SOXQ Iron Condor Strategy
SOXQ (Invesco PHLX Semiconductor ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The Invesco PHLX Semiconductor ETF (Fund) is based on the PHLX Semiconductor Sector Index (Index). The Fund will normally invest at least 90% of its total assets in the securities that comprise the Index. The Index is designed to measure the performance of the 30 largest U.S.-listed securities of companies engaged in the semiconductor business. Semiconductors include products such as memory chips, microprocessors, integrated circuits and related equipment that serve a wide variety of purposes in various types of electronics, including in personal household products, automobiles and computers, among others. The Index includes companies engaged in the design, distribution, manufacture and sale of semiconductors. The Fund and the Index are reconstituted annually in September and rebalanced quarterly in March, June, September and December.
SOXQ (Invesco PHLX Semiconductor ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $959.6M, a beta of 2.01 versus the broader market, a 52-week range of 36.635-95.298, average daily share volume of 1.2M, a public-listing history dating back to 2021. These structural characteristics shape how SOXQ etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.01 indicates SOXQ has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. SOXQ pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on SOXQ?
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 SOXQ snapshot
As of May 15, 2026, spot at $91.82, ATM IV 48.20%, IV rank 69.23%, expected move 13.82%. The iron condor on SOXQ 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 SOXQ specifically: SOXQ IV at 48.20% is mid-range versus its 1-year history, so the credit collected on a SOXQ iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 13.82% (roughly $12.69 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 SOXQ expiries trade a higher absolute premium for lower per-day decay. Position sizing on SOXQ should anchor to the underlying notional of $91.82 per share and to the trader's directional view on SOXQ etf.
SOXQ iron condor setup
The SOXQ 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 SOXQ near $91.82, the first option leg uses a $95.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SOXQ 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 SOXQ shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $95.00 | $4.05 |
| Buy 1 | Call | $100.00 | $2.55 |
| Sell 1 | Put | $86.00 | $2.68 |
| Buy 1 | Put | $83.00 | $2.23 |
SOXQ iron condor risk and reward
- Net Premium / Debit
- +$195.00
- Max Profit (per contract)
- $195.00
- Max Loss (per contract)
- -$305.00
- Breakeven(s)
- $84.05, $96.95
- Risk / Reward Ratio
- 0.639
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.
SOXQ iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on SOXQ. 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% | -$105.00 |
| $20.31 | -77.9% | -$105.00 |
| $40.61 | -55.8% | -$105.00 |
| $60.91 | -33.7% | -$105.00 |
| $81.21 | -11.6% | -$105.00 |
| $101.51 | +10.6% | -$305.00 |
| $121.81 | +32.7% | -$305.00 |
| $142.12 | +54.8% | -$305.00 |
| $162.42 | +76.9% | -$305.00 |
| $182.72 | +99.0% | -$305.00 |
When traders use iron condor on SOXQ
Iron condors on SOXQ are a delta-neutral premium-collection structure that profits if SOXQ etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
SOXQ thesis for this iron condor
The market-implied 1-standard-deviation range for SOXQ extends from approximately $79.13 on the downside to $104.51 on the upside. A SOXQ iron condor is a delta-neutral premium-collection structure that pays off when SOXQ 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 SOXQ IV rank near 69.23% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on SOXQ should anchor more to the directional view and the expected-move geometry. As a Financial Services name, SOXQ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SOXQ-specific events.
SOXQ 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. SOXQ positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SOXQ alongside the broader basket even when SOXQ-specific fundamentals are unchanged. Short-premium structures like a iron condor on SOXQ carry tail risk when realized volatility exceeds the implied move; review historical SOXQ earnings reactions and macro stress periods before sizing. Always rebuild the position from current SOXQ chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on SOXQ?
- A iron condor on SOXQ is the iron condor strategy applied to SOXQ (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 SOXQ etf trading near $91.82, the strikes shown on this page are snapped to the nearest listed SOXQ chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SOXQ 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 SOXQ iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 48.20%), the computed maximum profit is $195.00 per contract and the computed maximum loss is -$305.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SOXQ iron condor?
- The breakeven for the SOXQ iron condor priced on this page is roughly $84.05 and $96.95 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 SOXQ market-implied 1-standard-deviation expected move is approximately 13.82%; 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 SOXQ?
- Iron condors on SOXQ are a delta-neutral premium-collection structure that profits if SOXQ etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current SOXQ implied volatility affect this iron condor?
- SOXQ ATM IV is at 48.20% with IV rank near 69.23%, 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.