SCJ Iron Condor Strategy
SCJ (iShares MSCI Japan Small-Cap ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
The iShares MSCI Japan Small-Cap ETF seeks to track the investment results of an index composed of small-capitalization Japanese equities.
SCJ (iShares MSCI Japan Small-Cap ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $190.6M, a beta of 0.83 versus the broader market, a 52-week range of 79.4-107.32, average daily share volume of 87K, a public-listing history dating back to 2007. These structural characteristics shape how SCJ etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.83 places SCJ roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. SCJ pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on SCJ?
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 SCJ snapshot
As of May 15, 2026, spot at $104.60, ATM IV 27.40%, IV rank 30.08%, expected move 7.86%. The iron condor on SCJ 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 SCJ specifically: SCJ IV at 27.40% is mid-range versus its 1-year history, so the credit collected on a SCJ iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 7.86% (roughly $8.22 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 SCJ expiries trade a higher absolute premium for lower per-day decay. Position sizing on SCJ should anchor to the underlying notional of $104.60 per share and to the trader's directional view on SCJ etf.
SCJ iron condor setup
The SCJ 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 SCJ near $104.60, the first option leg uses a $110.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SCJ 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 SCJ shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $110.00 | $1.38 |
| Buy 1 | Call | $115.00 | $0.45 |
| Sell 1 | Put | $99.00 | $1.60 |
| Buy 1 | Put | $94.00 | $0.73 |
SCJ iron condor risk and reward
- Net Premium / Debit
- +$180.00
- Max Profit (per contract)
- $180.00
- Max Loss (per contract)
- -$320.00
- Breakeven(s)
- $97.20, $111.80
- Risk / Reward Ratio
- 0.562
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.
SCJ iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on SCJ. 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% | -$320.00 |
| $23.14 | -77.9% | -$320.00 |
| $46.26 | -55.8% | -$320.00 |
| $69.39 | -33.7% | -$320.00 |
| $92.52 | -11.6% | -$320.00 |
| $115.64 | +10.6% | -$320.00 |
| $138.77 | +32.7% | -$320.00 |
| $161.90 | +54.8% | -$320.00 |
| $185.02 | +76.9% | -$320.00 |
| $208.15 | +99.0% | -$320.00 |
When traders use iron condor on SCJ
Iron condors on SCJ are a delta-neutral premium-collection structure that profits if SCJ etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
SCJ thesis for this iron condor
The market-implied 1-standard-deviation range for SCJ extends from approximately $96.38 on the downside to $112.82 on the upside. A SCJ iron condor is a delta-neutral premium-collection structure that pays off when SCJ 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 SCJ IV rank near 30.08% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on SCJ should anchor more to the directional view and the expected-move geometry. As a Financial Services name, SCJ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SCJ-specific events.
SCJ 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. SCJ positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SCJ alongside the broader basket even when SCJ-specific fundamentals are unchanged. Short-premium structures like a iron condor on SCJ carry tail risk when realized volatility exceeds the implied move; review historical SCJ earnings reactions and macro stress periods before sizing. Always rebuild the position from current SCJ chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on SCJ?
- A iron condor on SCJ is the iron condor strategy applied to SCJ (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 SCJ etf trading near $104.60, the strikes shown on this page are snapped to the nearest listed SCJ chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SCJ 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 SCJ iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 27.40%), the computed maximum profit is $180.00 per contract and the computed maximum loss is -$320.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SCJ iron condor?
- The breakeven for the SCJ iron condor priced on this page is roughly $97.20 and $111.80 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 SCJ market-implied 1-standard-deviation expected move is approximately 7.86%; 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 SCJ?
- Iron condors on SCJ are a delta-neutral premium-collection structure that profits if SCJ etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current SCJ implied volatility affect this iron condor?
- SCJ ATM IV is at 27.40% with IV rank near 30.08%, 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.