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 August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 11.80%), the computed maximum profit is $654.00 per contract and the computed maximum loss is -$546.00 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 $103.46 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 TDV market-implied 1-standard-deviation expected move in the same options snapshot is approximately 3.38%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current TDV implied volatility affect this collar?

TDV ATM IV is at 11.80% with IV rank near 6.23%, 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.

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 $298.4M, a beta of 1.12 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 1.12 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.

TDV snapshot

As of August 14, 2026, spot at $103.39, ATM IV 11.80%, IV rank 6.23%, expected move 3.38%. The collar on TDV 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 35-day expiry.

Why this collar structure on TDV specifically: IV regime affects collar pricing on both sides; compressed TDV IV at 11.80% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 3.38% (roughly $3.50 on the underlying). The 35-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 $103.39 per share and to the trader's directional view on TDV etf.

TDV collar setup

The TDV 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 TDV at $103.39 on that close, the first option leg uses a $110.00 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 35-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	$103.39	long
Sell 1	Call	$110.00	$0.94
Buy 1	Put	$98.00	$1.01

TDV collar risk and reward

Net Premium / Debit: -$10,346.00
Max Profit (per contract): $654.00
Max Loss (per contract): -$546.00
Breakeven(s): $103.46
Risk / Reward Ratio: 1.198

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.

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%	-$546.00
$22.87	-77.9%	-$546.00
$45.73	-55.8%	-$546.00
$68.59	-33.7%	-$546.00
$91.45	-11.6%	-$546.00
$114.30	+10.6%	+$654.00
$137.16	+32.7%	+$654.00
$160.02	+54.8%	+$654.00
$182.88	+76.9%	+$654.00
$205.74	+99.0%	+$654.00

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 $99.89 on the downside to $106.89 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 6.23% 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 TDV at 11.80%. 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 at $103.39 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed TDV chain strike and the premiums come straight from that session's 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 August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 11.80%), the computed maximum profit is $654.00 per contract and the computed maximum loss is -$546.00 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 $103.46 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 TDV market-implied 1-standard-deviation expected move in the same options snapshot is approximately 3.38%; 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 11.80% with IV rank near 6.23%, 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.