FIZZ Collar Strategy
FIZZ (National Beverage Corp.), in the Consumer Defensive sector, (Beverages - Non-Alcoholic industry), listed on NASDAQ.
National Beverage Corp., through its subsidiaries, develops, produces, markets, and sells a portfolio of sparkling waters, juices, energy drinks, and carbonated soft drinks primarily in the United States and Canada. The company offers beverages to the active and health-conscious consumers, including sparkling waters, energy drinks, and juices under the LaCroix, LaCroix Cúrate, LaCroix NiCola, Clear Fruit, Rip It, Everfresh, Everfresh Premier Varietals, and Mr. Pure brands. It also offers carbonated soft drinks under the Shasta and Faygo brands. The company serves retailers, as well as various smaller up-and-down-the-street accounts through the take-home, convenience, and food-service distribution channels. National Beverage Corp. was incorporated in 1985 and is based in Fort Lauderdale, Florida.
FIZZ (National Beverage Corp.) trades in the Consumer Defensive sector, specifically Beverages - Non-Alcoholic, with a market capitalization of approximately $3.26B, a trailing P/E of 17.32, a beta of 0.71 versus the broader market, a 52-week range of 31.21-47.89, average daily share volume of 243K, a public-listing history dating back to 1991, approximately 2K full-time employees. These structural characteristics shape how FIZZ stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.71 places FIZZ roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a collar on FIZZ?
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.
Current FIZZ snapshot
As of May 15, 2026, spot at $34.53, ATM IV 17.60%, IV rank 0.90%, expected move 5.05%. The collar on FIZZ below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this collar structure on FIZZ specifically: IV regime affects collar pricing on both sides; compressed FIZZ IV at 17.60% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 5.05% (roughly $1.74 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FIZZ expiries trade a higher absolute premium for lower per-day decay. Position sizing on FIZZ should anchor to the underlying notional of $34.53 per share and to the trader's directional view on FIZZ stock.
FIZZ collar setup
The FIZZ 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 FIZZ near $34.53, the first option leg uses a $36.26 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FIZZ chain at a 34-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 FIZZ shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $34.53 | long |
| Sell 1 | Call | $36.26 | N/A |
| Buy 1 | Put | $32.80 | N/A |
FIZZ 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.
FIZZ collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on FIZZ. 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 FIZZ
Collars on FIZZ hedge an existing long FIZZ 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.
FIZZ thesis for this collar
The market-implied 1-standard-deviation range for FIZZ extends from approximately $32.79 on the downside to $36.27 on the upside. A FIZZ collar hedges an existing long FIZZ 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 FIZZ IV rank near 0.90% 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 FIZZ at 17.60%. As a Consumer Defensive name, FIZZ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FIZZ-specific events.
FIZZ 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. FIZZ positions also carry Consumer Defensive sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FIZZ alongside the broader basket even when FIZZ-specific fundamentals are unchanged. Always rebuild the position from current FIZZ chain quotes before placing a trade.
Frequently asked questions
- What is a collar on FIZZ?
- A collar on FIZZ is the collar strategy applied to FIZZ (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 FIZZ stock trading near $34.53, the strikes shown on this page are snapped to the nearest listed FIZZ chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are FIZZ 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 FIZZ collar priced from the end-of-day chain at a 30-day expiry (ATM IV 17.60%), 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 FIZZ collar?
- The breakeven for the FIZZ collar priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current FIZZ market-implied 1-standard-deviation expected move is approximately 5.05%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on FIZZ?
- Collars on FIZZ hedge an existing long FIZZ 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 FIZZ implied volatility affect this collar?
- FIZZ ATM IV is at 17.60% with IV rank near 0.90%, 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.