RFL Collar Strategy
RFL (Rafael Holdings, Inc.), in the Real Estate sector, (Real Estate - Services industry), listed on NYSE.
Rafael Holdings, Inc. holds strategic investments in both early-stage and clinical pharmaceutical companies, alongside a portfolio of commercial real estate assets situated in the United States and Israel. The company's business activities are structured into two primary divisions: Pharmaceuticals and Real Estate. Its Real Estate segment manages and leases a commercial office complex, which features an integrated 800-space public parking facility. The Pharmaceutical division, conversely, focuses on developing and bringing to market therapies designed to capitalize on the metabolic distinctions between healthy cells and malignant ones. The firm's flagship drug candidate is CPI-613 (devimistat), currently undergoing evaluation in numerous clinical trials, including two pivotal Phase III registrational studies for the treatment of advanced pancreatic cancer and relapsed/refractory acute myeloid leukemia. Rafael Holdings, Inc. is headquartered in Newark, New Jersey.
RFL (Rafael Holdings, Inc.) trades in the Real Estate sector, specifically Real Estate - Services, with a market capitalization of approximately $101.4M, a beta of 0.54 versus the broader market, a 52-week range of 1.12-2.95, average daily share volume of 137K, a public-listing history dating back to 2018, approximately 28 full-time employees. These structural characteristics shape how RFL stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.54 indicates RFL has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a collar on RFL?
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 RFL snapshot
As of June 29, 2026, spot at $3.14, ATM IV 148.30%, IV rank 27.34%, expected move 42.52%. The collar on RFL 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 18-day expiry.
Why this collar structure on RFL specifically: IV regime affects collar pricing on both sides; compressed RFL IV at 148.30% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 42.52% (roughly $1.34 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated RFL expiries trade a higher absolute premium for lower per-day decay. Position sizing on RFL should anchor to the underlying notional of $3.14 per share and to the trader's directional view on RFL stock.
RFL collar setup
The RFL 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 RFL near $3.14, the first option leg uses a $3.30 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RFL chain at a 18-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 RFL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $3.14 | long |
| Sell 1 | Call | $3.30 | N/A |
| Buy 1 | Put | $2.98 | N/A |
RFL 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.
RFL collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on RFL. 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 RFL
Collars on RFL hedge an existing long RFL 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.
RFL thesis for this collar
The market-implied 1-standard-deviation range for RFL extends from approximately $1.80 on the downside to $4.48 on the upside. A RFL collar hedges an existing long RFL 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 RFL IV rank near 27.34% 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 RFL at 148.30%. As a Real Estate name, RFL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RFL-specific events.
RFL 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. RFL positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move RFL alongside the broader basket even when RFL-specific fundamentals are unchanged. Always rebuild the position from current RFL chain quotes before placing a trade.
Frequently asked questions
- What is a collar on RFL?
- A collar on RFL is the collar strategy applied to RFL (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 RFL stock trading near $3.14, the strikes shown on this page are snapped to the nearest listed RFL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are RFL 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 RFL collar priced from the end-of-day chain at a 30-day expiry (ATM IV 148.30%), 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 RFL collar?
- The breakeven for the RFL 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 RFL market-implied 1-standard-deviation expected move is approximately 42.52%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on RFL?
- Collars on RFL hedge an existing long RFL 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 RFL implied volatility affect this collar?
- RFL ATM IV is at 148.30% with IV rank near 27.34%, 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.