How are SHE 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 SHE collar priced from the end-of-day chain at a 30-day expiry (ATM IV 14.90%), the computed maximum profit is $580.00 per contract and the computed maximum loss is -$920.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SHE collar?

The breakeven for the SHE collar priced on this page is roughly $149.20 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 SHE market-implied 1-standard-deviation expected move is approximately 4.27%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current SHE implied volatility affect this collar?

SHE ATM IV is at 14.90% with IV rank near 4.36%, 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.

SHE Collar Strategy

SHE (State Street SPDR MSCI USA Gender Diversity ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

The State Street SPDR MSCI USA Gender Diversity ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the MSCI USA Gender Diversity Select (the "Index")Seeks to provide exposure to US companies that lead their sector in demonstrating a commitment towards promoting and supporting gender diversity throughout all levels of the organizationCompanies are also evaluated on promoting advancement through their diversity policies and programsCompanies are weighted according to their market capitalization and Gender Diversity Score, a measure of a company's women representation and diversity management

SHE (State Street SPDR MSCI USA Gender Diversity ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $294.7M, a beta of 0.99 versus the broader market, a 52-week range of 117.86-152.71, average daily share volume of 4K, a public-listing history dating back to 2016. These structural characteristics shape how SHE etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.99 places SHE roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. SHE pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a collar on SHE?

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 SHE snapshot

As of May 15, 2026, spot at $149.14, ATM IV 14.90%, IV rank 4.36%, expected move 4.27%. The collar on SHE 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 SHE specifically: IV regime affects collar pricing on both sides; compressed SHE IV at 14.90% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 4.27% (roughly $6.37 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 SHE expiries trade a higher absolute premium for lower per-day decay. Position sizing on SHE should anchor to the underlying notional of $149.14 per share and to the trader's directional view on SHE etf.

SHE collar setup

The SHE 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 SHE near $149.14, the first option leg uses a $155.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SHE 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 SHE shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$149.14	long
Sell 1	Call	$155.00	$0.64
Buy 1	Put	$140.00	$0.70

SHE collar risk and reward

Net Premium / Debit: -$14,920.00
Max Profit (per contract): $580.00
Max Loss (per contract): -$920.00
Breakeven(s): $149.20
Risk / Reward Ratio: 0.630

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.

SHE collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on SHE. 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%	-$920.00
$32.98	-77.9%	-$920.00
$65.96	-55.8%	-$920.00
$98.93	-33.7%	-$920.00
$131.91	-11.6%	-$920.00
$164.88	+10.6%	+$580.00
$197.86	+32.7%	+$580.00
$230.83	+54.8%	+$580.00
$263.81	+76.9%	+$580.00
$296.78	+99.0%	+$580.00

When traders use collar on SHE

Collars on SHE hedge an existing long SHE 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.

SHE thesis for this collar

The market-implied 1-standard-deviation range for SHE extends from approximately $142.77 on the downside to $155.51 on the upside. A SHE collar hedges an existing long SHE 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 SHE IV rank near 4.36% 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 SHE at 14.90%. As a Financial Services name, SHE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SHE-specific events.

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

Frequently asked questions

What is a collar on SHE?: A collar on SHE is the collar strategy applied to SHE (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 SHE etf trading near $149.14, the strikes shown on this page are snapped to the nearest listed SHE chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are SHE 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 SHE collar priced from the end-of-day chain at a 30-day expiry (ATM IV 14.90%), the computed maximum profit is $580.00 per contract and the computed maximum loss is -$920.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SHE collar?: The breakeven for the SHE collar priced on this page is roughly $149.20 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 SHE market-implied 1-standard-deviation expected move is approximately 4.27%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on SHE?: Collars on SHE hedge an existing long SHE 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 SHE implied volatility affect this collar?: SHE ATM IV is at 14.90% with IV rank near 4.36%, 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.