so regime-based timing for SKHA is inferred from ATM IV at 110.00% alone, with a market-implied 1-standard-deviation move of approximately 31.54% (roughly $11.74 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 SKHA expiries trade a higher absolute premium for lower per-day decay. Position sizing on SKHA should anchor to the underlying notional of $37.22 per share and to the trader's directional view on SKHA etf.
SKHA collar setup
The SKHA 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 SKHA at $37.22 on that close, the first option leg uses a $39.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SKHA 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 SKHA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $37.22 | long |
| Sell 1 | Call | $39.00 | $2.88 |
| Buy 1 | Put | $35.00 | $2.30 |
SKHA collar risk and reward
- Net Premium / Debit
- -$3,664.50
- Max Profit (per contract)
- $235.50
- Max Loss (per contract)
- -$164.50
- Breakeven(s)
- $36.64
- Risk / Reward Ratio
- 1.432
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.
SKHA collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on SKHA. 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% | -$164.50 |
| $8.24 | -77.9% | -$164.50 |
| $16.47 | -55.8% | -$164.50 |
| $24.70 | -33.7% | -$164.50 |
| $32.92 | -11.5% | -$164.50 |
| $41.15 | +10.6% | +$235.50 |
| $49.38 | +32.7% | +$235.50 |
| $57.61 | +54.8% | +$235.50 |
| $65.84 | +76.9% | +$235.50 |
| $74.07 | +99.0% | +$235.50 |
When traders use collar on SKHA
Collars on SKHA hedge an existing long SKHA 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.
SKHA thesis for this collar
The market-implied 1-standard-deviation range for SKHA extends from approximately $25.48 on the downside to $48.96 on the upside. A SKHA collar hedges an existing long SKHA 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, SKHA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SKHA-specific events.
SKHA 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. SKHA positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SKHA alongside the broader basket even when SKHA-specific fundamentals are unchanged. Always rebuild the position from current SKHA chain quotes before placing a trade.
Frequently asked questions
- What is a collar on SKHA?
- A collar on SKHA is the collar strategy applied to SKHA (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 SKHA etf at $37.22 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed SKHA chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are SKHA 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 SKHA collar priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 110.00%), the computed maximum profit is $235.50 per contract and the computed maximum loss is -$164.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SKHA collar?
- The breakeven for the SKHA collar priced on this page is roughly $36.64 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 SKHA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 31.54%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on SKHA?
- Collars on SKHA hedge an existing long SKHA 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 SKHA implied volatility affect this collar?
- Current SKHA ATM IV is 110.00%; IV rank context is unavailable in the current snapshot.