How are QUS 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 QUS collar priced from the end-of-day chain at a 30-day expiry (ATM IV 13.50%), the computed maximum profit is $791.00 per contract and the computed maximum loss is -$909.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a QUS collar?

The breakeven for the QUS collar priced on this page is roughly $187.09 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 QUS market-implied 1-standard-deviation expected move is approximately 3.87%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current QUS implied volatility affect this collar?

QUS ATM IV is at 13.50% with IV rank near 26.86%, 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.

QUS Collar Strategy

QUS (State Street SPDR MSCI USA StrategicFactors ETF), in the Financial Services sector, (Asset Management - Global industry), listed on AMEX.

The State Street SPDR MSCI USA StrategicFactors ETF endeavors to replicate the overall return performance of the MSCI USA Factor Mix A-Series Capped Index (the "Index") before any fees or expenses are considered. This fund tracks a "Smart Beta" index designed to combine characteristics like low volatility, robust quality, and attractive valuation within a single, integrated strategy. The resulting portfolio aims to offer a lower-volatility approach, giving balanced attention to financially sound and undervalued companies. These multi-factor "smart beta" strategies bridge the divide between active and passive investment management, enabling investors to reassess their market exposures and potentially optimize risk-adjusted returns with greater efficiency.

QUS (State Street SPDR MSCI USA StrategicFactors ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $1.63B, a beta of 0.74 versus the broader market, a 52-week range of 161.091-187.57, average daily share volume of 30K, a public-listing history dating back to 2015. These structural characteristics shape how QUS etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.74 places QUS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. QUS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a collar on QUS?

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 QUS snapshot

As of June 30, 2026, spot at $186.94, ATM IV 13.50%, IV rank 26.86%, expected move 3.87%. The collar on QUS 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 QUS specifically: IV regime affects collar pricing on both sides; compressed QUS IV at 13.50% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 3.87% (roughly $7.24 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 QUS expiries trade a higher absolute premium for lower per-day decay. Position sizing on QUS should anchor to the underlying notional of $186.94 per share and to the trader's directional view on QUS etf.

QUS collar setup

The QUS 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 QUS near $186.94, the first option leg uses a $195.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed QUS 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 QUS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$186.94	long
Sell 1	Call	$195.00	$0.08
Buy 1	Put	$178.00	$0.23

QUS collar risk and reward

Net Premium / Debit: -$18,709.00
Max Profit (per contract): $791.00
Max Loss (per contract): -$909.00
Breakeven(s): $187.09
Risk / Reward Ratio: 0.870

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.

QUS collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on QUS. 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%	-$909.00
$41.34	-77.9%	-$909.00
$82.67	-55.8%	-$909.00
$124.01	-33.7%	-$909.00
$165.34	-11.6%	-$909.00
$206.67	+10.6%	+$791.00
$248.00	+32.7%	+$791.00
$289.34	+54.8%	+$791.00
$330.67	+76.9%	+$791.00
$372.00	+99.0%	+$791.00

When traders use collar on QUS

Collars on QUS hedge an existing long QUS 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.

QUS thesis for this collar

The market-implied 1-standard-deviation range for QUS extends from approximately $179.70 on the downside to $194.18 on the upside. A QUS collar hedges an existing long QUS 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 QUS IV rank near 26.86% 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 QUS at 13.50%. As a Financial Services name, QUS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to QUS-specific events.

QUS 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. QUS positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move QUS alongside the broader basket even when QUS-specific fundamentals are unchanged. Always rebuild the position from current QUS chain quotes before placing a trade.

Frequently asked questions

What is a collar on QUS?: A collar on QUS is the collar strategy applied to QUS (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 QUS etf trading near $186.94, the strikes shown on this page are snapped to the nearest listed QUS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are QUS 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 QUS collar priced from the end-of-day chain at a 30-day expiry (ATM IV 13.50%), the computed maximum profit is $791.00 per contract and the computed maximum loss is -$909.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a QUS collar?: The breakeven for the QUS collar priced on this page is roughly $187.09 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 QUS market-implied 1-standard-deviation expected move is approximately 3.87%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on QUS?: Collars on QUS hedge an existing long QUS 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 QUS implied volatility affect this collar?: QUS ATM IV is at 13.50% with IV rank near 26.86%, 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.