How are APHU 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 APHU collar priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 74.50%), the computed maximum profit is $148.50 per contract and the computed maximum loss is -$51.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a APHU collar?

The breakeven for the APHU collar priced on this page is roughly $25.52 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 APHU market-implied 1-standard-deviation expected move in the same options snapshot is approximately 21.36%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current APHU implied volatility affect this collar?

APHU ATM IV is at 74.50% with IV rank near 3.75%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.

APHU Collar Strategy

APHU (ETF Opportunities Trust - T-REX 2X Long APH Daily Target ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

APHU uses swap agreements and listed call options to make bullish bets on the share price of Amphenol Corporation (APH). The fund may also invest directly in the APH. Amphenol Corp. engages in the design, manufacture, and marketing of electrical, electronic and fiber optic connectors, interconnect systems, antennas, sensors and sensor-based products, and specialty cable. It operates through the following segments: Harsh Environment Solutions, Communications Solutions, and Interconnect and Sensor Systems. The fund seeks to maintain daily leveraged exposure equivalent to 200% of the daily percentage change in APH price through daily rebalancing. Returns may deviate from the expected 200% if held for longer than a single day due to factors such as volatility and compounding.

APHU (ETF Opportunities Trust - T-REX 2X Long APH Daily Target ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $2.7M, a beta of 2.68 versus the broader market, a 52-week range of 14.5-31.77, average daily share volume of 10K, a public-listing history dating back to 2026. These structural characteristics shape how APHU stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.68 indicates APHU has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

What is a collar on APHU?

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.

APHU snapshot

As of September 29, 2026, spot at $26.09, ATM IV 74.50%, IV rank 3.75%, expected move 21.36%. The collar on APHU 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 80-day expiry.

Why this collar structure on APHU specifically: IV regime affects collar pricing on both sides; compressed APHU IV at 74.50% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 21.36% (roughly $5.57 on the underlying). The 80-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated APHU expiries trade a higher absolute premium for lower per-day decay. Position sizing on APHU should anchor to the underlying notional of $26.09 per share and to the trader's directional view on APHU stock.

APHU collar setup

The APHU 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 APHU at $26.09 on that close, the first option leg uses a $27.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed APHU chain at a 80-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 APHU shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$26.09	long
Sell 1	Call	$27.00	$3.80
Buy 1	Put	$25.00	$3.23

APHU collar risk and reward

Net Premium / Debit: -$2,551.50
Max Profit (per contract): $148.50
Max Loss (per contract): -$51.50
Breakeven(s): $25.52
Risk / Reward Ratio: 2.883

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.

APHU collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on APHU. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$51.50
$5.78	-77.9%	-$51.50
$11.55	-55.7%	-$51.50
$17.31	-33.6%	-$51.50
$23.08	-11.5%	-$51.50
$28.85	+10.6%	+$148.50
$34.62	+32.7%	+$148.50
$40.38	+54.8%	+$148.50
$46.15	+76.9%	+$148.50
$51.92	+99.0%	+$148.50

When traders use collar on APHU

Collars on APHU hedge an existing long APHU 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.

APHU thesis for this collar

The market-implied 1-standard-deviation range for APHU extends from approximately $20.52 on the downside to $31.66 on the upside. A APHU collar hedges an existing long APHU 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 APHU IV rank near 3.75% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on APHU at 74.50%. As a Financial Services name, APHU options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to APHU-specific events.

APHU 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. APHU positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move APHU alongside the broader basket even when APHU-specific fundamentals are unchanged. Always rebuild the position from current APHU chain quotes before placing a trade.

Frequently asked questions

What is a collar on APHU?: A collar on APHU is the collar strategy applied to APHU (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 APHU stock at $26.09 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed APHU chain strike and the premiums come straight from that session's bid/ask midpoint.
How are APHU 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 APHU collar priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 74.50%), the computed maximum profit is $148.50 per contract and the computed maximum loss is -$51.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a APHU collar?: The breakeven for the APHU collar priced on this page is roughly $25.52 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 APHU market-implied 1-standard-deviation expected move in the same options snapshot is approximately 21.36%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on APHU?: Collars on APHU hedge an existing long APHU 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 APHU implied volatility affect this collar?: APHU ATM IV is at 74.50% with IV rank near 3.75%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.