HACK Iron Condor Strategy
HACK (Amplify Cybersecurity ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
HACK seeks investment results that generally correlate (before fees and expenses) to the total return performance of the Nasdaq ISE Cyber Security Select Index. HACK tracks a portfolio of companies actively involved in providing cybersecurity solutions that include hardware, software, and services.
HACK (Amplify Cybersecurity ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.96B, a beta of 0.60 versus the broader market, a 52-week range of 69.66-89.59, average daily share volume of 125K, a public-listing history dating back to 2014. These structural characteristics shape how HACK etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.60 indicates HACK has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. HACK pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on HACK?
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 HACK snapshot
As of May 15, 2026, spot at $88.69, ATM IV 35.10%, IV rank 87.51%, expected move 10.06%. The iron condor on HACK 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 34-day expiry.
Why this iron condor structure on HACK specifically: HACK IV at 35.10% is rich versus its 1-year range, which favors premium-selling structures like a HACK iron condor, with a market-implied 1-standard-deviation move of approximately 10.06% (roughly $8.92 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated HACK expiries trade a higher absolute premium for lower per-day decay. Position sizing on HACK should anchor to the underlying notional of $88.69 per share and to the trader's directional view on HACK etf.
HACK iron condor setup
The HACK 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 HACK near $88.69, the first option leg uses a $93.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HACK chain at a 34-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 HACK shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $93.00 | $1.88 |
| Buy 1 | Call | $97.00 | $1.00 |
| Sell 1 | Put | $84.00 | $1.78 |
| Buy 1 | Put | $80.00 | $1.05 |
HACK iron condor risk and reward
- Net Premium / Debit
- +$160.00
- Max Profit (per contract)
- $160.00
- Max Loss (per contract)
- -$240.00
- Breakeven(s)
- $82.40, $94.60
- Risk / Reward Ratio
- 0.667
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.
HACK iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on HACK. 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% | -$240.00 |
| $19.62 | -77.9% | -$240.00 |
| $39.23 | -55.8% | -$240.00 |
| $58.84 | -33.7% | -$240.00 |
| $78.44 | -11.6% | -$240.00 |
| $98.05 | +10.6% | -$240.00 |
| $117.66 | +32.7% | -$240.00 |
| $137.27 | +54.8% | -$240.00 |
| $156.88 | +76.9% | -$240.00 |
| $176.49 | +99.0% | -$240.00 |
When traders use iron condor on HACK
Iron condors on HACK are a delta-neutral premium-collection structure that profits if HACK etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
HACK thesis for this iron condor
The market-implied 1-standard-deviation range for HACK extends from approximately $79.77 on the downside to $97.61 on the upside. A HACK iron condor is a delta-neutral premium-collection structure that pays off when HACK 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 HACK IV rank near 87.51% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on HACK at 35.10%. As a Financial Services name, HACK options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HACK-specific events.
HACK 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. HACK positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move HACK alongside the broader basket even when HACK-specific fundamentals are unchanged. Short-premium structures like a iron condor on HACK carry tail risk when realized volatility exceeds the implied move; review historical HACK earnings reactions and macro stress periods before sizing. Always rebuild the position from current HACK chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on HACK?
- A iron condor on HACK is the iron condor strategy applied to HACK (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 HACK etf trading near $88.69, the strikes shown on this page are snapped to the nearest listed HACK chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are HACK 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 HACK iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 35.10%), the computed maximum profit is $160.00 per contract and the computed maximum loss is -$240.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a HACK iron condor?
- The breakeven for the HACK iron condor priced on this page is roughly $82.40 and $94.60 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 HACK market-implied 1-standard-deviation expected move is approximately 10.06%; 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 HACK?
- Iron condors on HACK are a delta-neutral premium-collection structure that profits if HACK etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current HACK implied volatility affect this iron condor?
- HACK ATM IV is at 35.10% with IV rank near 87.51%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.