DAT Collar Strategy
DAT (ProShares - Big Data Refiners ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
The fund invests in securities that ProShare Advisors believes, in combination, should track the performance of the index. The index consists of companies that provide analytics and infrastructure for managing and extracting information from large data sets. The fund will invest in all of the component securities of the index in approximately the same proportion as the index. The fund is non-diversified.
DAT (ProShares - Big Data Refiners ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $5.1M, a beta of 1.14 versus the broader market, a 52-week range of 31.875-49.14, average daily share volume of 2K, a public-listing history dating back to 2021. These structural characteristics shape how DAT etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.14 places DAT roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a collar on DAT?
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 DAT snapshot
As of May 15, 2026, spot at $39.78, ATM IV 31.80%, IV rank 16.25%, expected move 9.12%. The collar on DAT 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 DAT specifically: IV regime affects collar pricing on both sides; compressed DAT IV at 31.80% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 9.12% (roughly $3.63 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 DAT expiries trade a higher absolute premium for lower per-day decay. Position sizing on DAT should anchor to the underlying notional of $39.78 per share and to the trader's directional view on DAT etf.
DAT collar setup
The DAT 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 DAT near $39.78, the first option leg uses a $42.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed DAT 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 DAT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $39.78 | long |
| Sell 1 | Call | $42.00 | $0.78 |
| Buy 1 | Put | $38.00 | $0.74 |
DAT collar risk and reward
- Net Premium / Debit
- -$3,974.00
- Max Profit (per contract)
- $226.00
- Max Loss (per contract)
- -$174.00
- Breakeven(s)
- $39.74
- Risk / Reward Ratio
- 1.299
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.
DAT collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on DAT. 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% | -$174.00 |
| $8.80 | -77.9% | -$174.00 |
| $17.60 | -55.8% | -$174.00 |
| $26.39 | -33.7% | -$174.00 |
| $35.19 | -11.5% | -$174.00 |
| $43.98 | +10.6% | +$226.00 |
| $52.78 | +32.7% | +$226.00 |
| $61.57 | +54.8% | +$226.00 |
| $70.37 | +76.9% | +$226.00 |
| $79.16 | +99.0% | +$226.00 |
When traders use collar on DAT
Collars on DAT hedge an existing long DAT 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.
DAT thesis for this collar
The market-implied 1-standard-deviation range for DAT extends from approximately $36.15 on the downside to $43.41 on the upside. A DAT collar hedges an existing long DAT 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 DAT IV rank near 16.25% 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 DAT at 31.80%. As a Financial Services name, DAT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to DAT-specific events.
DAT 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. DAT positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move DAT alongside the broader basket even when DAT-specific fundamentals are unchanged. Always rebuild the position from current DAT chain quotes before placing a trade.
Frequently asked questions
- What is a collar on DAT?
- A collar on DAT is the collar strategy applied to DAT (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 DAT etf trading near $39.78, the strikes shown on this page are snapped to the nearest listed DAT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are DAT 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 DAT collar priced from the end-of-day chain at a 30-day expiry (ATM IV 31.80%), the computed maximum profit is $226.00 per contract and the computed maximum loss is -$174.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a DAT collar?
- The breakeven for the DAT collar priced on this page is roughly $39.74 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 DAT market-implied 1-standard-deviation expected move is approximately 9.12%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on DAT?
- Collars on DAT hedge an existing long DAT 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 DAT implied volatility affect this collar?
- DAT ATM IV is at 31.80% with IV rank near 16.25%, 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.