CHGX Iron Condor Strategy
CHGX (Stance Sustainable Beta ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
This index is designed to track the performance of an equally weighted collection of approximately 100 U.S.-listed companies, encompassing both large and mid-market capitalizations. The fund's investment manager endeavors to deploy virtually all of its assets into the precise securities that comprise this underlying index. The expectation from management is that the fund's financial results will maintain a strong correspondence with the index's performance, achieving a correlation of 95% or greater over time.
CHGX (Stance Sustainable Beta ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $188.5M, a beta of 1.07 versus the broader market, a 52-week range of 25.96-34.33, average daily share volume of 16K, a public-listing history dating back to 2017. These structural characteristics shape how CHGX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.07 places CHGX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. CHGX pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on CHGX?
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.
CHGX snapshot
As of August 14, 2026, spot at $37.66, ATM IV 101.60%, IV rank 57.45%, expected move 29.13%. The iron condor on CHGX below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 7-day expiry.
Why this iron condor structure on CHGX specifically: CHGX IV at 101.60% is mid-range versus its 1-year history, so the credit collected on a CHGX iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 29.13% (roughly $10.97 on the underlying). The 7-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CHGX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CHGX should anchor to the underlying notional of $37.66 per share and to the trader's directional view on CHGX etf.
CHGX iron condor setup
The CHGX 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 CHGX at $37.66 on that close, the first option leg uses a $39.54 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CHGX chain at a 7-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 CHGX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $39.54 | N/A |
| Buy 1 | Call | $41.43 | N/A |
| Sell 1 | Put | $35.78 | N/A |
| Buy 1 | Put | $33.89 | N/A |
CHGX iron condor risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- 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.
CHGX iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on CHGX. 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.
When traders use iron condor on CHGX
Iron condors on CHGX are a delta-neutral premium-collection structure that profits if CHGX etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CHGX thesis for this iron condor
The market-implied 1-standard-deviation range for CHGX extends from approximately $26.69 on the downside to $48.63 on the upside. A CHGX iron condor is a delta-neutral premium-collection structure that pays off when CHGX 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 CHGX IV rank near 57.45% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on CHGX should anchor more to the directional view and the expected-move geometry. As a Financial Services name, CHGX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CHGX-specific events.
CHGX 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. CHGX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CHGX alongside the broader basket even when CHGX-specific fundamentals are unchanged. Short-premium structures like a iron condor on CHGX carry tail risk when realized volatility exceeds the implied move; review historical CHGX earnings reactions and macro stress periods before sizing. Always rebuild the position from current CHGX chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on CHGX?
- A iron condor on CHGX is the iron condor strategy applied to CHGX (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 CHGX etf at $37.66 on the most recent close, the strikes shown on this page are snapped to the nearest listed CHGX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CHGX 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 CHGX iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 101.60%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CHGX iron condor?
- The breakeven for the CHGX iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 CHGX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 29.13%; 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 CHGX?
- Iron condors on CHGX are a delta-neutral premium-collection structure that profits if CHGX etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CHGX implied volatility affect this iron condor?
- CHGX ATM IV is at 101.60% with IV rank near 57.45%, 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.