IVOG Collar Strategy
IVOG (Vanguard S&P Mid-Cap 400 Growth ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
Invests in stocks in the S&P MidCap 400 Growth Index, composed of the growth companies in the S&P 400.Focuses on closely tracking the index’s return, which is considered a gauge of overall U.S. mid-cap growth stock returns.Offers high potential for investment growth; share value rises and falls more sharply than that of funds holding bonds.More appropriate for long-term goals where your money’s growth is essential.On March 14, 2023, this ETF underwent a 2:1 share split, which decreased the price per share of the ETF with a proportionate increase in the number of shares outstanding. Historical share price data has not been adjusted for the split except where market data is being used, as indicated. Although certain data may reflect both pre-and post-split prices, returns are not impacted.
IVOG (Vanguard S&P Mid-Cap 400 Growth ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.72B, a beta of 1.09 versus the broader market, a 52-week range of 106.9-142.15, average daily share volume of 38K, a public-listing history dating back to 2010. These structural characteristics shape how IVOG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.09 places IVOG roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. IVOG pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on IVOG?
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 IVOG snapshot
As of May 15, 2026, spot at $137.37, ATM IV 19.60%, IV rank 36.65%, expected move 5.62%. The collar on IVOG 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 IVOG specifically: IV regime affects collar pricing on both sides; mid-range IVOG IV at 19.60% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 5.62% (roughly $7.72 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 IVOG expiries trade a higher absolute premium for lower per-day decay. Position sizing on IVOG should anchor to the underlying notional of $137.37 per share and to the trader's directional view on IVOG etf.
IVOG collar setup
The IVOG 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 IVOG near $137.37, the first option leg uses a $144.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed IVOG 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 IVOG shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $137.37 | long |
| Sell 1 | Call | $144.00 | $1.78 |
| Buy 1 | Put | $131.00 | $2.03 |
IVOG collar risk and reward
- Net Premium / Debit
- -$13,762.00
- Max Profit (per contract)
- $638.00
- Max Loss (per contract)
- -$662.00
- Breakeven(s)
- $137.62
- Risk / Reward Ratio
- 0.964
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.
IVOG collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on IVOG. 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% | -$662.00 |
| $30.38 | -77.9% | -$662.00 |
| $60.75 | -55.8% | -$662.00 |
| $91.13 | -33.7% | -$662.00 |
| $121.50 | -11.6% | -$662.00 |
| $151.87 | +10.6% | +$638.00 |
| $182.24 | +32.7% | +$638.00 |
| $212.62 | +54.8% | +$638.00 |
| $242.99 | +76.9% | +$638.00 |
| $273.36 | +99.0% | +$638.00 |
When traders use collar on IVOG
Collars on IVOG hedge an existing long IVOG 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.
IVOG thesis for this collar
The market-implied 1-standard-deviation range for IVOG extends from approximately $129.65 on the downside to $145.09 on the upside. A IVOG collar hedges an existing long IVOG 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 IVOG IV rank near 36.65% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on IVOG should anchor more to the directional view and the expected-move geometry. As a Financial Services name, IVOG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to IVOG-specific events.
IVOG 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. IVOG positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move IVOG alongside the broader basket even when IVOG-specific fundamentals are unchanged. Always rebuild the position from current IVOG chain quotes before placing a trade.
Frequently asked questions
- What is a collar on IVOG?
- A collar on IVOG is the collar strategy applied to IVOG (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 IVOG etf trading near $137.37, the strikes shown on this page are snapped to the nearest listed IVOG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are IVOG 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 IVOG collar priced from the end-of-day chain at a 30-day expiry (ATM IV 19.60%), the computed maximum profit is $638.00 per contract and the computed maximum loss is -$662.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a IVOG collar?
- The breakeven for the IVOG collar priced on this page is roughly $137.62 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 IVOG market-implied 1-standard-deviation expected move is approximately 5.62%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on IVOG?
- Collars on IVOG hedge an existing long IVOG 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 IVOG implied volatility affect this collar?
- IVOG ATM IV is at 19.60% with IV rank near 36.65%, 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.