How are CRPT 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 CRPT iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 23.40%), the computed maximum profit is $57.50 per contract and the computed maximum loss is -$42.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CRPT iron condor?

The breakeven for the CRPT iron condor priced on this page is roughly $10.43 and $12.58 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 CRPT market-implied 1-standard-deviation expected move is approximately 6.71%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CRPT implied volatility affect this iron condor?

CRPT ATM IV is at 23.40% with IV rank near 4.95%, 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.

CRPT Iron Condor Strategy

CRPT (First Trust SkyBridge Crypto Industry and Digital Economy ETF), in the Financial Services sector, (Asset Management - Cryptocurrency industry), listed on AMEX.

The First Trust SkyBridge Crypto Industry and Digital Economy ETF seeks to achieve capital growth for its investors. Typically, the Fund commits a minimum of 80% of its net assets (including any borrowed capital) to common equities and American Depositary Receipts (ADRs) issued by businesses operating within the cryptocurrency industry and the broader digital economy. Of this 80% allocation, at least 50% of the Fund's net assets are dedicated specifically to companies in the crypto sector. The balance of the 80% allocation will then be directed towards firms in the digital economy. While the Fund generally aims to invest up to 25% of its net assets in Bitcoin Exchange-Traded Products (ETPs), it reserves the option to exceed this percentage under certain market circumstances.

CRPT (First Trust SkyBridge Crypto Industry and Digital Economy ETF) trades in the Financial Services sector, specifically Asset Management - Cryptocurrency, with a market capitalization of approximately $69.3M, a beta of 3.49 versus the broader market, a 52-week range of 10.745-25.9, average daily share volume of 100K, a public-listing history dating back to 2021. These structural characteristics shape how CRPT etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 3.49 indicates CRPT has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. CRPT pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on CRPT?

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 CRPT snapshot

As of June 30, 2026, spot at $11.52, ATM IV 23.40%, IV rank 4.95%, expected move 6.71%. The iron condor on CRPT 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 17-day expiry.

Why this iron condor structure on CRPT specifically: CRPT IV at 23.40% is on the cheap side of its 1-year range, which means a premium-selling CRPT iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 6.71% (roughly $0.77 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CRPT expiries trade a higher absolute premium for lower per-day decay. Position sizing on CRPT should anchor to the underlying notional of $11.52 per share and to the trader's directional view on CRPT etf.

CRPT iron condor setup

The CRPT 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 CRPT near $11.52, the first option leg uses a $12.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CRPT chain at a 17-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 CRPT shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$12.00	$0.40
Buy 1	Call	$13.00	$0.12
Sell 1	Put	$11.00	$0.43
Buy 1	Put	$10.00	$0.13

CRPT iron condor risk and reward

Net Premium / Debit: +$57.50
Max Profit (per contract): $57.50
Max Loss (per contract): -$42.50
Breakeven(s): $10.43, $12.58
Risk / Reward Ratio: 1.353

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.

CRPT iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on CRPT. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-99.9%	-$42.50
$2.56	-77.8%	-$42.50
$5.10	-55.7%	-$42.50
$7.65	-33.6%	-$42.50
$10.19	-11.5%	-$23.09
$12.74	+10.6%	-$16.52
$15.29	+32.7%	-$42.50
$17.83	+54.8%	-$42.50
$20.38	+76.9%	-$42.50
$22.92	+99.0%	-$42.50

When traders use iron condor on CRPT

Iron condors on CRPT are a delta-neutral premium-collection structure that profits if CRPT etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.

CRPT thesis for this iron condor

The market-implied 1-standard-deviation range for CRPT extends from approximately $10.75 on the downside to $12.29 on the upside. A CRPT iron condor is a delta-neutral premium-collection structure that pays off when CRPT 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 CRPT IV rank near 4.95% 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 CRPT at 23.40%. As a Financial Services name, CRPT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CRPT-specific events.

CRPT 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. CRPT positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CRPT alongside the broader basket even when CRPT-specific fundamentals are unchanged. Short-premium structures like a iron condor on CRPT carry tail risk when realized volatility exceeds the implied move; review historical CRPT earnings reactions and macro stress periods before sizing. Always rebuild the position from current CRPT chain quotes before placing a trade.

Frequently asked questions

What is a iron condor on CRPT?: A iron condor on CRPT is the iron condor strategy applied to CRPT (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 CRPT etf trading near $11.52, the strikes shown on this page are snapped to the nearest listed CRPT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CRPT 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 CRPT iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 23.40%), the computed maximum profit is $57.50 per contract and the computed maximum loss is -$42.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CRPT iron condor?: The breakeven for the CRPT iron condor priced on this page is roughly $10.43 and $12.58 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 CRPT market-implied 1-standard-deviation expected move is approximately 6.71%; 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 CRPT?: Iron condors on CRPT are a delta-neutral premium-collection structure that profits if CRPT etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current CRPT implied volatility affect this iron condor?: CRPT ATM IV is at 23.40% with IV rank near 4.95%, 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.