How are PNQI 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 PNQI iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 28.50%), the computed maximum profit is $85.00 per contract and the computed maximum loss is -$115.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a PNQI iron condor?

The breakeven for the PNQI iron condor priced on this page is roughly $48.15 and $55.85 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 PNQI market-implied 1-standard-deviation expected move in the same options snapshot is approximately 8.17%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current PNQI implied volatility affect this iron condor?

PNQI ATM IV is at 28.50% with IV rank near 24.14%, 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.

PNQI Iron Condor Strategy

PNQI (Invesco NASDAQ Internet ETF), in the Financial Services sector, (Asset Management - Global industry), listed on NASDAQ.

The Invesco NASDAQ Internet ETF (the Fund) aims to mirror the performance of the Nasdaq CTA Internet IndexSM. It typically invests a minimum of 90% of its total assets in the constituent securities of this Index. The Index itself is designed to track firms primarily engaged in internet-related activities, whose shares are listed on the New York Stock Exchange (NYSE), NYSE American, Cboe Exchange, or The Nasdaq Stock Market. As defined by the Consumer Technology Association (CTA), these businesses deliver a variety of internet-centric services, including but not limited to internet software, search engines, web hosting, website design, and online retail commerce. Both the Fund and its benchmark Index undergo quarterly rebalancing and reconstitution.

PNQI (Invesco NASDAQ Internet ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $515.3M, a beta of 1.24 versus the broader market, a 52-week range of 42.8-57.22, average daily share volume of 54K, a public-listing history dating back to 2008. These structural characteristics shape how PNQI etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.24 places PNQI roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. PNQI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on PNQI?

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.

PNQI snapshot

As of August 14, 2026, spot at $51.96, ATM IV 28.50%, IV rank 24.14%, expected move 8.17%. The iron condor on PNQI 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 PNQI specifically: PNQI IV at 28.50% is on the cheap side of its 1-year range, which means a premium-selling PNQI iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 8.17% (roughly $4.25 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 PNQI expiries trade a higher absolute premium for lower per-day decay. Position sizing on PNQI should anchor to the underlying notional of $51.96 per share and to the trader's directional view on PNQI etf.

PNQI iron condor setup

The PNQI 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 PNQI at $51.96 on that close, the first option leg uses a $55.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PNQI 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 PNQI shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$55.00	$0.60
Buy 1	Call	$57.00	$0.29
Sell 1	Put	$49.00	$0.95
Buy 1	Put	$47.00	$0.41

PNQI iron condor risk and reward

Net Premium / Debit: +$85.00
Max Profit (per contract): $85.00
Max Loss (per contract): -$115.00
Breakeven(s): $48.15, $55.85
Risk / Reward Ratio: 0.739

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.

PNQI iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on PNQI. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$115.00
$11.50	-77.9%	-$115.00
$22.99	-55.8%	-$115.00
$34.47	-33.7%	-$115.00
$45.96	-11.5%	-$115.00
$57.45	+10.6%	-$115.00
$68.94	+32.7%	-$115.00
$80.42	+54.8%	-$115.00
$91.91	+76.9%	-$115.00
$103.40	+99.0%	-$115.00

When traders use iron condor on PNQI

Iron condors on PNQI are a delta-neutral premium-collection structure that profits if PNQI etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.

PNQI thesis for this iron condor

The market-implied 1-standard-deviation range for PNQI extends from approximately $47.71 on the downside to $56.21 on the upside. A PNQI iron condor is a delta-neutral premium-collection structure that pays off when PNQI 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 PNQI IV rank near 24.14% 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 PNQI at 28.50%. As a Financial Services name, PNQI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PNQI-specific events.

PNQI 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. PNQI positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PNQI alongside the broader basket even when PNQI-specific fundamentals are unchanged. Short-premium structures like a iron condor on PNQI carry tail risk when realized volatility exceeds the implied move; review historical PNQI earnings reactions and macro stress periods before sizing. Always rebuild the position from current PNQI chain quotes before placing a trade.

Frequently asked questions

What is a iron condor on PNQI?: A iron condor on PNQI is the iron condor strategy applied to PNQI (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 PNQI etf at $51.96 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed PNQI chain strike and the premiums come straight from that session's bid/ask midpoint.
How are PNQI 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 PNQI iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 28.50%), the computed maximum profit is $85.00 per contract and the computed maximum loss is -$115.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a PNQI iron condor?: The breakeven for the PNQI iron condor priced on this page is roughly $48.15 and $55.85 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 PNQI market-implied 1-standard-deviation expected move in the same options snapshot is approximately 8.17%; 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 PNQI?: Iron condors on PNQI are a delta-neutral premium-collection structure that profits if PNQI etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current PNQI implied volatility affect this iron condor?: PNQI ATM IV is at 28.50% with IV rank near 24.14%, 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.