SPCF Collar Strategy
SPCF (ProShares - Ultra SpaceX), in the Financial Services sector, (Asset Management industry), listed on AMEX.
ProShares Ultra SpaceX (the Fund) seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of Class A common stock of Space Exploration Technologies Corp. (NASDAQ: SPCX).
SPCF (ProShares - Ultra SpaceX) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $165,300, a beta of 0.00 versus the broader market, a 52-week range of 8.85-46.71, average daily share volume of 3.1M, a public-listing history dating back to 2026. These structural characteristics shape how SPCF stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.00 indicates SPCF has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a collar on SPCF?
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.
SPCF snapshot
As of August 14, 2026, spot at $15.00, ATM IV 132.40%, expected move 37.96%. The collar on SPCF 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 SPCF specifically: IV rank is unavailable in the current snapshot, so regime-based timing for SPCF is inferred from ATM IV at 132.40% alone, with a market-implied 1-standard-deviation move of approximately 37.96% (roughly $5.69 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 SPCF expiries trade a higher absolute premium for lower per-day decay. Position sizing on SPCF should anchor to the underlying notional of $15.00 per share and to the trader's directional view on SPCF stock.
SPCF collar setup
The SPCF 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 SPCF at $15.00 on that close, the first option leg uses a $16.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SPCF 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 SPCF shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $15.00 | long |
| Sell 1 | Call | $16.00 | $2.00 |
| Buy 1 | Put | $14.00 | $1.90 |
SPCF collar risk and reward
- Net Premium / Debit
- -$1,490.00
- Max Profit (per contract)
- $110.00
- Max Loss (per contract)
- -$90.00
- Breakeven(s)
- $14.90
- Risk / Reward Ratio
- 1.222
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.
SPCF collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on SPCF. 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 | -99.9% | -$90.00 |
| $3.33 | -77.8% | -$90.00 |
| $6.64 | -55.7% | -$90.00 |
| $9.96 | -33.6% | -$90.00 |
| $13.27 | -11.5% | -$90.00 |
| $16.59 | +10.6% | +$110.00 |
| $19.90 | +32.7% | +$110.00 |
| $23.22 | +54.8% | +$110.00 |
| $26.53 | +76.9% | +$110.00 |
| $29.85 | +99.0% | +$110.00 |
When traders use collar on SPCF
Collars on SPCF hedge an existing long SPCF stock 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.
SPCF thesis for this collar
The market-implied 1-standard-deviation range for SPCF extends from approximately $9.31 on the downside to $20.69 on the upside. A SPCF collar hedges an existing long SPCF 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. As a Financial Services name, SPCF options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SPCF-specific events.
SPCF 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. SPCF positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SPCF alongside the broader basket even when SPCF-specific fundamentals are unchanged. Always rebuild the position from current SPCF chain quotes before placing a trade.
Frequently asked questions
- What is a collar on SPCF?
- A collar on SPCF is the collar strategy applied to SPCF (stock). 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 SPCF stock at $15.00 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed SPCF chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are SPCF 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 SPCF collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 132.40%), the computed maximum profit is $110.00 per contract and the computed maximum loss is -$90.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SPCF collar?
- The breakeven for the SPCF collar priced on this page is roughly $14.90 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 SPCF market-implied 1-standard-deviation expected move in the same options snapshot is approximately 37.96%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on SPCF?
- Collars on SPCF hedge an existing long SPCF stock 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 SPCF implied volatility affect this collar?
- Current SPCF ATM IV is 132.40%; IV rank context is unavailable in the current snapshot.