AMDW Iron Condor Strategy
AMDW (Roundhill Investments - AMD WeeklyPay ETF), in the Financial Services sector, (Asset Management - Income industry), listed on CBOE.
The Roundhill AMD WeeklyPay ETF (“AMDW”) is designed for investors seeking a combination of income and growth potential. AMDW aims to provide weekly distributions and calendar week returns, before fees and expenses, equal to 1.2 times (120%) the calendar week total return of Advanced Micro Devices common shares (Nasdaq: AMD). AMDW is an actively-managed ETF.
AMDW (Roundhill Investments - AMD WeeklyPay ETF) trades in the Financial Services sector, specifically Asset Management - Income, with a market capitalization of approximately $46.8M, a beta of 6.53 versus the broader market, a 52-week range of 38.3-100.75, average daily share volume of 50K, a public-listing history dating back to 2025. These structural characteristics shape how AMDW etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 6.53 indicates AMDW has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. AMDW pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on AMDW?
An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.
Current AMDW snapshot
As of May 15, 2026, spot at $90.66, ATM IV 70.00%, IV rank 21.66%, expected move 20.07%. The iron condor on AMDW 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 iron condor structure on AMDW specifically: AMDW IV at 70.00% is on the cheap side of its 1-year range, which means a premium-selling AMDW iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 20.07% (roughly $18.19 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 AMDW expiries trade a higher absolute premium for lower per-day decay. Position sizing on AMDW should anchor to the underlying notional of $90.66 per share and to the trader's directional view on AMDW etf.
AMDW iron condor setup
The AMDW iron condor below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With AMDW near $90.66, the first option leg uses a $95.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AMDW 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 AMDW shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $95.00 | $4.40 |
| Buy 1 | Call | $100.00 | $3.20 |
| Sell 1 | Put | $85.00 | $6.90 |
| Buy 1 | Put | $80.00 | $4.65 |
AMDW iron condor risk and reward
- Net Premium / Debit
- +$345.00
- Max Profit (per contract)
- $345.00
- Max Loss (per contract)
- -$155.00
- Breakeven(s)
- $81.55, $98.45
- Risk / Reward Ratio
- 2.226
Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.
AMDW iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on AMDW. 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% | -$155.00 |
| $20.05 | -77.9% | -$155.00 |
| $40.10 | -55.8% | -$155.00 |
| $60.14 | -33.7% | -$155.00 |
| $80.19 | -11.6% | -$136.27 |
| $100.23 | +10.6% | -$155.00 |
| $120.28 | +32.7% | -$155.00 |
| $140.32 | +54.8% | -$155.00 |
| $160.36 | +76.9% | -$155.00 |
| $180.41 | +99.0% | -$155.00 |
When traders use iron condor on AMDW
Iron condors on AMDW are a delta-neutral premium-collection structure that profits if AMDW etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
AMDW thesis for this iron condor
The market-implied 1-standard-deviation range for AMDW extends from approximately $72.47 on the downside to $108.85 on the upside. A AMDW iron condor is a delta-neutral premium-collection structure that pays off when AMDW stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. Current AMDW IV rank near 21.66% 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 AMDW at 70.00%. As a Financial Services name, AMDW options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AMDW-specific events.
AMDW iron condor positions are structurally neutral / range-bound; 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. AMDW positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AMDW alongside the broader basket even when AMDW-specific fundamentals are unchanged. Short-premium structures like a iron condor on AMDW carry tail risk when realized volatility exceeds the implied move; review historical AMDW earnings reactions and macro stress periods before sizing. Always rebuild the position from current AMDW chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on AMDW?
- A iron condor on AMDW is the iron condor strategy applied to AMDW (etf). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. With AMDW etf trading near $90.66, the strikes shown on this page are snapped to the nearest listed AMDW chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are AMDW iron condor max profit and max loss calculated?
- Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the AMDW iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 70.00%), the computed maximum profit is $345.00 per contract and the computed maximum loss is -$155.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a AMDW iron condor?
- The breakeven for the AMDW iron condor priced on this page is roughly $81.55 and $98.45 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 AMDW market-implied 1-standard-deviation expected move is approximately 20.07%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a iron condor on AMDW?
- Iron condors on AMDW are a delta-neutral premium-collection structure that profits if AMDW etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current AMDW implied volatility affect this iron condor?
- AMDW ATM IV is at 70.00% with IV rank near 21.66%, 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.