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 16.00%), the computed maximum profit is $314.00 per contract and the computed maximum loss is -$686.00 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 $145.86 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 4.59%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current IVOG implied volatility affect this collar?

IVOG ATM IV is at 16.00% with IV rank near 14.29%, 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.

IVOG Collar Strategy

IVOG (Vanguard S&P Mid-Cap 400 Growth ETF), in the Financial Services sector, (Asset Management - Global industry), listed on AMEX.

The Vanguard S&P Mid-Cap 400 Growth ETF (IVOG) allocates its capital to equities within the S&P MidCap 400 Growth Index, which is specifically designed to encompass growth-oriented companies drawn from the broader S&P 400. Its central objective is to meticulously replicate the performance of this index, which serves as a recognized benchmark for the overall U.S. mid-capitalization growth stock market. This fund offers considerable upside potential for capital appreciation, though its share value tends to fluctuate more dramatically than that of bond-focused investments. Consequently, it is best suited for individuals pursuing long-term financial goals where significant growth of their principal is paramount. It is noteworthy that on March 14, 2023, this ETF executed a 2-for-1 share split, which led to a reduction in its per-share price and a corresponding increase in the number of shares outstanding. Unless specifically noted as market data, historical share price information has not been retrospectively adjusted for this corporate action.

IVOG (Vanguard S&P Mid-Cap 400 Growth ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $1.82B, a beta of 1.08 versus the broader market, a 52-week range of 112.5-145.81, average daily share volume of 30K, 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 1.08 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 June 30, 2026, spot at $146.37, ATM IV 16.00%, IV rank 14.29%, expected move 4.59%. 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 17-day expiry.

Why this collar structure on IVOG specifically: IV regime affects collar pricing on both sides; compressed IVOG IV at 16.00% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 4.59% (roughly $6.71 on the underlying). The 17-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 $146.37 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 $146.37, the first option leg uses a $149.00 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 17-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	$146.37	long
Sell 1	Call	$149.00	$0.75
Buy 1	Put	$139.00	$0.24

IVOG collar risk and reward

Net Premium / Debit: -$14,586.00
Max Profit (per contract): $314.00
Max Loss (per contract): -$686.00
Breakeven(s): $145.86
Risk / Reward Ratio: 0.458

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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$686.00
$32.37	-77.9%	-$686.00
$64.73	-55.8%	-$686.00
$97.10	-33.7%	-$686.00
$129.46	-11.6%	-$686.00
$161.82	+10.6%	+$314.00
$194.18	+32.7%	+$314.00
$226.54	+54.8%	+$314.00
$258.91	+76.9%	+$314.00
$291.27	+99.0%	+$314.00

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 $139.66 on the downside to $153.08 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 14.29% 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 IVOG at 16.00%. 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 $146.37, 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 16.00%), the computed maximum profit is $314.00 per contract and the computed maximum loss is -$686.00 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 $145.86 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 4.59%; 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 16.00% with IV rank near 14.29%, 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.