ALLW Collar Strategy
ALLW (State Street Bridgewater All Weather ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The State Street Bridgewater All Weather ETF is an actively managed, diversified, global multi-asset allocation ETF that seeks to be resilient across a wide range of market conditions and environments, including economic contractions and elevated inflation.ALLW may invest across a range of global asset classes, such as domestic and international equities, nominal and inflation-linked bonds, and commodity exposures.ALLW is designed to balance assets with various sensitivities to key economic environments without predicting which environment is ahead, which means risk is allocated equally to different growth and inflation environments. ALLW uses Bridgewater's portfolio construction expertise and macro understanding of various market environments to build and evolve the model portfolio. SSGA Funds Management Inc. then implements the model by purchasing and selling securities and/or instruments for the fund.
ALLW (State Street Bridgewater All Weather ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $447.8M, a beta of 0.41 versus the broader market, a 52-week range of 24.89-30.33, average daily share volume of 927K, a public-listing history dating back to 2025. These structural characteristics shape how ALLW etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.41 indicates ALLW has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. ALLW pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on ALLW?
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 ALLW snapshot
As of May 15, 2026, spot at $29.57, ATM IV 23.70%, expected move 6.79%. The collar on ALLW 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 63-day expiry.
Why this collar structure on ALLW specifically: IV rank is unavailable in the current snapshot, so regime-based timing for ALLW is inferred from ATM IV at 23.70% alone, with a market-implied 1-standard-deviation move of approximately 6.79% (roughly $2.01 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ALLW expiries trade a higher absolute premium for lower per-day decay. Position sizing on ALLW should anchor to the underlying notional of $29.57 per share and to the trader's directional view on ALLW etf.
ALLW collar setup
The ALLW 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 ALLW near $29.57, the first option leg uses a $31.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ALLW chain at a 63-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 ALLW shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $29.57 | long |
| Sell 1 | Call | $31.00 | $0.96 |
| Buy 1 | Put | $28.00 | $0.65 |
ALLW collar risk and reward
- Net Premium / Debit
- -$2,926.00
- Max Profit (per contract)
- $174.00
- Max Loss (per contract)
- -$126.00
- Breakeven(s)
- $29.26
- Risk / Reward Ratio
- 1.381
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.
ALLW collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on ALLW. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$126.00 |
| $6.55 | -77.9% | -$126.00 |
| $13.08 | -55.8% | -$126.00 |
| $19.62 | -33.6% | -$126.00 |
| $26.16 | -11.5% | -$126.00 |
| $32.69 | +10.6% | +$174.00 |
| $39.23 | +32.7% | +$174.00 |
| $45.77 | +54.8% | +$174.00 |
| $52.31 | +76.9% | +$174.00 |
| $58.84 | +99.0% | +$174.00 |
When traders use collar on ALLW
Collars on ALLW hedge an existing long ALLW etf 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.
ALLW thesis for this collar
The market-implied 1-standard-deviation range for ALLW extends from approximately $27.56 on the downside to $31.58 on the upside. A ALLW collar hedges an existing long ALLW 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, ALLW options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ALLW-specific events.
ALLW 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. ALLW positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ALLW alongside the broader basket even when ALLW-specific fundamentals are unchanged. Always rebuild the position from current ALLW chain quotes before placing a trade.
Frequently asked questions
- What is a collar on ALLW?
- A collar on ALLW is the collar strategy applied to ALLW (etf). 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 ALLW etf trading near $29.57, the strikes shown on this page are snapped to the nearest listed ALLW chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ALLW 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 ALLW collar priced from the end-of-day chain at a 30-day expiry (ATM IV 23.70%), the computed maximum profit is $174.00 per contract and the computed maximum loss is -$126.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ALLW collar?
- The breakeven for the ALLW collar priced on this page is roughly $29.26 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 ALLW market-implied 1-standard-deviation expected move is approximately 6.79%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on ALLW?
- Collars on ALLW hedge an existing long ALLW etf 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 ALLW implied volatility affect this collar?
- Current ALLW ATM IV is 23.70%; IV rank context is unavailable in the current snapshot.