SPXN Collar Strategy
SPXN (ProShares - S&P 500 Ex-Financials ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
Under normal circumstances, the fund will invest at least 80% of its total assets in component securities of the index. The index and fund seek to provide exposure to the companies of the S&P 500 Index (the S&P 500) with the exception of those companies included in the Financials and Real Estate Sectors.
SPXN (ProShares - S&P 500 Ex-Financials ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $77.3M, a beta of 1.02 versus the broader market, a 52-week range of 61.746-82.22, average daily share volume of 2K, a public-listing history dating back to 2015. These structural characteristics shape how SPXN etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.02 places SPXN roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. SPXN pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on SPXN?
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 SPXN snapshot
As of May 15, 2026, spot at $81.94, ATM IV 53.60%, IV rank 32.01%, expected move 15.37%. The collar on SPXN 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 SPXN specifically: IV regime affects collar pricing on both sides; mid-range SPXN IV at 53.60% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 15.37% (roughly $12.59 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 SPXN expiries trade a higher absolute premium for lower per-day decay. Position sizing on SPXN should anchor to the underlying notional of $81.94 per share and to the trader's directional view on SPXN etf.
SPXN collar setup
The SPXN 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 SPXN near $81.94, the first option leg uses a $85.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SPXN 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 SPXN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $81.94 | long |
| Sell 1 | Call | $85.00 | $4.17 |
| Buy 1 | Put | $78.00 | $3.43 |
SPXN collar risk and reward
- Net Premium / Debit
- -$8,120.00
- Max Profit (per contract)
- $380.00
- Max Loss (per contract)
- -$320.00
- Breakeven(s)
- $81.20
- Risk / Reward Ratio
- 1.187
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.
SPXN collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on SPXN. 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% | -$320.00 |
| $18.13 | -77.9% | -$320.00 |
| $36.24 | -55.8% | -$320.00 |
| $54.36 | -33.7% | -$320.00 |
| $72.48 | -11.6% | -$320.00 |
| $90.59 | +10.6% | +$380.00 |
| $108.71 | +32.7% | +$380.00 |
| $126.82 | +54.8% | +$380.00 |
| $144.94 | +76.9% | +$380.00 |
| $163.06 | +99.0% | +$380.00 |
When traders use collar on SPXN
Collars on SPXN hedge an existing long SPXN 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.
SPXN thesis for this collar
The market-implied 1-standard-deviation range for SPXN extends from approximately $69.35 on the downside to $94.53 on the upside. A SPXN collar hedges an existing long SPXN 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 SPXN IV rank near 32.01% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on SPXN should anchor more to the directional view and the expected-move geometry. As a Financial Services name, SPXN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SPXN-specific events.
SPXN 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. SPXN positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SPXN alongside the broader basket even when SPXN-specific fundamentals are unchanged. Always rebuild the position from current SPXN chain quotes before placing a trade.
Frequently asked questions
- What is a collar on SPXN?
- A collar on SPXN is the collar strategy applied to SPXN (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 SPXN etf trading near $81.94, the strikes shown on this page are snapped to the nearest listed SPXN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SPXN 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 SPXN collar priced from the end-of-day chain at a 30-day expiry (ATM IV 53.60%), the computed maximum profit is $380.00 per contract and the computed maximum loss is -$320.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SPXN collar?
- The breakeven for the SPXN collar priced on this page is roughly $81.20 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 SPXN market-implied 1-standard-deviation expected move is approximately 15.37%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on SPXN?
- Collars on SPXN hedge an existing long SPXN 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 SPXN implied volatility affect this collar?
- SPXN ATM IV is at 53.60% with IV rank near 32.01%, 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.