RSPH Iron Condor Strategy
RSPH (Invesco S&P 500 Equal Weight Health Care ETF), in the Financial Services sector, (Asset Management - Global industry), listed on AMEX.
The Invesco S&P 500 Equal Weight Health Care ETF aims to track the performance of the S&P 500 Equal Weight Health Care Index. This fund primarily allocates a minimum of 90% of its total assets to the common stocks that constitute its underlying benchmark. The Index itself assigns an equal weighting to all healthcare sector companies that are part of the broader S&P 500 Index. Both the ETF and the Index undergo a portfolio adjustment process on a quarterly basis.
RSPH (Invesco S&P 500 Equal Weight Health Care ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $729.5M, a beta of 0.78 versus the broader market, a 52-week range of 28.26-36.29, average daily share volume of 129K, a public-listing history dating back to 2006. These structural characteristics shape how RSPH etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.78 places RSPH roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. RSPH pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on RSPH?
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.
RSPH snapshot
As of August 14, 2026, spot at $36.02, ATM IV 26.80%, IV rank 11.69%, expected move 7.68%. The iron condor on RSPH 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 RSPH specifically: RSPH IV at 26.80% is on the cheap side of its 1-year range, which means a premium-selling RSPH iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 7.68% (roughly $2.77 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 RSPH expiries trade a higher absolute premium for lower per-day decay. Position sizing on RSPH should anchor to the underlying notional of $36.02 per share and to the trader's directional view on RSPH etf.
RSPH iron condor setup
The RSPH 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 RSPH at $36.02 on that close, the first option leg uses a $37.82 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RSPH 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 RSPH shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $37.82 | N/A |
| Buy 1 | Call | $39.62 | N/A |
| Sell 1 | Put | $34.22 | N/A |
| Buy 1 | Put | $32.42 | N/A |
RSPH 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.
RSPH iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on RSPH. 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 RSPH
Iron condors on RSPH are a delta-neutral premium-collection structure that profits if RSPH etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
RSPH thesis for this iron condor
The market-implied 1-standard-deviation range for RSPH extends from approximately $33.25 on the downside to $38.79 on the upside. A RSPH iron condor is a delta-neutral premium-collection structure that pays off when RSPH 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 RSPH IV rank near 11.69% 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 RSPH at 26.80%. As a Financial Services name, RSPH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RSPH-specific events.
RSPH 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. RSPH positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move RSPH alongside the broader basket even when RSPH-specific fundamentals are unchanged. Short-premium structures like a iron condor on RSPH carry tail risk when realized volatility exceeds the implied move; review historical RSPH earnings reactions and macro stress periods before sizing. Always rebuild the position from current RSPH chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on RSPH?
- A iron condor on RSPH is the iron condor strategy applied to RSPH (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 RSPH etf at $36.02 on the most recent close, the strikes shown on this page are snapped to the nearest listed RSPH chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are RSPH 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 RSPH iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 26.80%), 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 RSPH iron condor?
- The breakeven for the RSPH 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 RSPH market-implied 1-standard-deviation expected move in the same options snapshot is approximately 7.68%; 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 RSPH?
- Iron condors on RSPH are a delta-neutral premium-collection structure that profits if RSPH etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current RSPH implied volatility affect this iron condor?
- RSPH ATM IV is at 26.80% with IV rank near 11.69%, 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.