ISHP Iron Condor Strategy
ISHP (First Trust S-Network E-Commerce ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The First Trust S-Network E-Commerce ETF (the "Fund"), formerly the First Trust Nasdaq Retail ETF, seeks investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of an equity index called the S-Network Global E-Commerce Index (the "Index"). The Fund will normally invest at least 90% of its net assets (plus any borrowings for investment purposes) in the common stocks and depository receipts that comprise the Index.
ISHP (First Trust S-Network E-Commerce ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $5.2M, a beta of 1.11 versus the broader market, a 52-week range of 32.054-42.951, average daily share volume of 0K, a public-listing history dating back to 2016. These structural characteristics shape how ISHP etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.11 places ISHP roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. ISHP pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on ISHP?
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 ISHP snapshot
As of May 15, 2026, spot at $33.82, ATM IV 46.00%, IV rank 19.85%, expected move 13.19%. The iron condor on ISHP 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 ISHP specifically: ISHP IV at 46.00% is on the cheap side of its 1-year range, which means a premium-selling ISHP iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 13.19% (roughly $4.46 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 ISHP expiries trade a higher absolute premium for lower per-day decay. Position sizing on ISHP should anchor to the underlying notional of $33.82 per share and to the trader's directional view on ISHP etf.
ISHP iron condor setup
The ISHP 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 ISHP near $33.82, the first option leg uses a $36.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ISHP 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 ISHP shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $36.00 | $1.10 |
| Buy 1 | Call | $37.00 | $0.82 |
| Sell 1 | Put | $32.00 | $1.04 |
| Buy 1 | Put | $30.00 | $0.48 |
ISHP iron condor risk and reward
- Net Premium / Debit
- +$84.00
- Max Profit (per contract)
- $84.00
- Max Loss (per contract)
- -$116.00
- Breakeven(s)
- $31.16, $36.86
- Risk / Reward Ratio
- 0.724
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.
ISHP iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on ISHP. 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% | -$116.00 |
| $7.49 | -77.9% | -$116.00 |
| $14.96 | -55.8% | -$116.00 |
| $22.44 | -33.6% | -$116.00 |
| $29.92 | -11.5% | -$116.00 |
| $37.39 | +10.6% | -$16.00 |
| $44.87 | +32.7% | -$16.00 |
| $52.35 | +54.8% | -$16.00 |
| $59.82 | +76.9% | -$16.00 |
| $67.30 | +99.0% | -$16.00 |
When traders use iron condor on ISHP
Iron condors on ISHP are a delta-neutral premium-collection structure that profits if ISHP etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
ISHP thesis for this iron condor
The market-implied 1-standard-deviation range for ISHP extends from approximately $29.36 on the downside to $38.28 on the upside. A ISHP iron condor is a delta-neutral premium-collection structure that pays off when ISHP 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 ISHP IV rank near 19.85% 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 ISHP at 46.00%. As a Financial Services name, ISHP options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ISHP-specific events.
ISHP 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. ISHP positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ISHP alongside the broader basket even when ISHP-specific fundamentals are unchanged. Short-premium structures like a iron condor on ISHP carry tail risk when realized volatility exceeds the implied move; review historical ISHP earnings reactions and macro stress periods before sizing. Always rebuild the position from current ISHP chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on ISHP?
- A iron condor on ISHP is the iron condor strategy applied to ISHP (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 ISHP etf trading near $33.82, the strikes shown on this page are snapped to the nearest listed ISHP chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ISHP 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 ISHP iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 46.00%), the computed maximum profit is $84.00 per contract and the computed maximum loss is -$116.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ISHP iron condor?
- The breakeven for the ISHP iron condor priced on this page is roughly $31.16 and $36.86 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 ISHP market-implied 1-standard-deviation expected move is approximately 13.19%; 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 ISHP?
- Iron condors on ISHP are a delta-neutral premium-collection structure that profits if ISHP etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current ISHP implied volatility affect this iron condor?
- ISHP ATM IV is at 46.00% with IV rank near 19.85%, 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.