How are REGL 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 REGL collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 18.30%), the computed maximum profit is $513.00 per contract and the computed maximum loss is -$487.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a REGL collar?

The breakeven for the REGL collar priced on this page is roughly $95.87 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The REGL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 5.25%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current REGL implied volatility affect this collar?

REGL ATM IV is at 18.30% with IV rank near 25.61%, 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.

REGL Collar Strategy

REGL (ProShares - S&P MidCap 400 Dividend Aristocrats ETF), in the Financial Services sector, (Asset Management - Income industry), listed on CBOE.

Under ordinary market conditions, this fund is structured to commit a significant majority—at least 80% of its overall investments—to the specific stocks that make up its reference index. This underlying index is composed of a minimum of 40 individual companies, each assigned an identical weighting within the portfolio. Furthermore, to promote diversification, no single industry sector is permitted to constitute more than 30% of the index's total value.

REGL (ProShares - S&P MidCap 400 Dividend Aristocrats ETF) trades in the Financial Services sector, specifically Asset Management - Income, with a market capitalization of approximately $1.77B, a beta of 0.65 versus the broader market, a 52-week range of 80.52-95.97, average daily share volume of 63K, a public-listing history dating back to 2015. These structural characteristics shape how REGL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.65 indicates REGL has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. REGL pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a collar on REGL?

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.

REGL snapshot

As of August 14, 2026, spot at $95.77, ATM IV 18.30%, IV rank 25.61%, expected move 5.25%. The collar on REGL below is built from the August 14, 2026 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 REGL specifically: IV regime affects collar pricing on both sides; compressed REGL IV at 18.30% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 5.25% (roughly $5.02 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 REGL expiries trade a higher absolute premium for lower per-day decay. Position sizing on REGL should anchor to the underlying notional of $95.77 per share and to the trader's directional view on REGL etf.

REGL collar setup

The REGL collar below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With REGL at $95.77 on that close, the first option leg uses a $101.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed REGL 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 REGL shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$95.77	long
Sell 1	Call	$101.00	$0.76
Buy 1	Put	$91.00	$0.86

REGL collar risk and reward

Net Premium / Debit: -$9,587.00
Max Profit (per contract): $513.00
Max Loss (per contract): -$487.00
Breakeven(s): $95.87
Risk / Reward Ratio: 1.053

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.

REGL collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on REGL. 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%	-$487.00
$21.18	-77.9%	-$487.00
$42.36	-55.8%	-$487.00
$63.53	-33.7%	-$487.00
$84.71	-11.6%	-$487.00
$105.88	+10.6%	+$513.00
$127.06	+32.7%	+$513.00
$148.23	+54.8%	+$513.00
$169.40	+76.9%	+$513.00
$190.58	+99.0%	+$513.00

When traders use collar on REGL

Collars on REGL hedge an existing long REGL 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.

REGL thesis for this collar

The market-implied 1-standard-deviation range for REGL extends from approximately $90.75 on the downside to $100.79 on the upside. A REGL collar hedges an existing long REGL 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 REGL IV rank near 25.61% 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 REGL at 18.30%. As a Financial Services name, REGL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to REGL-specific events.

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

Frequently asked questions

What is a collar on REGL?: A collar on REGL is the collar strategy applied to REGL (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 REGL etf at $95.77 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed REGL chain strike and the premiums come straight from that session's bid/ask midpoint.
How are REGL 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 REGL collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 18.30%), the computed maximum profit is $513.00 per contract and the computed maximum loss is -$487.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a REGL collar?: The breakeven for the REGL collar priced on this page is roughly $95.87 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The REGL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 5.25%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on REGL?: Collars on REGL hedge an existing long REGL 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 REGL implied volatility affect this collar?: REGL ATM IV is at 18.30% with IV rank near 25.61%, 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.