STHH Iron Condor Strategy
STHH (STMicroelectronics NV ADRhedged), in the Technology sector, (Semiconductors industry), listed on AMEX.
The series, under normal circumstances, invests at least 95% of its net assets in American Depositary Receipts (“ADRs”) of the STMicroelectronics NV. It invests in the ADRs of the Company and a currency swap designed to hedge against fluctuations in the exchange rate between the U.S. dollar and the Euro (“Local Currency”). The fund is non-diversified.
STHH (STMicroelectronics NV ADRhedged) trades in the Technology sector, specifically Semiconductors, with a market capitalization of approximately $1.2M, a beta of 2.71 versus the broader market, a 52-week range of 43.299-125.05, average daily share volume of 1K, a public-listing history dating back to 2025. These structural characteristics shape how STHH etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.71 indicates STHH has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. STHH pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on STHH?
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 STHH snapshot
As of May 15, 2026, spot at $122.35, ATM IV 62.50%, expected move 17.92%. The iron condor on STHH 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 STHH specifically: IV rank is unavailable in the current snapshot, so regime-based timing for STHH is inferred from ATM IV at 62.50% alone, with a market-implied 1-standard-deviation move of approximately 17.92% (roughly $21.92 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 STHH expiries trade a higher absolute premium for lower per-day decay. Position sizing on STHH should anchor to the underlying notional of $122.35 per share and to the trader's directional view on STHH etf.
STHH iron condor setup
The STHH 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 STHH near $122.35, the first option leg uses a $127.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed STHH 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 STHH shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $127.00 | $7.50 |
| Buy 1 | Call | $135.00 | $5.10 |
| Sell 1 | Put | $116.00 | $6.15 |
| Buy 1 | Put | $110.00 | $3.95 |
STHH iron condor risk and reward
- Net Premium / Debit
- +$460.00
- Max Profit (per contract)
- $460.00
- Max Loss (per contract)
- -$340.00
- Breakeven(s)
- $111.40, $131.60
- Risk / Reward Ratio
- 1.353
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.
STHH iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on STHH. 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% | -$140.00 |
| $27.06 | -77.9% | -$140.00 |
| $54.11 | -55.8% | -$140.00 |
| $81.16 | -33.7% | -$140.00 |
| $108.21 | -11.6% | -$140.00 |
| $135.27 | +10.6% | -$340.00 |
| $162.32 | +32.7% | -$340.00 |
| $189.37 | +54.8% | -$340.00 |
| $216.42 | +76.9% | -$340.00 |
| $243.47 | +99.0% | -$340.00 |
When traders use iron condor on STHH
Iron condors on STHH are a delta-neutral premium-collection structure that profits if STHH etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
STHH thesis for this iron condor
The market-implied 1-standard-deviation range for STHH extends from approximately $100.43 on the downside to $144.27 on the upside. A STHH iron condor is a delta-neutral premium-collection structure that pays off when STHH 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. As a Technology name, STHH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to STHH-specific events.
STHH 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. STHH positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move STHH alongside the broader basket even when STHH-specific fundamentals are unchanged. Short-premium structures like a iron condor on STHH carry tail risk when realized volatility exceeds the implied move; review historical STHH earnings reactions and macro stress periods before sizing. Always rebuild the position from current STHH chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on STHH?
- A iron condor on STHH is the iron condor strategy applied to STHH (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 STHH etf trading near $122.35, the strikes shown on this page are snapped to the nearest listed STHH chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are STHH 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 STHH iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 62.50%), the computed maximum profit is $460.00 per contract and the computed maximum loss is -$340.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a STHH iron condor?
- The breakeven for the STHH iron condor priced on this page is roughly $111.40 and $131.60 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 STHH market-implied 1-standard-deviation expected move is approximately 17.92%; 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 STHH?
- Iron condors on STHH are a delta-neutral premium-collection structure that profits if STHH etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current STHH implied volatility affect this iron condor?
- Current STHH ATM IV is 62.50%; IV rank context is unavailable in the current snapshot.