UHAL Collar Strategy
UHAL (U-Haul Holding Company), in the Industrials sector, (Rental & Leasing Services industry), listed on NYSE.
U-Haul Holding Company operates as a do-it-yourself moving and storage operator for household and commercial goods in the United States and Canada. The company's Moving and Storage segment rents trucks, trailers, portable moving and storage units, specialty rental items, and self-storage spaces primarily to the household movers; and sells moving supplies, towing accessories, and propane. It also provides uhaul.com, an online marketplace that connects consumers to independent Moving Help service providers and independent self-storage affiliates; auto transport and tow dolly options to transport vehicles; and specialty boxes for dishes, computers, flat screen television, and sensitive electronic equipment, as well as tapes, security locks, and packing supplies. This segment rents its products and services through a network of approximately 2,100 company operated retail moving stores and 21,100 independent U-Haul dealers. As of March 31, 2022, it had a rental fleet of approximately 186,000 trucks, 128,000 trailers, and 46,000 towing devices; and 1,844 self-storage locations with approximately 876,000 rentable storage units. The company's Property and Casualty Insurance segment offers loss adjusting and claims handling services.
UHAL (U-Haul Holding Company) trades in the Industrials sector, specifically Rental & Leasing Services, with a market capitalization of approximately $9.41B, a trailing P/E of 104.10, a beta of 1.11 versus the broader market, a 52-week range of 41.95-66.3, average daily share volume of 225K, a public-listing history dating back to 1994, approximately 18K full-time employees. These structural characteristics shape how UHAL stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.11 places UHAL roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 104.10 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.
What is a collar on UHAL?
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 UHAL snapshot
As of May 15, 2026, spot at $48.70, ATM IV 35.20%, IV rank 14.32%, expected move 10.09%. The collar on UHAL 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 UHAL specifically: IV regime affects collar pricing on both sides; compressed UHAL IV at 35.20% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 10.09% (roughly $4.91 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 UHAL expiries trade a higher absolute premium for lower per-day decay. Position sizing on UHAL should anchor to the underlying notional of $48.70 per share and to the trader's directional view on UHAL stock.
UHAL collar setup
The UHAL 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 UHAL near $48.70, the first option leg uses a $51.14 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed UHAL 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 UHAL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $48.70 | long |
| Sell 1 | Call | $51.14 | N/A |
| Buy 1 | Put | $46.27 | N/A |
UHAL 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.
UHAL collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on UHAL. 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 UHAL
Collars on UHAL hedge an existing long UHAL 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.
UHAL thesis for this collar
The market-implied 1-standard-deviation range for UHAL extends from approximately $43.79 on the downside to $53.61 on the upside. A UHAL collar hedges an existing long UHAL 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 UHAL IV rank near 14.32% 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 UHAL at 35.20%. As a Industrials name, UHAL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to UHAL-specific events.
UHAL 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. UHAL positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move UHAL alongside the broader basket even when UHAL-specific fundamentals are unchanged. Always rebuild the position from current UHAL chain quotes before placing a trade.
Frequently asked questions
- What is a collar on UHAL?
- A collar on UHAL is the collar strategy applied to UHAL (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 UHAL stock trading near $48.70, the strikes shown on this page are snapped to the nearest listed UHAL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are UHAL 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 UHAL collar priced from the end-of-day chain at a 30-day expiry (ATM IV 35.20%), 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 UHAL collar?
- The breakeven for the UHAL 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 UHAL market-implied 1-standard-deviation expected move is approximately 10.09%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on UHAL?
- Collars on UHAL hedge an existing long UHAL 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 UHAL implied volatility affect this collar?
- UHAL ATM IV is at 35.20% with IV rank near 14.32%, 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.