CRCD Iron Condor Strategy
CRCD (ETF Opportunities Trust - T-Rex 2x Inverse CRCL Daily Target ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
CRCD is designed for making bearish bets on the stock price of Circle Internet Group Incorporated through swap agreements. The objective is to obtain daily inverse exposure equivalent to -200% of the fund's net assets. To maintain this exposure, daily rebalancing is performed to make adjustments in response to CRCL's daily price movements. As a geared product, the fund is intended as a short-term tactical tool, rather than as a long-term investment vehicle. As a result, returns may deviate from the expected -2x if held for longer than a single day due to compounding. This strategy is high-risk and does not include a defensive position as part of its overall process.
CRCD (ETF Opportunities Trust - T-Rex 2x Inverse CRCL Daily Target ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $9.0M, a beta of -2.27 versus the broader market, a 52-week range of 1.52-73.12, average daily share volume of 3.3M, a public-listing history dating back to 2025. These structural characteristics shape how CRCD etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -2.27 indicates CRCD 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 CRCD?
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.
CRCD snapshot
As of September 29, 2026, spot at $2.21, ATM IV 21.90%, IV rank 4.34%, expected move 6.28%. The iron condor on CRCD below is built from the September 29, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 108-day expiry.
Why this iron condor structure on CRCD specifically: CRCD IV at 21.90% is on the cheap side of its 1-year range, which means a premium-selling CRCD iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 6.28% (roughly $0.14 on the underlying). The 108-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CRCD expiries trade a higher absolute premium for lower per-day decay. Position sizing on CRCD should anchor to the underlying notional of $2.21 per share and to the trader's directional view on CRCD etf.
CRCD iron condor setup
The CRCD iron condor below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CRCD at $2.21 on that close, the first option leg uses a $2.32 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CRCD chain at a 108-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 CRCD shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $2.32 | N/A |
| Buy 1 | Call | $2.43 | N/A |
| Sell 1 | Put | $2.10 | N/A |
| Buy 1 | Put | $1.99 | N/A |
CRCD 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.
CRCD iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on CRCD. 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 CRCD
Iron condors on CRCD are a delta-neutral premium-collection structure that profits if CRCD etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CRCD thesis for this iron condor
The market-implied 1-standard-deviation range for CRCD extends from approximately $2.07 on the downside to $2.35 on the upside. A CRCD iron condor is a delta-neutral premium-collection structure that pays off when CRCD 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 CRCD IV rank near 4.34% 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 CRCD at 21.90%. As a Financial Services name, CRCD options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CRCD-specific events.
CRCD 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. CRCD positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CRCD alongside the broader basket even when CRCD-specific fundamentals are unchanged. Short-premium structures like a iron condor on CRCD carry tail risk when realized volatility exceeds the implied move; review historical CRCD earnings reactions and macro stress periods before sizing. Always rebuild the position from current CRCD chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on CRCD?
- A iron condor on CRCD is the iron condor strategy applied to CRCD (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 CRCD etf at $2.21 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed CRCD chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CRCD 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 CRCD iron condor priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 21.90%), 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 CRCD iron condor?
- The breakeven for the CRCD iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the September 29, 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 CRCD market-implied 1-standard-deviation expected move in the same options snapshot is approximately 6.28%; 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 CRCD?
- Iron condors on CRCD are a delta-neutral premium-collection structure that profits if CRCD etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CRCD implied volatility affect this iron condor?
- CRCD ATM IV is at 21.90% with IV rank near 4.34%, 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.