EES Iron Condor Strategy
EES (WisdomTree U.S. SmallCap Fund), in the Financial Services sector, (Asset Management industry), listed on AMEX.
Under typical market circumstances, this fund dedicates a minimum of 95% of its overall assets—excluding any collateral obtained from securities lending activities—to either the direct holdings of its benchmark index or to other investments that demonstrate nearly identical economic traits. The underlying index itself employs a fundamental weighting approach, concentrating on profitable, small-capitalization U.S. businesses within the equity market. Additionally, the fund operates as a non-diversified investment vehicle.
EES (WisdomTree U.S. SmallCap Fund) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $686.8M, a beta of 1.04 versus the broader market, a 52-week range of 52.66-69.98, average daily share volume of 14K, a public-listing history dating back to 2007. These structural characteristics shape how EES etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.04 places EES roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. EES pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on EES?
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.
EES snapshot
As of November 13, 2026, spot at $65.91. The iron condor on EES below is built from the November 13, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this iron condor structure on EES specifically: IV rank is unavailable in the current snapshot, so regime-based timing for EES is inferred from ATM IV alone. The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated EES expiries trade a higher absolute premium for lower per-day decay. Position sizing on EES should anchor to the underlying notional of $65.91 per share and to the trader's directional view on EES etf.
EES iron condor setup
The EES iron condor below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With EES at $65.91 on that close, the first option leg uses a $69.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed EES chain at a 35-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 EES shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $69.00 | $0.72 |
| Buy 1 | Call | $73.00 | $0.15 |
| Sell 1 | Put | $63.00 | $0.58 |
| Buy 1 | Put | $59.00 | $0.07 |
EES iron condor risk and reward
- Net Premium / Debit
- +$108.00
- Max Profit (per contract)
- $108.00
- Max Loss (per contract)
- -$292.00
- Breakeven(s)
- $61.92, $70.08
- Risk / Reward Ratio
- 0.370
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.
EES iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on EES. 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% | -$292.00 |
| $14.58 | -77.9% | -$292.00 |
| $29.15 | -55.8% | -$292.00 |
| $43.73 | -33.7% | -$292.00 |
| $58.30 | -11.5% | -$292.00 |
| $72.87 | +10.6% | -$278.98 |
| $87.44 | +32.7% | -$292.00 |
| $102.01 | +54.8% | -$292.00 |
| $116.59 | +76.9% | -$292.00 |
| $131.16 | +99.0% | -$292.00 |
When traders use iron condor on EES
Iron condors on EES are a delta-neutral premium-collection structure that profits if EES etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
EES thesis for this iron condor
A EES iron condor is a delta-neutral premium-collection structure that pays off when EES 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, EES options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to EES-specific events.
EES 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. EES positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move EES alongside the broader basket even when EES-specific fundamentals are unchanged. Short-premium structures like a iron condor on EES carry tail risk when realized volatility exceeds the implied move; review historical EES earnings reactions and macro stress periods before sizing. Always rebuild the position from current EES chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on EES?
- A iron condor on EES is the iron condor strategy applied to EES (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 EES etf at $65.91 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed EES chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are EES 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 EES iron condor priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV the current ATM IV), the computed maximum profit is $108.00 per contract and the computed maximum loss is -$292.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a EES iron condor?
- The breakeven for the EES iron condor priced on this page is roughly $61.92 and $70.08 at expiration, derived from the November 13, 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.
- When should you consider a iron condor on EES?
- Iron condors on EES are a delta-neutral premium-collection structure that profits if EES etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current EES implied volatility affect this iron condor?
- Current EES ATM IV is the current ATM IV; IV rank context is unavailable in the current snapshot.