ASSX Iron Condor Strategy
ASSX (T-REX 2X Long ASST Daily Target ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on CBOE.
The Fund seeks daily investment results, before fees and expenses, of 200% of the daily performance of ASST. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.
ASSX (T-REX 2X Long ASST Daily Target ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $121,700, a beta of 0.00 versus the broader market, a 52-week range of 10.1-31.94, average daily share volume of 173K, a public-listing history dating back to 2026. These structural characteristics shape how ASSX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.00 indicates ASSX 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 iron condor on ASSX?
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.
ASSX snapshot
As of November 13, 2026, spot at $12.07, ATM IV 183.20%, expected move 52.52%. The iron condor on ASSX below is built from the November 13, 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 iron condor structure on ASSX specifically: IV rank is unavailable in the current snapshot, so regime-based timing for ASSX is inferred from ATM IV at 183.20% alone, with a market-implied 1-standard-deviation move of approximately 52.52% (roughly $6.34 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 ASSX expiries trade a higher absolute premium for lower per-day decay. Position sizing on ASSX should anchor to the underlying notional of $12.07 per share and to the trader's directional view on ASSX etf.
ASSX iron condor setup
The ASSX iron condor below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ASSX at $12.07 on that close, the first option leg uses a $13.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ASSX 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 ASSX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $13.00 | $2.05 |
| Buy 1 | Call | $13.00 | $2.05 |
| Sell 1 | Put | $11.00 | $2.23 |
| Buy 1 | Put | $11.00 | $2.23 |
ASSX iron condor risk and reward
- Net Premium / Debit
- $0.00
- Max Profit (per contract)
- $0.00
- Max Loss (per contract)
- $0.00
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
ASSX iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on ASSX. 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% | $0.00 |
| $2.68 | -77.8% | $0.00 |
| $5.35 | -55.7% | $0.00 |
| $8.01 | -33.6% | $0.00 |
| $10.68 | -11.5% | $0.00 |
| $13.35 | +10.6% | $0.00 |
| $16.02 | +32.7% | $0.00 |
| $18.68 | +54.8% | $0.00 |
| $21.35 | +76.9% | $0.00 |
| $24.02 | +99.0% | $0.00 |
When traders use iron condor on ASSX
Iron condors on ASSX are a delta-neutral premium-collection structure that profits if ASSX etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
ASSX thesis for this iron condor
The market-implied 1-standard-deviation range for ASSX extends from approximately $5.73 on the downside to $18.41 on the upside. A ASSX iron condor is a delta-neutral premium-collection structure that pays off when ASSX 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. As a Financial Services name, ASSX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ASSX-specific events.
ASSX 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. ASSX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ASSX alongside the broader basket even when ASSX-specific fundamentals are unchanged. Short-premium structures like a iron condor on ASSX carry tail risk when realized volatility exceeds the implied move; review historical ASSX earnings reactions and macro stress periods before sizing. Always rebuild the position from current ASSX chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on ASSX?
- A iron condor on ASSX is the iron condor strategy applied to ASSX (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 ASSX etf at $12.07 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed ASSX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are ASSX 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 ASSX iron condor priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 183.20%), the computed maximum profit is $0.00 per contract and the computed maximum loss is $0.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ASSX iron condor?
- The breakeven for the ASSX iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the November 13, 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 ASSX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 52.52%; 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 ASSX?
- Iron condors on ASSX are a delta-neutral premium-collection structure that profits if ASSX etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current ASSX implied volatility affect this iron condor?
- Current ASSX ATM IV is 183.20%; IV rank context is unavailable in the current snapshot.