SPXT Collar Strategy
SPXT (ProShares - S&P 500 Ex-Technology ETF), in the Financial Services sector, (Asset Management - Global industry), listed on AMEX.
The ProShares S&P 500 Ex-Technology ETF (SPXT) is designed to offer investment exposure to companies within the broader S&P 500 Index, specifically excluding those categorized under the Information Technology sector. Ordinarily, the fund commits a minimum of 80% of its total assets to the underlying securities that make up this specialized benchmark.
SPXT (ProShares - S&P 500 Ex-Technology ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $276.7M, a beta of 0.78 versus the broader market, a 52-week range of 97.73-113.32, average daily share volume of 20K, a public-listing history dating back to 2015. These structural characteristics shape how SPXT etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.78 places SPXT roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. SPXT pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on SPXT?
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.
SPXT snapshot
As of August 14, 2026, spot at $112.58, ATM IV 14.60%, IV rank 20.34%, expected move 4.19%. The collar on SPXT 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 SPXT specifically: IV regime affects collar pricing on both sides; compressed SPXT IV at 14.60% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 4.19% (roughly $4.71 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 SPXT expiries trade a higher absolute premium for lower per-day decay. Position sizing on SPXT should anchor to the underlying notional of $112.58 per share and to the trader's directional view on SPXT etf.
SPXT collar setup
The SPXT 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 SPXT at $112.58 on that close, the first option leg uses a $116.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SPXT 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 SPXT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $112.58 | long |
| Sell 1 | Call | $116.00 | $1.24 |
| Buy 1 | Put | $107.00 | $1.45 |
SPXT collar risk and reward
- Net Premium / Debit
- -$11,279.00
- Max Profit (per contract)
- $321.00
- Max Loss (per contract)
- -$579.00
- Breakeven(s)
- $112.79
- Risk / Reward Ratio
- 0.554
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.
SPXT collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on SPXT. 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% | -$579.00 |
| $24.90 | -77.9% | -$579.00 |
| $49.79 | -55.8% | -$579.00 |
| $74.68 | -33.7% | -$579.00 |
| $99.57 | -11.6% | -$579.00 |
| $124.46 | +10.6% | +$321.00 |
| $149.36 | +32.7% | +$321.00 |
| $174.25 | +54.8% | +$321.00 |
| $199.14 | +76.9% | +$321.00 |
| $224.03 | +99.0% | +$321.00 |
When traders use collar on SPXT
Collars on SPXT hedge an existing long SPXT 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.
SPXT thesis for this collar
The market-implied 1-standard-deviation range for SPXT extends from approximately $107.87 on the downside to $117.29 on the upside. A SPXT collar hedges an existing long SPXT 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 SPXT IV rank near 20.34% 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 SPXT at 14.60%. As a Financial Services name, SPXT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SPXT-specific events.
SPXT 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. SPXT positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SPXT alongside the broader basket even when SPXT-specific fundamentals are unchanged. Always rebuild the position from current SPXT chain quotes before placing a trade.
Frequently asked questions
- What is a collar on SPXT?
- A collar on SPXT is the collar strategy applied to SPXT (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 SPXT etf at $112.58 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed SPXT chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are SPXT 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 SPXT collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 14.60%), the computed maximum profit is $321.00 per contract and the computed maximum loss is -$579.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SPXT collar?
- The breakeven for the SPXT collar priced on this page is roughly $112.79 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 SPXT market-implied 1-standard-deviation expected move in the same options snapshot is approximately 4.19%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on SPXT?
- Collars on SPXT hedge an existing long SPXT 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 SPXT implied volatility affect this collar?
- SPXT ATM IV is at 14.60% with IV rank near 20.34%, 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.