JUST Iron Condor Strategy
JUST (Goldman Sachs JUST U.S. Large Cap Equity ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
Goldman Sachs ETF Trust - Goldman Sachs JUST U.S. Large Cap Equity ETF is an exchange traded fund launched and managed by Goldman Sachs Asset Management, L.P. It invests in public equity markets of the United States. It invests in stocks of companies operating across diversified sectors. It invests in growth and value stocks of large-cap companies. The fund invests in stocks of companies that are deemed socially conscious in their business dealings.
JUST (Goldman Sachs JUST U.S. Large Cap Equity ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $562.7M, a beta of 1.00 versus the broader market, a 52-week range of 87.5-108.53, average daily share volume of 7K, a public-listing history dating back to 2018. These structural characteristics shape how JUST etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.00 places JUST roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. JUST pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on JUST?
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 JUST snapshot
As of June 29, 2026, spot at $105.85, ATM IV 18.00%, IV rank 16.68%, expected move 5.16%. The iron condor on JUST 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 81-day expiry.
Why this iron condor structure on JUST specifically: JUST IV at 18.00% is on the cheap side of its 1-year range, which means a premium-selling JUST iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 5.16% (roughly $5.46 on the underlying). The 81-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated JUST expiries trade a higher absolute premium for lower per-day decay. Position sizing on JUST should anchor to the underlying notional of $105.85 per share and to the trader's directional view on JUST etf.
JUST iron condor setup
The JUST 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 JUST near $105.85, the first option leg uses a $111.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed JUST chain at a 81-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 JUST shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $111.00 | $1.13 |
| Buy 1 | Call | $111.00 | $1.13 |
| Sell 1 | Put | $101.00 | $1.02 |
| Buy 1 | Put | $95.00 | $0.22 |
JUST iron condor risk and reward
- Net Premium / Debit
- +$80.00
- Max Profit (per contract)
- $80.00
- Max Loss (per contract)
- -$520.00
- Breakeven(s)
- $100.21
- Risk / Reward Ratio
- 0.154
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.
JUST iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on JUST. 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% | -$520.00 |
| $23.41 | -77.9% | -$520.00 |
| $46.82 | -55.8% | -$520.00 |
| $70.22 | -33.7% | -$520.00 |
| $93.62 | -11.6% | -$520.00 |
| $117.02 | +10.6% | +$80.00 |
| $140.43 | +32.7% | +$80.00 |
| $163.83 | +54.8% | +$80.00 |
| $187.23 | +76.9% | +$80.00 |
| $210.64 | +99.0% | +$80.00 |
When traders use iron condor on JUST
Iron condors on JUST are a delta-neutral premium-collection structure that profits if JUST etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
JUST thesis for this iron condor
The market-implied 1-standard-deviation range for JUST extends from approximately $100.39 on the downside to $111.31 on the upside. A JUST iron condor is a delta-neutral premium-collection structure that pays off when JUST 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 JUST IV rank near 16.68% 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 JUST at 18.00%. As a Financial Services name, JUST options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to JUST-specific events.
JUST 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. JUST positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move JUST alongside the broader basket even when JUST-specific fundamentals are unchanged. Short-premium structures like a iron condor on JUST carry tail risk when realized volatility exceeds the implied move; review historical JUST earnings reactions and macro stress periods before sizing. Always rebuild the position from current JUST chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on JUST?
- A iron condor on JUST is the iron condor strategy applied to JUST (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 JUST etf trading near $105.85, the strikes shown on this page are snapped to the nearest listed JUST chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are JUST 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 JUST iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 18.00%), the computed maximum profit is $80.00 per contract and the computed maximum loss is -$520.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a JUST iron condor?
- The breakeven for the JUST iron condor priced on this page is roughly $100.21 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 JUST market-implied 1-standard-deviation expected move is approximately 5.16%; 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 JUST?
- Iron condors on JUST are a delta-neutral premium-collection structure that profits if JUST etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current JUST implied volatility affect this iron condor?
- JUST ATM IV is at 18.00% with IV rank near 16.68%, 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.