AXTX Collar Strategy
AXTX (Investment Managers Series Trust II - Tradr 2X Long AXTI Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
AXTX is a short-term tactical tool that aims to deliver twice (200%) the daily performance of AXT, Inc. (AXTI), before fees and expenses. The fund primarily enters into total return swap agreements with major global financial institutions that mirror AXTIs daily returns. In case swaps are unavailable or less efficient, the fund may use FLEX call options or directly hold AXTI stock. Purchasers holding shares for longer than a day will need to monitor and rebalance their position frequently to attempt to achieve the 2x multiple. Purchasers should conduct their own individual stock research prior to initiating a position and trade with conviction. Due to the complexities of the product, shares tend to perform as anticipated only when the underlying shares are trending, and holders are on the positive corresponding side of that trade.
AXTX (Investment Managers Series Trust II - Tradr 2X Long AXTI Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $149.0M, a beta of 15.61 versus the broader market, a 52-week range of 12-306.24, average daily share volume of 2.0M, a public-listing history dating back to 2026. These structural characteristics shape how AXTX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 15.61 indicates AXTX 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 AXTX?
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.
AXTX snapshot
As of September 29, 2026, spot at $34.80, ATM IV 213.50%, expected move 61.21%. The collar on AXTX below is built from the 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 AXTX specifically: IV rank is unavailable in the current snapshot, so regime-based timing for AXTX is inferred from ATM IV at 213.50% alone, with a market-implied 1-standard-deviation move of approximately 61.21% (roughly $21.30 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 AXTX expiries trade a higher absolute premium for lower per-day decay. Position sizing on AXTX should anchor to the underlying notional of $34.80 per share and to the trader's directional view on AXTX stock.
AXTX collar setup
The AXTX 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 AXTX at $34.80 on that close, the first option leg uses a $36.54 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AXTX 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 AXTX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $34.80 | long |
| Sell 1 | Call | $36.54 | N/A |
| Buy 1 | Put | $33.06 | N/A |
AXTX 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.
AXTX collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on AXTX. 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 AXTX
Collars on AXTX hedge an existing long AXTX 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.
AXTX thesis for this collar
The market-implied 1-standard-deviation range for AXTX extends from approximately $13.50 on the downside to $56.10 on the upside. A AXTX collar hedges an existing long AXTX 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, AXTX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AXTX-specific events.
AXTX 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. AXTX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AXTX alongside the broader basket even when AXTX-specific fundamentals are unchanged. Always rebuild the position from current AXTX chain quotes before placing a trade.
Frequently asked questions
- What is a collar on AXTX?
- A collar on AXTX is the collar strategy applied to AXTX (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 AXTX stock at $34.80 on the most recent close, the strikes shown on this page are snapped to the nearest listed AXTX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are AXTX 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 AXTX collar priced from the end-of-day chain at a 30-day expiry (ATM IV 213.50%), 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 AXTX collar?
- The breakeven for the AXTX collar priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 AXTX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 61.21%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on AXTX?
- Collars on AXTX hedge an existing long AXTX 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 AXTX implied volatility affect this collar?
- Current AXTX ATM IV is 213.50%; IV rank context is unavailable in the current snapshot.