PEX Iron Condor Strategy
PEX (ProShares - Global Listed Private Equity ETF), in the Financial Services sector, (Asset Management - Global industry), listed on CBOE.
The index consists of up to 30 qualifying listed private equity companies. The fund invests insecurities that ProShare Advisors believes, in combination, should track the performance of the index. It will invest at least 80% of its total assets in component securities. The fund will concentrate its investments in a particular industry or group of industries, country or region to approximately the same extent as the index is so concentrated. It is non-diversified.
PEX (ProShares - Global Listed Private Equity ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $11.8M, a beta of 0.84 versus the broader market, a 52-week range of 20.49-29.48, average daily share volume of 4K, a public-listing history dating back to 2013. These structural characteristics shape how PEX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.84 places PEX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. PEX pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on PEX?
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 PEX snapshot
As of May 15, 2026, spot at $21.74, ATM IV 45.80%, IV rank 18.03%, expected move 13.13%. The iron condor on PEX 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 PEX specifically: PEX IV at 45.80% is on the cheap side of its 1-year range, which means a premium-selling PEX iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 13.13% (roughly $2.85 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 PEX expiries trade a higher absolute premium for lower per-day decay. Position sizing on PEX should anchor to the underlying notional of $21.74 per share and to the trader's directional view on PEX etf.
PEX iron condor setup
The PEX 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 PEX near $21.74, the first option leg uses a $22.83 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PEX 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 PEX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $22.83 | N/A |
| Buy 1 | Call | $23.91 | N/A |
| Sell 1 | Put | $20.65 | N/A |
| Buy 1 | Put | $19.57 | N/A |
PEX iron condor risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
PEX iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on PEX. 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.
When traders use iron condor on PEX
Iron condors on PEX are a delta-neutral premium-collection structure that profits if PEX etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
PEX thesis for this iron condor
The market-implied 1-standard-deviation range for PEX extends from approximately $18.89 on the downside to $24.59 on the upside. A PEX iron condor is a delta-neutral premium-collection structure that pays off when PEX 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 PEX IV rank near 18.03% 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 PEX at 45.80%. As a Financial Services name, PEX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PEX-specific events.
PEX 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. PEX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PEX alongside the broader basket even when PEX-specific fundamentals are unchanged. Short-premium structures like a iron condor on PEX carry tail risk when realized volatility exceeds the implied move; review historical PEX earnings reactions and macro stress periods before sizing. Always rebuild the position from current PEX chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on PEX?
- A iron condor on PEX is the iron condor strategy applied to PEX (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 PEX etf trading near $21.74, the strikes shown on this page are snapped to the nearest listed PEX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are PEX 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 PEX iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 45.80%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a PEX iron condor?
- The breakeven for the PEX iron condor priced on this page is no defined breakeven on the modeled curve 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 PEX market-implied 1-standard-deviation expected move is approximately 13.13%; 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 PEX?
- Iron condors on PEX are a delta-neutral premium-collection structure that profits if PEX etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current PEX implied volatility affect this iron condor?
- PEX ATM IV is at 45.80% with IV rank near 18.03%, 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.