VICE Collar Strategy
VICE (AdvisorShares Vice ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
The AdvisorShares Vice ETF operates as an actively managed exchange-traded fund, aiming to achieve its investment objectives by primarily focusing on specific industries. Under typical market circumstances, the fund dedicates at least 80% of its net assets to businesses that derive over half of their net revenue from: (i) the production or sale of tobacco and alcoholic beverages, (ii) the wider food and beverage sector, or (iii) gambling and gaming activities. Its portfolio predominantly consists of equity securities traded on U.S. exchanges, including common and preferred shares, as well as American Depositary Receipts (ADRs).
VICE (AdvisorShares Vice ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $7.1M, a beta of 0.88 versus the broader market, a 52-week range of 31.08-36.53, average daily share volume of 0K, a public-listing history dating back to 2017. These structural characteristics shape how VICE etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.88 places VICE roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. VICE pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on VICE?
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.
VICE snapshot
As of August 14, 2026, spot at $32.78, ATM IV 111.40%, IV rank 39.39%, expected move 1.72%. The collar on VICE below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this collar structure on VICE specifically: IV regime affects collar pricing on both sides; mid-range VICE IV at 111.40% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 1.72% (roughly $0.56 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated VICE expiries trade a higher absolute premium for lower per-day decay. Position sizing on VICE should anchor to the underlying notional of $32.78 per share and to the trader's directional view on VICE etf.
VICE collar setup
The VICE collar below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With VICE at $32.78 on that close, the first option leg uses a $34.42 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed VICE chain at a 35-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 VICE shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $32.78 | long |
| Sell 1 | Call | $34.42 | N/A |
| Buy 1 | Put | $31.14 | N/A |
VICE collar risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
VICE collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on VICE. 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.
When traders use collar on VICE
Collars on VICE hedge an existing long VICE 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.
VICE thesis for this collar
The market-implied 1-standard-deviation range for VICE extends from approximately $32.22 on the downside to $33.34 on the upside. A VICE collar hedges an existing long VICE 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 VICE IV rank near 39.39% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on VICE should anchor more to the directional view and the expected-move geometry. As a Financial Services name, VICE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to VICE-specific events.
VICE 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. VICE positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move VICE alongside the broader basket even when VICE-specific fundamentals are unchanged. Always rebuild the position from current VICE chain quotes before placing a trade.
Frequently asked questions
- What is a collar on VICE?
- A collar on VICE is the collar strategy applied to VICE (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 VICE etf at $32.78 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed VICE chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are VICE 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 VICE collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 111.40%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a VICE collar?
- The breakeven for the VICE collar priced on this page is no defined breakeven on the modeled curve at expiration, derived from the August 14, 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 VICE market-implied 1-standard-deviation expected move in the same options snapshot is approximately 1.72%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on VICE?
- Collars on VICE hedge an existing long VICE 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 VICE implied volatility affect this collar?
- VICE ATM IV is at 111.40% with IV rank near 39.39%, 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.