PSR Iron Condor Strategy
PSR (Invesco Active U.S. Real Estate ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
The Invesco Active U.S. Real Estate ETF (PSR) is an actively managed exchange-traded fund focused on the U.S. real estate sector. It primarily invests in equity Real Estate Investment Trusts (REITs) that are constituents of the FTSE NAREIT All Equity REITs Index at the time of purchase. The fund employs a data-driven quantitative and statistical framework to identify undervalued securities and mitigate overall portfolio risk. PSR's main goal is to achieve a high total return, combining capital growth with consistent income generation. The fund's holdings and overall portfolio are subject to monthly evaluation by portfolio management.
PSR (Invesco Active U.S. Real Estate ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $51.9M, a beta of 0.95 versus the broader market, a 52-week range of 89.41-108.78, average daily share volume of 2K, a public-listing history dating back to 2008. These structural characteristics shape how PSR etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.95 places PSR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. PSR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on PSR?
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.
PSR snapshot
As of September 30, 2026, spot at $96.53, ATM IV 394.20%, IV rank 80.84%, expected move 113.01%. The iron condor on PSR below is built from the September 30, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 16-day expiry.
Why this iron condor structure on PSR specifically: PSR IV at 394.20% is rich versus its 1-year range, which favors premium-selling structures like a PSR iron condor, with a market-implied 1-standard-deviation move of approximately 113.01% (roughly $109.09 on the underlying). The 16-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated PSR expiries trade a higher absolute premium for lower per-day decay. Position sizing on PSR should anchor to the underlying notional of $96.53 per share and to the trader's directional view on PSR etf.
PSR iron condor setup
The PSR iron condor below is built from the September 30, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With PSR at $96.53 on that close, the first option leg uses a $101.36 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PSR chain at a 16-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 PSR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $101.36 | N/A |
| Buy 1 | Call | $106.18 | N/A |
| Sell 1 | Put | $91.70 | N/A |
| Buy 1 | Put | $86.88 | N/A |
PSR 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.
PSR iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on PSR. 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 PSR
Iron condors on PSR are a delta-neutral premium-collection structure that profits if PSR etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
PSR thesis for this iron condor
The market-implied 1-standard-deviation range for PSR extends from approximately $-12.56 on the downside to $205.62 on the upside. A PSR iron condor is a delta-neutral premium-collection structure that pays off when PSR 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 PSR IV rank near 80.84% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on PSR at 394.20%. As a Financial Services name, PSR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PSR-specific events.
PSR 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. PSR positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PSR alongside the broader basket even when PSR-specific fundamentals are unchanged. Short-premium structures like a iron condor on PSR carry tail risk when realized volatility exceeds the implied move; review historical PSR earnings reactions and macro stress periods before sizing. Always rebuild the position from current PSR chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on PSR?
- A iron condor on PSR is the iron condor strategy applied to PSR (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 PSR etf at $96.53 on the September 30, 2026 close, the strikes shown on this page are snapped to the nearest listed PSR chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are PSR 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 PSR iron condor priced from the September 30, 2026 end-of-day chain at a 30-day expiry (ATM IV 394.20%), 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 PSR iron condor?
- The breakeven for the PSR iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the September 30, 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 PSR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 113.01%; 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 PSR?
- Iron condors on PSR are a delta-neutral premium-collection structure that profits if PSR etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current PSR implied volatility affect this iron condor?
- PSR ATM IV is at 394.20% with IV rank near 80.84%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.