QDPL Iron Condor Strategy
QDPL (Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
A strategy driven exchange traded fund that aims to provide cash distributions equal to 400% of the S&P 500 ordinary yield in exchange for modestly lower exposure (approximately 89%) to the S&P 500 Index performance.
QDPL (Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.57B, a beta of 0.91 versus the broader market, a 52-week range of 36.34-45.41, average daily share volume of 181K, a public-listing history dating back to 2021. These structural characteristics shape how QDPL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.91 places QDPL roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. QDPL pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on QDPL?
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 QDPL snapshot
As of May 15, 2026, spot at $45.60, ATM IV 17.10%, IV rank 15.41%, expected move 4.90%. The iron condor on QDPL 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 QDPL specifically: QDPL IV at 17.10% is on the cheap side of its 1-year range, which means a premium-selling QDPL iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 4.90% (roughly $2.24 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 QDPL expiries trade a higher absolute premium for lower per-day decay. Position sizing on QDPL should anchor to the underlying notional of $45.60 per share and to the trader's directional view on QDPL etf.
QDPL iron condor setup
The QDPL 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 QDPL near $45.60, the first option leg uses a $47.88 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed QDPL 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 QDPL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $47.88 | N/A |
| Buy 1 | Call | $50.16 | N/A |
| Sell 1 | Put | $43.32 | N/A |
| Buy 1 | Put | $41.04 | N/A |
QDPL 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.
QDPL iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on QDPL. 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 QDPL
Iron condors on QDPL are a delta-neutral premium-collection structure that profits if QDPL etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
QDPL thesis for this iron condor
The market-implied 1-standard-deviation range for QDPL extends from approximately $43.36 on the downside to $47.84 on the upside. A QDPL iron condor is a delta-neutral premium-collection structure that pays off when QDPL 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 QDPL IV rank near 15.41% 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 QDPL at 17.10%. As a Financial Services name, QDPL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to QDPL-specific events.
QDPL 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. QDPL positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move QDPL alongside the broader basket even when QDPL-specific fundamentals are unchanged. Short-premium structures like a iron condor on QDPL carry tail risk when realized volatility exceeds the implied move; review historical QDPL earnings reactions and macro stress periods before sizing. Always rebuild the position from current QDPL chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on QDPL?
- A iron condor on QDPL is the iron condor strategy applied to QDPL (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 QDPL etf trading near $45.60, the strikes shown on this page are snapped to the nearest listed QDPL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are QDPL 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 QDPL iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 17.10%), 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 QDPL iron condor?
- The breakeven for the QDPL 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 QDPL market-implied 1-standard-deviation expected move is approximately 4.90%; 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 QDPL?
- Iron condors on QDPL are a delta-neutral premium-collection structure that profits if QDPL etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current QDPL implied volatility affect this iron condor?
- QDPL ATM IV is at 17.10% with IV rank near 15.41%, 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.