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 end-of-day chain at a 30-day expiry (ATM IV 17.10%), the computed maximum profit is $435.00 per contract and the computed maximum loss is -$365.00 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 $80.65 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 WDIV market-implied 1-standard-deviation expected move is approximately 4.90%; 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 17.10% with IV rank near 34.01%, 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.

WDIV Collar Strategy

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

The State Street SPDR S&P Global Dividend ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return of the S&P Global Dividend Aristocrats Index (the "Index")Seeks to offer exposure to high dividend yielding global firms that follow a managed-dividends policy of having increasing or stable dividends for at least ten consecutive yearsThe Index includes the top 100 qualified stocks with highest indicated dividend yield, with no more than 20 stocks selected from each country and 35 stocks from each GICS sectorThe weight of each Index constituent is capped at 3%, and no single country or GICS sector can be more than 25% of the Index

WDIV (State Street SPDR S&P Global Dividend ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $265.2M, a beta of 0.75 versus the broader market, a 52-week range of 67.01-82.67, average daily share volume of 15K, 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 0.75 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.

Current WDIV snapshot

As of May 15, 2026, spot at $80.64, ATM IV 17.10%, IV rank 34.01%, expected move 4.90%. The collar on WDIV 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 34-day expiry.

Why this collar structure on WDIV specifically: IV regime affects collar pricing on both sides; mid-range WDIV IV at 17.10% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 4.90% (roughly $3.95 on the underlying). The 34-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 $80.64 per share and to the trader's directional view on WDIV etf.

WDIV collar setup

The WDIV 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 WDIV near $80.64, 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 WDIV chain at a 34-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	$80.64	long
Sell 1	Call	$85.00	$0.44
Buy 1	Put	$77.00	$0.45

WDIV collar risk and reward

Net Premium / Debit: -$8,065.00
Max Profit (per contract): $435.00
Max Loss (per contract): -$365.00
Breakeven(s): $80.65
Risk / Reward Ratio: 1.192

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.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$365.00
$17.84	-77.9%	-$365.00
$35.67	-55.8%	-$365.00
$53.50	-33.7%	-$365.00
$71.33	-11.6%	-$365.00
$89.15	+10.6%	+$435.00
$106.98	+32.7%	+$435.00
$124.81	+54.8%	+$435.00
$142.64	+76.9%	+$435.00
$160.47	+99.0%	+$435.00

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 $76.69 on the downside to $84.59 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 34.01% 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 trading near $80.64, the strikes shown on this page are snapped to the nearest listed WDIV chain strike and the premiums come straight from the end-of-day 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 end-of-day chain at a 30-day expiry (ATM IV 17.10%), the computed maximum profit is $435.00 per contract and the computed maximum loss is -$365.00 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 $80.65 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 WDIV market-implied 1-standard-deviation expected move is approximately 4.90%; 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 17.10% with IV rank near 34.01%, 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.