TDV Iron Condor Strategy
TDV (ProShares - S&P Technology Dividend Aristocrats ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
The index, constructed and maintained by S&P Dow Jones Indices LLC, targets companies from the U.S. technology sector and select U.S. technology-related companies from the communication services and consumer discretionary sectors. Under normal circumstances, the fund will invest at least 80% of its total assets in component securities of the index. It is non-diversified.
TDV (ProShares - S&P Technology Dividend Aristocrats ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $266.1M, a beta of 1.17 versus the broader market, a 52-week range of 76.13-99.43, average daily share volume of 8K, a public-listing history dating back to 2019. These structural characteristics shape how TDV etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.17 places TDV roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. TDV pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on TDV?
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 TDV snapshot
As of May 15, 2026, spot at $97.55, ATM IV 24.70%, IV rank 30.06%, expected move 7.08%. The iron condor on TDV 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 TDV specifically: TDV IV at 24.70% is mid-range versus its 1-year history, so the credit collected on a TDV iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 7.08% (roughly $6.91 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 TDV expiries trade a higher absolute premium for lower per-day decay. Position sizing on TDV should anchor to the underlying notional of $97.55 per share and to the trader's directional view on TDV etf.
TDV iron condor setup
The TDV 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 TDV near $97.55, the first option leg uses a $100.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TDV 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 TDV shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $100.00 | $2.00 |
| Buy 1 | Call | $105.00 | $0.64 |
| Sell 1 | Put | $93.00 | $1.19 |
| Buy 1 | Put | $88.00 | $0.35 |
TDV iron condor risk and reward
- Net Premium / Debit
- +$220.00
- Max Profit (per contract)
- $220.00
- Max Loss (per contract)
- -$280.00
- Breakeven(s)
- $90.80, $102.20
- Risk / Reward Ratio
- 0.786
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.
TDV iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on TDV. 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% | -$280.00 |
| $21.58 | -77.9% | -$280.00 |
| $43.15 | -55.8% | -$280.00 |
| $64.71 | -33.7% | -$280.00 |
| $86.28 | -11.6% | -$280.00 |
| $107.85 | +10.6% | -$280.00 |
| $129.42 | +32.7% | -$280.00 |
| $150.98 | +54.8% | -$280.00 |
| $172.55 | +76.9% | -$280.00 |
| $194.12 | +99.0% | -$280.00 |
When traders use iron condor on TDV
Iron condors on TDV are a delta-neutral premium-collection structure that profits if TDV etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
TDV thesis for this iron condor
The market-implied 1-standard-deviation range for TDV extends from approximately $90.64 on the downside to $104.46 on the upside. A TDV iron condor is a delta-neutral premium-collection structure that pays off when TDV 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 TDV IV rank near 30.06% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on TDV should anchor more to the directional view and the expected-move geometry. As a Financial Services name, TDV options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TDV-specific events.
TDV 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. TDV positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TDV alongside the broader basket even when TDV-specific fundamentals are unchanged. Short-premium structures like a iron condor on TDV carry tail risk when realized volatility exceeds the implied move; review historical TDV earnings reactions and macro stress periods before sizing. Always rebuild the position from current TDV chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on TDV?
- A iron condor on TDV is the iron condor strategy applied to TDV (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 TDV etf trading near $97.55, the strikes shown on this page are snapped to the nearest listed TDV chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TDV 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 TDV iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 24.70%), the computed maximum profit is $220.00 per contract and the computed maximum loss is -$280.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a TDV iron condor?
- The breakeven for the TDV iron condor priced on this page is roughly $90.80 and $102.20 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 TDV market-implied 1-standard-deviation expected move is approximately 7.08%; 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 TDV?
- Iron condors on TDV are a delta-neutral premium-collection structure that profits if TDV etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current TDV implied volatility affect this iron condor?
- TDV ATM IV is at 24.70% with IV rank near 30.06%, 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.