MTYY Iron Condor Strategy
MTYY (GraniteShares YieldBOOST MSTR ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on NASDAQ.
The primary goal of this Fund is to generate current income for its investors. Its secondary objective is to provide exposure to the daily performance of MicroStrategy Inc. (MSTR) common stock. This is achieved by investing in other U.S.-regulated exchange-traded funds (ETFs) which are designed to deliver two times (200%) the daily percentage movement of MSTR shares, though there is a predetermined cap on the potential investment gains.
MTYY (GraniteShares YieldBOOST MSTR ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $1.5M, a beta of 0.69 versus the broader market, a 52-week range of 17.986-151.02, average daily share volume of 3K, a public-listing history dating back to 2025. These structural characteristics shape how MTYY etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.69 indicates MTYY has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. MTYY pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on MTYY?
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.
MTYY snapshot
As of August 14, 2026, spot at $17.55, ATM IV 56.90%, IV rank 7.48%, expected move 16.31%. The iron condor on MTYY 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 35-day expiry.
Why this iron condor structure on MTYY specifically: MTYY IV at 56.90% is on the cheap side of its 1-year range, which means a premium-selling MTYY iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 16.31% (roughly $2.86 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated MTYY expiries trade a higher absolute premium for lower per-day decay. Position sizing on MTYY should anchor to the underlying notional of $17.55 per share and to the trader's directional view on MTYY etf.
MTYY iron condor setup
The MTYY 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 MTYY at $17.55 on that close, the first option leg uses a $18.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MTYY 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 MTYY shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $18.00 | $0.87 |
| Buy 1 | Call | $19.00 | $0.58 |
| Sell 1 | Put | $17.00 | $1.30 |
| Buy 1 | Put | $16.00 | $0.82 |
MTYY iron condor risk and reward
- Net Premium / Debit
- +$77.00
- Max Profit (per contract)
- $77.00
- Max Loss (per contract)
- -$23.00
- Breakeven(s)
- $16.23, $18.77
- Risk / Reward Ratio
- 3.348
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.
MTYY iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on MTYY. 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 | -99.9% | -$23.00 |
| $3.89 | -77.8% | -$23.00 |
| $7.77 | -55.7% | -$23.00 |
| $11.65 | -33.6% | -$23.00 |
| $15.53 | -11.5% | -$23.00 |
| $19.41 | +10.6% | -$23.00 |
| $23.29 | +32.7% | -$23.00 |
| $27.17 | +54.8% | -$23.00 |
| $31.04 | +76.9% | -$23.00 |
| $34.92 | +99.0% | -$23.00 |
When traders use iron condor on MTYY
Iron condors on MTYY are a delta-neutral premium-collection structure that profits if MTYY etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
MTYY thesis for this iron condor
The market-implied 1-standard-deviation range for MTYY extends from approximately $14.69 on the downside to $20.41 on the upside. A MTYY iron condor is a delta-neutral premium-collection structure that pays off when MTYY 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 MTYY IV rank near 7.48% 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 MTYY at 56.90%. As a Financial Services name, MTYY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MTYY-specific events.
MTYY 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. MTYY positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move MTYY alongside the broader basket even when MTYY-specific fundamentals are unchanged. Short-premium structures like a iron condor on MTYY carry tail risk when realized volatility exceeds the implied move; review historical MTYY earnings reactions and macro stress periods before sizing. Always rebuild the position from current MTYY chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on MTYY?
- A iron condor on MTYY is the iron condor strategy applied to MTYY (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 MTYY etf at $17.55 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed MTYY chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are MTYY 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 MTYY iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 56.90%), the computed maximum profit is $77.00 per contract and the computed maximum loss is -$23.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a MTYY iron condor?
- The breakeven for the MTYY iron condor priced on this page is roughly $16.23 and $18.77 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 MTYY market-implied 1-standard-deviation expected move in the same options snapshot is approximately 16.31%; 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 MTYY?
- Iron condors on MTYY are a delta-neutral premium-collection structure that profits if MTYY etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current MTYY implied volatility affect this iron condor?
- MTYY ATM IV is at 56.90% with IV rank near 7.48%, 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.