How are QPUX 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 QPUX iron condor priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 124.40%), the computed maximum profit is $0.00 per contract and the computed maximum loss is $0.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a QPUX iron condor?

The breakeven for the QPUX iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the September 29, 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 QPUX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 35.66%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current QPUX implied volatility affect this iron condor?

QPUX ATM IV is at 124.40% with IV rank near 4.05%, 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.

QPUX Iron Condor Strategy

QPUX (Tidal Trust II - Defiance 2X Daily Long Pure Quantum ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

The fund seeks daily leveraged investment results, before fees and expenses, that correspond to two times (2X) the performance of an actively managed group of “pure quantum” company securities (the “Target Portfolio”) by employing derivatives, namely swap agreements and/or listed options contracts. It is non-diversified.

QPUX (Tidal Trust II - Defiance 2X Daily Long Pure Quantum ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $33.3M, a beta of 11.60 versus the broader market, a 52-week range of 11.3-268.83, average daily share volume of 253K, a public-listing history dating back to 2025. These structural characteristics shape how QPUX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 11.60 indicates QPUX has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

What is a iron condor on QPUX?

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.

QPUX snapshot

As of September 29, 2026, spot at $13.02, ATM IV 124.40%, IV rank 4.05%, expected move 35.66%. The iron condor on QPUX below is built from the September 29, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 17-day expiry.

Why this iron condor structure on QPUX specifically: QPUX IV at 124.40% is on the cheap side of its 1-year range, which means a premium-selling QPUX iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 35.66% (roughly $4.64 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated QPUX expiries trade a higher absolute premium for lower per-day decay. Position sizing on QPUX should anchor to the underlying notional of $13.02 per share and to the trader's directional view on QPUX etf.

QPUX iron condor setup

The QPUX iron condor below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With QPUX at $13.02 on that close, the first option leg uses a $14.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed QPUX chain at a 17-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 QPUX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$14.00	$1.40
Buy 1	Call	$14.00	$1.40
Sell 1	Put	$12.00	$0.65
Buy 1	Put	$12.00	$0.65

QPUX iron condor risk and reward

Net Premium / Debit: $0.00
Max Profit (per contract): $0.00
Max Loss (per contract): $0.00
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.

QPUX iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on QPUX. 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	-99.9%	$0.00
$2.89	-77.8%	$0.00
$5.77	-55.7%	$0.00
$8.64	-33.6%	$0.00
$11.52	-11.5%	$0.00
$14.40	+10.6%	$0.00
$17.28	+32.7%	$0.00
$20.15	+54.8%	$0.00
$23.03	+76.9%	$0.00
$25.91	+99.0%	$0.00

When traders use iron condor on QPUX

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

QPUX thesis for this iron condor

The market-implied 1-standard-deviation range for QPUX extends from approximately $8.38 on the downside to $17.66 on the upside. A QPUX iron condor is a delta-neutral premium-collection structure that pays off when QPUX 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 QPUX IV rank near 4.05% 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 QPUX at 124.40%. As a Financial Services name, QPUX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to QPUX-specific events.

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

Frequently asked questions

What is a iron condor on QPUX?: A iron condor on QPUX is the iron condor strategy applied to QPUX (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 QPUX etf at $13.02 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed QPUX chain strike and the premiums come straight from that session's bid/ask midpoint.
How are QPUX 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 QPUX iron condor priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 124.40%), the computed maximum profit is $0.00 per contract and the computed maximum loss is $0.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a QPUX iron condor?: The breakeven for the QPUX iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the September 29, 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 QPUX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 35.66%; 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 QPUX?: Iron condors on QPUX are a delta-neutral premium-collection structure that profits if QPUX etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current QPUX implied volatility affect this iron condor?: QPUX ATM IV is at 124.40% with IV rank near 4.05%, 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.