How are WDIV 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 WDIV collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 21.60%), the computed maximum profit is $477.00 per contract and the computed maximum loss is -$423.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a WDIV collar?

The breakeven for the WDIV collar priced on this page is roughly $85.23 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 WDIV market-implied 1-standard-deviation expected move in the same options snapshot is approximately 6.19%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current WDIV implied volatility affect this collar?

WDIV ATM IV is at 21.60% with IV rank near 41.99%, 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.

WDIV Collar Strategy

WDIV (State Street SPDR S&P Global Dividend ETF), in the Financial Services sector, (Asset Management - Income industry), listed on AMEX.

The State Street SPDR S&P Global Dividend ETF strives to deliver investment results that broadly mirror the total return of the S&P Global Dividend Aristocrats Index, prior to accounting for fees and operating expenses. It offers investors access to international firms renowned for their substantial dividend payouts, specifically those committed to a managed-dividends policy of either raising or sustaining their distributions for at least a decade. The underlying Index meticulously chooses the top 100 eligible stocks based on their indicated dividend yield, while also imposing diversification limits: a maximum of 20 stocks per country and 35 stocks per GICS sector are permitted. To prevent overconcentration, no single index component is allowed to exceed a 3% weighting, and the allocation to any individual country or GICS sector is capped at 25% of the Index's total value.

WDIV (State Street SPDR S&P Global Dividend ETF) trades in the Financial Services sector, specifically Asset Management - Income, with a market capitalization of approximately $264.4M, a beta of 0.72 versus the broader market, a 52-week range of 71.44-84.5, average daily share volume of 11K, a public-listing history dating back to 2013. These structural characteristics shape how WDIV etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.72 places WDIV roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. WDIV pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a collar on WDIV?

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.

WDIV snapshot

As of August 14, 2026, spot at $85.37, ATM IV 21.60%, IV rank 41.99%, expected move 6.19%. The collar on WDIV 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 WDIV specifically: IV regime affects collar pricing on both sides; mid-range WDIV IV at 21.60% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 6.19% (roughly $5.29 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 WDIV expiries trade a higher absolute premium for lower per-day decay. Position sizing on WDIV should anchor to the underlying notional of $85.37 per share and to the trader's directional view on WDIV etf.

WDIV collar setup

The WDIV 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 WDIV at $85.37 on that close, the first option leg uses a $90.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed WDIV 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 WDIV shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$85.37	long
Sell 1	Call	$90.00	$0.80
Buy 1	Put	$81.00	$0.66

WDIV collar risk and reward

Net Premium / Debit: -$8,523.00
Max Profit (per contract): $477.00
Max Loss (per contract): -$423.00
Breakeven(s): $85.23
Risk / Reward Ratio: 1.128

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.

WDIV collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on WDIV. 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%	-$423.00
$18.88	-77.9%	-$423.00
$37.76	-55.8%	-$423.00
$56.63	-33.7%	-$423.00
$75.51	-11.6%	-$423.00
$94.38	+10.6%	+$477.00
$113.26	+32.7%	+$477.00
$132.13	+54.8%	+$477.00
$151.01	+76.9%	+$477.00
$169.88	+99.0%	+$477.00

When traders use collar on WDIV

Collars on WDIV hedge an existing long WDIV 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.

WDIV thesis for this collar

The market-implied 1-standard-deviation range for WDIV extends from approximately $80.08 on the downside to $90.66 on the upside. A WDIV collar hedges an existing long WDIV 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 WDIV IV rank near 41.99% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on WDIV should anchor more to the directional view and the expected-move geometry. As a Financial Services name, WDIV options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to WDIV-specific events.

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

Frequently asked questions

What is a collar on WDIV?: A collar on WDIV is the collar strategy applied to WDIV (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 WDIV etf at $85.37 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed WDIV chain strike and the premiums come straight from that session's bid/ask midpoint.
How are WDIV 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 WDIV collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 21.60%), the computed maximum profit is $477.00 per contract and the computed maximum loss is -$423.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a WDIV collar?: The breakeven for the WDIV collar priced on this page is roughly $85.23 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 WDIV market-implied 1-standard-deviation expected move in the same options snapshot is approximately 6.19%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on WDIV?: Collars on WDIV hedge an existing long WDIV 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 WDIV implied volatility affect this collar?: WDIV ATM IV is at 21.60% with IV rank near 41.99%, 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.