TDV Collar Strategy
TDV (ProShares - S&P Technology Dividend Aristocrats ETF), in the Financial Services sector, (Asset Management - Income industry), listed on CBOE.
This ProShares fund is designed to mirror an underlying index, which is meticulously developed and overseen by S&P Dow Jones Indices LLC. The index primarily comprises companies from the U.S. technology sector, with a focused selection of technology-oriented businesses also drawn from the communication services and consumer discretionary sectors. Typically, the fund commits a minimum of 80% of its total capital to the securities that make up this index. Investors should be aware that it operates as a non-diversified fund.
TDV (ProShares - S&P Technology Dividend Aristocrats ETF) trades in the Financial Services sector, specifically Asset Management - Income, with a market capitalization of approximately $289.6M, a beta of 1.21 versus the broader market, a 52-week range of 81.52-106.7, average daily share volume of 7K, a public-listing history dating back to 2019. These structural characteristics shape how TDV etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.21 places TDV roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. TDV pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on TDV?
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 TDV snapshot
As of June 29, 2026, spot at $101.66, ATM IV 29.10%, IV rank 62.90%, expected move 8.34%. The collar on TDV 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 18-day expiry.
Why this collar structure on TDV specifically: IV regime affects collar pricing on both sides; mid-range TDV IV at 29.10% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 8.34% (roughly $8.48 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated TDV expiries trade a higher absolute premium for lower per-day decay. Position sizing on TDV should anchor to the underlying notional of $101.66 per share and to the trader's directional view on TDV etf.
TDV collar setup
The TDV 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 TDV near $101.66, the first option leg uses a $107.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TDV chain at a 18-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 TDV shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $101.66 | long |
| Sell 1 | Call | $107.00 | $0.54 |
| Buy 1 | Put | $97.00 | $1.59 |
TDV collar risk and reward
- Net Premium / Debit
- -$10,271.00
- Max Profit (per contract)
- $429.00
- Max Loss (per contract)
- -$571.00
- Breakeven(s)
- $102.71
- Risk / Reward Ratio
- 0.751
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.
TDV collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on TDV. 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% | -$571.00 |
| $22.49 | -77.9% | -$571.00 |
| $44.96 | -55.8% | -$571.00 |
| $67.44 | -33.7% | -$571.00 |
| $89.92 | -11.6% | -$571.00 |
| $112.39 | +10.6% | +$429.00 |
| $134.87 | +32.7% | +$429.00 |
| $157.35 | +54.8% | +$429.00 |
| $179.82 | +76.9% | +$429.00 |
| $202.30 | +99.0% | +$429.00 |
When traders use collar on TDV
Collars on TDV hedge an existing long TDV 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.
TDV thesis for this collar
The market-implied 1-standard-deviation range for TDV extends from approximately $93.18 on the downside to $110.14 on the upside. A TDV collar hedges an existing long TDV 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 TDV IV rank near 62.90% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on TDV should anchor more to the directional view and the expected-move geometry. As a Financial Services name, TDV options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TDV-specific events.
TDV 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. TDV positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TDV alongside the broader basket even when TDV-specific fundamentals are unchanged. Always rebuild the position from current TDV chain quotes before placing a trade.
Frequently asked questions
- What is a collar on TDV?
- A collar on TDV is the collar strategy applied to TDV (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 TDV etf trading near $101.66, the strikes shown on this page are snapped to the nearest listed TDV chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TDV 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 TDV collar priced from the end-of-day chain at a 30-day expiry (ATM IV 29.10%), the computed maximum profit is $429.00 per contract and the computed maximum loss is -$571.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a TDV collar?
- The breakeven for the TDV collar priced on this page is roughly $102.71 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 TDV market-implied 1-standard-deviation expected move is approximately 8.34%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on TDV?
- Collars on TDV hedge an existing long TDV 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 TDV implied volatility affect this collar?
- TDV ATM IV is at 29.10% with IV rank near 62.90%, 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.