RPV Iron Condor Strategy
RPV (Invesco S&P 500 Pure Value ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
The Invesco S&P 500 Pure Value ETF (Fund) is based on the S&P 500 Pure Value Index (Index). The Fund will invest at least 90% of its total assets in securities that comprise the Index. The Index measures the performance of securities that exhibit strong value characteristics in the S&P 500 Index. First, each security in the S&P 500 is assigned two “style scores” – one for value and one for growth – based on the characteristics of the issuer. The “value score” is measured using three factors: book-value-to-price ratio, earnings-to-price ratio, and sales-to-price ratio. The “growth score” is measured using three other factors: three-year sales per share growth, the three-year ratio of earnings per share change to price per share, and momentum (the 12-month percentage change in price).
RPV (Invesco S&P 500 Pure Value ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.82B, a beta of 0.84 versus the broader market, a 52-week range of 89.04-113.93, average daily share volume of 168K, a public-listing history dating back to 2006. These structural characteristics shape how RPV etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.84 places RPV roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. RPV pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on RPV?
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 RPV snapshot
As of May 15, 2026, spot at $110.53, ATM IV 16.80%, IV rank 4.78%, expected move 4.82%. The iron condor on RPV 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 RPV specifically: RPV IV at 16.80% is on the cheap side of its 1-year range, which means a premium-selling RPV iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 4.82% (roughly $5.32 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 RPV expiries trade a higher absolute premium for lower per-day decay. Position sizing on RPV should anchor to the underlying notional of $110.53 per share and to the trader's directional view on RPV etf.
RPV iron condor setup
The RPV 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 RPV near $110.53, the first option leg uses a $116.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RPV 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 RPV shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $116.00 | $0.61 |
| Buy 1 | Call | $116.00 | $0.61 |
| Sell 1 | Put | $105.00 | $0.49 |
| Buy 1 | Put | $99.00 | $0.05 |
RPV iron condor risk and reward
- Net Premium / Debit
- +$44.00
- Max Profit (per contract)
- $44.00
- Max Loss (per contract)
- -$556.00
- Breakeven(s)
- $104.69
- Risk / Reward Ratio
- 0.079
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.
RPV iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on RPV. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$556.00 |
| $24.45 | -77.9% | -$556.00 |
| $48.89 | -55.8% | -$556.00 |
| $73.32 | -33.7% | -$556.00 |
| $97.76 | -11.6% | -$556.00 |
| $122.20 | +10.6% | +$44.00 |
| $146.64 | +32.7% | +$44.00 |
| $171.07 | +54.8% | +$44.00 |
| $195.51 | +76.9% | +$44.00 |
| $219.95 | +99.0% | +$44.00 |
When traders use iron condor on RPV
Iron condors on RPV are a delta-neutral premium-collection structure that profits if RPV etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
RPV thesis for this iron condor
The market-implied 1-standard-deviation range for RPV extends from approximately $105.21 on the downside to $115.85 on the upside. A RPV iron condor is a delta-neutral premium-collection structure that pays off when RPV 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 RPV IV rank near 4.78% 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 RPV at 16.80%. As a Financial Services name, RPV options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RPV-specific events.
RPV 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. RPV positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move RPV alongside the broader basket even when RPV-specific fundamentals are unchanged. Short-premium structures like a iron condor on RPV carry tail risk when realized volatility exceeds the implied move; review historical RPV earnings reactions and macro stress periods before sizing. Always rebuild the position from current RPV chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on RPV?
- A iron condor on RPV is the iron condor strategy applied to RPV (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 RPV etf trading near $110.53, the strikes shown on this page are snapped to the nearest listed RPV chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are RPV 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 RPV iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 16.80%), the computed maximum profit is $44.00 per contract and the computed maximum loss is -$556.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a RPV iron condor?
- The breakeven for the RPV iron condor priced on this page is roughly $104.69 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 RPV market-implied 1-standard-deviation expected move is approximately 4.82%; 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 RPV?
- Iron condors on RPV are a delta-neutral premium-collection structure that profits if RPV etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current RPV implied volatility affect this iron condor?
- RPV ATM IV is at 16.80% with IV rank near 4.78%, 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.