RPHS Iron Condor Strategy
RPHS (Regents Park Hedged Market Strategy ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
The Regents Park Hedged Market Strategy ETF is a dynamically managed fund that typically seeks to accomplish its investment objective by deploying capital into assets closely tied to the S&P 500 Index. This involves investments in either the underlying S&P 500 equity securities themselves or various financial instruments and derivatives linked to the index. The fund's advisory team holds the discretion to determine the precise allocation between a direct portfolio of S&P 500-correlated stocks and equity market index derivatives. This allocation strategy is informed by their ongoing assessment of the relative valuations of these two asset classes.
RPHS (Regents Park Hedged Market Strategy ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $56.2M, a beta of 0.94 versus the broader market, a 52-week range of 9.49-11.49, average daily share volume of 78K, a public-listing history dating back to 2022. These structural characteristics shape how RPHS etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.94 places RPHS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. RPHS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on RPHS?
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 RPHS snapshot
As of June 29, 2026, spot at $10.61, ATM IV 79.00%, IV rank 33.73%, expected move 22.65%. The iron condor on RPHS 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 18-day expiry.
Why this iron condor structure on RPHS specifically: RPHS IV at 79.00% is mid-range versus its 1-year history, so the credit collected on a RPHS iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 22.65% (roughly $2.40 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated RPHS expiries trade a higher absolute premium for lower per-day decay. Position sizing on RPHS should anchor to the underlying notional of $10.61 per share and to the trader's directional view on RPHS etf.
RPHS iron condor setup
The RPHS 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 RPHS near $10.61, the first option leg uses a $11.14 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RPHS chain at a 18-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 RPHS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $11.14 | N/A |
| Buy 1 | Call | $11.67 | N/A |
| Sell 1 | Put | $10.08 | N/A |
| Buy 1 | Put | $9.55 | N/A |
RPHS 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.
RPHS iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on RPHS. 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 RPHS
Iron condors on RPHS are a delta-neutral premium-collection structure that profits if RPHS etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
RPHS thesis for this iron condor
The market-implied 1-standard-deviation range for RPHS extends from approximately $8.21 on the downside to $13.01 on the upside. A RPHS iron condor is a delta-neutral premium-collection structure that pays off when RPHS 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 RPHS IV rank near 33.73% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on RPHS should anchor more to the directional view and the expected-move geometry. As a Financial Services name, RPHS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RPHS-specific events.
RPHS 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. RPHS positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move RPHS alongside the broader basket even when RPHS-specific fundamentals are unchanged. Short-premium structures like a iron condor on RPHS carry tail risk when realized volatility exceeds the implied move; review historical RPHS earnings reactions and macro stress periods before sizing. Always rebuild the position from current RPHS chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on RPHS?
- A iron condor on RPHS is the iron condor strategy applied to RPHS (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 RPHS etf trading near $10.61, the strikes shown on this page are snapped to the nearest listed RPHS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are RPHS 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 RPHS iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 79.00%), 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 RPHS iron condor?
- The breakeven for the RPHS 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 RPHS market-implied 1-standard-deviation expected move is approximately 22.65%; 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 RPHS?
- Iron condors on RPHS are a delta-neutral premium-collection structure that profits if RPHS etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current RPHS implied volatility affect this iron condor?
- RPHS ATM IV is at 79.00% with IV rank near 33.73%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.