ACLS Collar Strategy
ACLS (Axcelis Technologies, Inc.), in the Technology sector, (Semiconductors industry), listed on NASDAQ.
Axcelis Technologies, Inc. is a company dedicated to the creation, production, and maintenance of specialized ion implantation and other essential processing machinery used in the fabrication of semiconductor chips. Operating internationally, its presence extends across North America, Europe, and Asia. The firm offers a wide array of implanter technologies, such as high-energy, high-current, and medium-current systems, designed to meet diverse application needs. Furthermore, Axcelis provides extensive post-sales support and lifecycle solutions, including the sale of pre-owned equipment, replacement parts, system upgrades, ongoing maintenance, and client instruction. It directly furnishes its advanced equipment and services to microchip manufacturers through its own dedicated sales personnel. Founded in 1978, Axcelis Technologies has its corporate headquarters situated in Beverly, Massachusetts.
ACLS (Axcelis Technologies, Inc.) trades in the Technology sector, specifically Semiconductors, with a market capitalization of approximately $4.37B, a trailing P/E of 47.19, a beta of 1.88 versus the broader market, a 52-week range of 73.6-193.78, average daily share volume of 628K, a public-listing history dating back to 2000, approximately 1K full-time employees. These structural characteristics shape how ACLS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.88 indicates ACLS has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 47.19 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.
What is a collar on ACLS?
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.
ACLS snapshot
As of August 14, 2026, spot at $139.45, ATM IV 65.90%, IV rank 34.27%, expected move 18.89%. The collar on ACLS 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 ACLS specifically: IV regime affects collar pricing on both sides; mid-range ACLS IV at 65.90% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 18.89% (roughly $26.35 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 ACLS expiries trade a higher absolute premium for lower per-day decay. Position sizing on ACLS should anchor to the underlying notional of $139.45 per share and to the trader's directional view on ACLS stock.
ACLS collar setup
The ACLS 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 ACLS at $139.45 on that close, the first option leg uses a $145.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ACLS 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 ACLS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $139.45 | long |
| Sell 1 | Call | $145.00 | $9.15 |
| Buy 1 | Put | $130.00 | $6.90 |
ACLS collar risk and reward
- Net Premium / Debit
- -$13,720.00
- Max Profit (per contract)
- $780.00
- Max Loss (per contract)
- -$720.00
- Breakeven(s)
- $137.20
- Risk / Reward Ratio
- 1.083
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.
ACLS collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on ACLS. 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% | -$720.00 |
| $30.84 | -77.9% | -$720.00 |
| $61.67 | -55.8% | -$720.00 |
| $92.51 | -33.7% | -$720.00 |
| $123.34 | -11.6% | -$720.00 |
| $154.17 | +10.6% | +$780.00 |
| $185.00 | +32.7% | +$780.00 |
| $215.83 | +54.8% | +$780.00 |
| $246.67 | +76.9% | +$780.00 |
| $277.50 | +99.0% | +$780.00 |
When traders use collar on ACLS
Collars on ACLS hedge an existing long ACLS stock 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.
ACLS thesis for this collar
The market-implied 1-standard-deviation range for ACLS extends from approximately $113.10 on the downside to $165.80 on the upside. A ACLS collar hedges an existing long ACLS 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 ACLS IV rank near 34.27% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on ACLS should anchor more to the directional view and the expected-move geometry. As a Technology name, ACLS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ACLS-specific events.
ACLS 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. ACLS positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ACLS alongside the broader basket even when ACLS-specific fundamentals are unchanged. Always rebuild the position from current ACLS chain quotes before placing a trade.
Frequently asked questions
- What is a collar on ACLS?
- A collar on ACLS is the collar strategy applied to ACLS (stock). 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 ACLS stock at $139.45 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed ACLS chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are ACLS 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 ACLS collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 65.90%), the computed maximum profit is $780.00 per contract and the computed maximum loss is -$720.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ACLS collar?
- The breakeven for the ACLS collar priced on this page is roughly $137.20 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 ACLS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 18.89%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on ACLS?
- Collars on ACLS hedge an existing long ACLS stock 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 ACLS implied volatility affect this collar?
- ACLS ATM IV is at 65.90% with IV rank near 34.27%, 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.