QAI Iron Condor Strategy
QAI (NYLI Hedge Multi-Strategy Tracker ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
New York Life Investments ETF Trust - NYLI Hedge Multi-Strategy Tracker ETF is an exchange traded fund of funds launched and managed by New York Life Investment Management LLC. It invests through derivatives and through other funds in public equity, fixed income, currency and commodity markets of global region. The fund employs long/short strategy and uses derivatives such as futures and options to create its portfolio. For its equity portion, it invests through other funds in stocks of companies operating across diversified sectors. The fund invests in growth, value, low volatility and momentum stocks of companies across diversified market capitalization. For its fixed income portion, it invests through other funds in U.S. investment grade corporate debt, U.S. government bonds with short-term, long term and intermediate-term maturity obligations, U.S. high yield debt, U.S.
QAI (NYLI Hedge Multi-Strategy Tracker ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $780.6M, a beta of 0.35 versus the broader market, a 52-week range of 32.77-36.89, average daily share volume of 131K, a public-listing history dating back to 2009. These structural characteristics shape how QAI etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.35 indicates QAI has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. QAI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on QAI?
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.
QAI snapshot
As of August 14, 2026, spot at $36.75, ATM IV 22.70%, IV rank 8.04%, expected move 6.51%. The iron condor on QAI below is built from the 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 QAI specifically: QAI IV at 22.70% is on the cheap side of its 1-year range, which means a premium-selling QAI iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 6.51% (roughly $2.39 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 QAI expiries trade a higher absolute premium for lower per-day decay. Position sizing on QAI should anchor to the underlying notional of $36.75 per share and to the trader's directional view on QAI etf.
QAI iron condor setup
The QAI 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 QAI at $36.75 on that close, the first option leg uses a $38.59 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed QAI 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 QAI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $38.59 | N/A |
| Buy 1 | Call | $40.43 | N/A |
| Sell 1 | Put | $34.91 | N/A |
| Buy 1 | Put | $33.08 | N/A |
QAI 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.
QAI iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on QAI. 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 QAI
Iron condors on QAI are a delta-neutral premium-collection structure that profits if QAI etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
QAI thesis for this iron condor
The market-implied 1-standard-deviation range for QAI extends from approximately $34.36 on the downside to $39.14 on the upside. A QAI iron condor is a delta-neutral premium-collection structure that pays off when QAI 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 QAI IV rank near 8.04% 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 QAI at 22.70%. As a Financial Services name, QAI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to QAI-specific events.
QAI 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. QAI positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move QAI alongside the broader basket even when QAI-specific fundamentals are unchanged. Short-premium structures like a iron condor on QAI carry tail risk when realized volatility exceeds the implied move; review historical QAI earnings reactions and macro stress periods before sizing. Always rebuild the position from current QAI chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on QAI?
- A iron condor on QAI is the iron condor strategy applied to QAI (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 QAI etf at $36.75 on the most recent close, the strikes shown on this page are snapped to the nearest listed QAI chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are QAI 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 QAI iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 22.70%), 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 QAI iron condor?
- The breakeven for the QAI iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 QAI market-implied 1-standard-deviation expected move in the same options snapshot is approximately 6.51%; 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 QAI?
- Iron condors on QAI are a delta-neutral premium-collection structure that profits if QAI etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current QAI implied volatility affect this iron condor?
- QAI ATM IV is at 22.70% with IV rank near 8.04%, 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.