EEMX Iron Condor Strategy
EEMX (State Street SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF), in the Financial Services sector, (Asset Management - Global industry), listed on AMEX.
This State Street SPDR ETF, EEMX, is engineered to mirror the total return performance of the MSCI Emerging Markets ex Fossil Fuels Index, net of all associated fees and expenses. Notably, it is the first exchange-traded fund of its kind to target emerging markets while completely excluding companies with fossil fuel reserves. EEMX provides climate-conscious investors with exposure to emerging market equities, deliberately sidestepping businesses involved in fossil fuel extraction or ownership. Consequently, for those aiming to minimize fossil fuel reserve exposure within their investment portfolios, EEMX offers a compelling alternative to traditional emerging market index investments.
EEMX (State Street SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $129.8M, a beta of 1.17 versus the broader market, a 52-week range of 38.66-56.38, average daily share volume of 7K, a public-listing history dating back to 2016. These structural characteristics shape how EEMX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.17 places EEMX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. EEMX pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on EEMX?
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.
EEMX snapshot
As of August 14, 2026, spot at $52.67, ATM IV 26.40%, IV rank 8.26%, expected move 7.57%. The iron condor on EEMX below is built from the August 14, 2026 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 EEMX specifically: EEMX IV at 26.40% is on the cheap side of its 1-year range, which means a premium-selling EEMX iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 7.57% (roughly $3.99 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 EEMX expiries trade a higher absolute premium for lower per-day decay. Position sizing on EEMX should anchor to the underlying notional of $52.67 per share and to the trader's directional view on EEMX etf.
EEMX iron condor setup
The EEMX iron condor below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With EEMX at $52.67 on that close, the first option leg uses a $55.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed EEMX 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 EEMX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $55.00 | $0.45 |
| Buy 1 | Call | $58.00 | $0.07 |
| Sell 1 | Put | $50.00 | $0.32 |
| Buy 1 | Put | $47.00 | $0.03 |
EEMX iron condor risk and reward
- Net Premium / Debit
- +$67.00
- Max Profit (per contract)
- $67.00
- Max Loss (per contract)
- -$233.00
- Breakeven(s)
- $49.33, $55.67
- Risk / Reward Ratio
- 0.288
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.
EEMX iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on EEMX. 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% | -$233.00 |
| $11.65 | -77.9% | -$233.00 |
| $23.30 | -55.8% | -$233.00 |
| $34.94 | -33.7% | -$233.00 |
| $46.59 | -11.5% | -$233.00 |
| $58.23 | +10.6% | -$233.00 |
| $69.88 | +32.7% | -$233.00 |
| $81.52 | +54.8% | -$233.00 |
| $93.17 | +76.9% | -$233.00 |
| $104.81 | +99.0% | -$233.00 |
When traders use iron condor on EEMX
Iron condors on EEMX are a delta-neutral premium-collection structure that profits if EEMX etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
EEMX thesis for this iron condor
The market-implied 1-standard-deviation range for EEMX extends from approximately $48.68 on the downside to $56.66 on the upside. A EEMX iron condor is a delta-neutral premium-collection structure that pays off when EEMX 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 EEMX IV rank near 8.26% 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 EEMX at 26.40%. As a Financial Services name, EEMX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to EEMX-specific events.
EEMX 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. EEMX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move EEMX alongside the broader basket even when EEMX-specific fundamentals are unchanged. Short-premium structures like a iron condor on EEMX carry tail risk when realized volatility exceeds the implied move; review historical EEMX earnings reactions and macro stress periods before sizing. Always rebuild the position from current EEMX chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on EEMX?
- A iron condor on EEMX is the iron condor strategy applied to EEMX (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 EEMX etf at $52.67 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed EEMX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are EEMX 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 EEMX iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 26.40%), the computed maximum profit is $67.00 per contract and the computed maximum loss is -$233.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a EEMX iron condor?
- The breakeven for the EEMX iron condor priced on this page is roughly $49.33 and $55.67 at expiration, derived from the August 14, 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 EEMX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 7.57%; 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 EEMX?
- Iron condors on EEMX are a delta-neutral premium-collection structure that profits if EEMX etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current EEMX implied volatility affect this iron condor?
- EEMX ATM IV is at 26.40% with IV rank near 8.26%, 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.