Make a relationship to last element of a Field Collection
In order to show only the Field Collection item having the largest delta, you can use the Field Collection Views module as your formatter (i.e., Views field-collection items) in your View (i.e., parent View). With this formatter you can select another View (i.e., sibling View) to display your field collection items (so you will get a View within a View).

In the parent View you simply specify in the 'Multiple field settings' to display only the last result (i.e., Display 1 value(s), starting from 0, reversed checked), see screenshot below:



Note: in order to output the results in the order that is specified on your node, you have to set a relationship in the sibling View &lt;view_name_for_field_collection&gt; to 'Field collection item: Entity with the {Field Collection field}' and mark it as required. See this issue for the Field Collection Views for an extended explanation.

Let me know if you need any help with this.