CHPX Iron Condor Strategy
CHPX (Global X - AI Semiconductor & Quantum ETF), in the Financial Services sector, (Asset Management - Global industry), listed on NASDAQ.
The Global X AI Semiconductor & Quantum ETF, identified by the ticker CHPX, is structured to mirror the financial performance—both capital gains and income—of the Global X AI Semiconductor & Quantum Index. Its primary goal is to replicate these results before any management fees or operational expenses are subtracted.
CHPX (Global X - AI Semiconductor & Quantum ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $33.4M, a beta of 3.32 versus the broader market, a 52-week range of 49-112, average daily share volume of 101K, a public-listing history dating back to 2025. These structural characteristics shape how CHPX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 3.32 indicates CHPX has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. CHPX pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on CHPX?
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 CHPX snapshot
As of June 29, 2026, spot at $101.03, ATM IV 58.90%, expected move 16.89%. The iron condor on CHPX 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 18-day expiry.
Why this iron condor structure on CHPX specifically: IV rank is unavailable in the current snapshot, so regime-based timing for CHPX is inferred from ATM IV at 58.90% alone, with a market-implied 1-standard-deviation move of approximately 16.89% (roughly $17.06 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CHPX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CHPX should anchor to the underlying notional of $101.03 per share and to the trader's directional view on CHPX etf.
CHPX iron condor setup
The CHPX 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 CHPX near $101.03, the first option leg uses a $105.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CHPX chain at a 18-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 CHPX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $105.00 | $4.35 |
| Buy 1 | Call | $110.00 | $2.88 |
| Sell 1 | Put | $95.00 | $2.15 |
| Buy 1 | Put | $90.00 | $0.95 |
CHPX iron condor risk and reward
- Net Premium / Debit
- +$267.50
- Max Profit (per contract)
- $267.50
- Max Loss (per contract)
- -$232.50
- Breakeven(s)
- $92.33, $107.68
- Risk / Reward Ratio
- 1.151
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.
CHPX iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on CHPX. 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% | -$232.50 |
| $22.35 | -77.9% | -$232.50 |
| $44.68 | -55.8% | -$232.50 |
| $67.02 | -33.7% | -$232.50 |
| $89.36 | -11.6% | -$232.50 |
| $111.70 | +10.6% | -$232.50 |
| $134.03 | +32.7% | -$232.50 |
| $156.37 | +54.8% | -$232.50 |
| $178.71 | +76.9% | -$232.50 |
| $201.04 | +99.0% | -$232.50 |
When traders use iron condor on CHPX
Iron condors on CHPX are a delta-neutral premium-collection structure that profits if CHPX etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CHPX thesis for this iron condor
The market-implied 1-standard-deviation range for CHPX extends from approximately $83.97 on the downside to $118.09 on the upside. A CHPX iron condor is a delta-neutral premium-collection structure that pays off when CHPX 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, CHPX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CHPX-specific events.
CHPX 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. CHPX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CHPX alongside the broader basket even when CHPX-specific fundamentals are unchanged. Short-premium structures like a iron condor on CHPX carry tail risk when realized volatility exceeds the implied move; review historical CHPX earnings reactions and macro stress periods before sizing. Always rebuild the position from current CHPX chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on CHPX?
- A iron condor on CHPX is the iron condor strategy applied to CHPX (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 CHPX etf trading near $101.03, the strikes shown on this page are snapped to the nearest listed CHPX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CHPX 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 CHPX iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 58.90%), the computed maximum profit is $267.50 per contract and the computed maximum loss is -$232.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CHPX iron condor?
- The breakeven for the CHPX iron condor priced on this page is roughly $92.33 and $107.68 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 CHPX market-implied 1-standard-deviation expected move is approximately 16.89%; 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 CHPX?
- Iron condors on CHPX are a delta-neutral premium-collection structure that profits if CHPX etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CHPX implied volatility affect this iron condor?
- Current CHPX ATM IV is 58.90%; IV rank context is unavailable in the current snapshot.