PHUN Collar Strategy
PHUN (Phunware, Inc.), in the Technology sector, (Software - Application industry), listed on NASDAQ.
Phunware, Inc., together with its subsidiaries, offers integrated software platform that equips companies with the products, solutions, and services to engage, manage, and monetize their mobile application portfolios in the United States and internationally. The company's products and services include cloud-based mobile software that licenses in software development kits (SDKs) form utilized inside mobile applications, such as analytics that provides data related to application use and engagement; content management that allows application administrators to create and manage app content in a cloud-based portal; alerts, notifications, and messaging; marketing automation that enables location-triggered messages and workflow; advertising; and location-based services that include mapping, navigation, wayfinding, workflow, asset management, and policy enforcement. It also engages the integration of its SDK licenses into existing applications maintained by its customers, as well as custom application development and support services; provision of cloud-based vertical solutions for healthcare, retail, sports, aviation, real estate, hospitality, education, and other applications; offering application transactions, including re-occurring and one-time transactional media purchases for application discovery, user acquisition and audience building, audience engagement, and audience monetization; and pre-packaged and custom high-end personal computer systems for gaming, streaming, and cryptocurrency mining enthusiasts. The company was founded in 2009 and is headquartered in Austin, Texas.
PHUN (Phunware, Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $43.0M, a beta of 2.70 versus the broader market, a 52-week range of 1.56-3.88, average daily share volume of 139K, a public-listing history dating back to 2016, approximately 29 full-time employees. These structural characteristics shape how PHUN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.70 indicates PHUN 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 PHUN?
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 PHUN snapshot
As of May 15, 2026, spot at $2.09, ATM IV 137.00%, IV rank 46.08%, expected move 39.28%. The collar on PHUN 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 PHUN specifically: IV regime affects collar pricing on both sides; mid-range PHUN IV at 137.00% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 39.28% (roughly $0.82 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 PHUN expiries trade a higher absolute premium for lower per-day decay. Position sizing on PHUN should anchor to the underlying notional of $2.09 per share and to the trader's directional view on PHUN stock.
PHUN collar setup
The PHUN 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 PHUN near $2.09, the first option leg uses a $2.19 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PHUN 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 PHUN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $2.09 | long |
| Sell 1 | Call | $2.19 | N/A |
| Buy 1 | Put | $1.99 | N/A |
PHUN 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.
PHUN collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on PHUN. 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 PHUN
Collars on PHUN hedge an existing long PHUN 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.
PHUN thesis for this collar
The market-implied 1-standard-deviation range for PHUN extends from approximately $1.27 on the downside to $2.91 on the upside. A PHUN collar hedges an existing long PHUN 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 PHUN IV rank near 46.08% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on PHUN should anchor more to the directional view and the expected-move geometry. As a Technology name, PHUN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PHUN-specific events.
PHUN 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. PHUN positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PHUN alongside the broader basket even when PHUN-specific fundamentals are unchanged. Always rebuild the position from current PHUN chain quotes before placing a trade.
Frequently asked questions
- What is a collar on PHUN?
- A collar on PHUN is the collar strategy applied to PHUN (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 PHUN stock trading near $2.09, the strikes shown on this page are snapped to the nearest listed PHUN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are PHUN 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 PHUN collar priced from the end-of-day chain at a 30-day expiry (ATM IV 137.00%), 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 PHUN collar?
- The breakeven for the PHUN 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 PHUN market-implied 1-standard-deviation expected move is approximately 39.28%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on PHUN?
- Collars on PHUN hedge an existing long PHUN 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 PHUN implied volatility affect this collar?
- PHUN ATM IV is at 137.00% with IV rank near 46.08%, 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.