TLTI Iron Condor Strategy
TLTI (NEOS Enhanced Income 20+ Year Treasury Bond ETF), in the Financial Services sector, (Asset Management - Income industry), listed on CBOE.
This investment vehicle, officially known as the NEOS Enhanced Income 20+ Year Treasury Bond ETF (or "the Fund"), aims to deliver regular monthly income to its investors, doing so in a way that prioritizes tax efficiency.
TLTI (NEOS Enhanced Income 20+ Year Treasury Bond ETF) trades in the Financial Services sector, specifically Asset Management - Income, with a market capitalization of approximately $4.2M, a beta of 0.05 versus the broader market, a 52-week range of 43.3716-48.7, average daily share volume of 9K, a public-listing history dating back to 2024. These structural characteristics shape how TLTI etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.05 indicates TLTI has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. TLTI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on TLTI?
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.
TLTI snapshot
As of August 14, 2026, spot at $43.77, ATM IV 9.80%, IV rank 3.43%, expected move 2.81%. The iron condor on TLTI 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 TLTI specifically: TLTI IV at 9.80% is on the cheap side of its 1-year range, which means a premium-selling TLTI iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 2.81% (roughly $1.23 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 TLTI expiries trade a higher absolute premium for lower per-day decay. Position sizing on TLTI should anchor to the underlying notional of $43.77 per share and to the trader's directional view on TLTI etf.
TLTI iron condor setup
The TLTI 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 TLTI at $43.77 on that close, the first option leg uses a $45.96 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TLTI 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 TLTI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $45.96 | N/A |
| Buy 1 | Call | $48.15 | N/A |
| Sell 1 | Put | $41.58 | N/A |
| Buy 1 | Put | $39.39 | N/A |
TLTI 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.
TLTI iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on TLTI. 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 TLTI
Iron condors on TLTI are a delta-neutral premium-collection structure that profits if TLTI etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
TLTI thesis for this iron condor
The market-implied 1-standard-deviation range for TLTI extends from approximately $42.54 on the downside to $45.00 on the upside. A TLTI iron condor is a delta-neutral premium-collection structure that pays off when TLTI 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 TLTI IV rank near 3.43% 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 TLTI at 9.80%. As a Financial Services name, TLTI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TLTI-specific events.
TLTI 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. TLTI positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TLTI alongside the broader basket even when TLTI-specific fundamentals are unchanged. Short-premium structures like a iron condor on TLTI carry tail risk when realized volatility exceeds the implied move; review historical TLTI earnings reactions and macro stress periods before sizing. Always rebuild the position from current TLTI chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on TLTI?
- A iron condor on TLTI is the iron condor strategy applied to TLTI (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 TLTI etf at $43.77 on the most recent close, the strikes shown on this page are snapped to the nearest listed TLTI chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are TLTI 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 TLTI iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 9.80%), 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 TLTI iron condor?
- The breakeven for the TLTI 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 TLTI market-implied 1-standard-deviation expected move in the same options snapshot is approximately 2.81%; 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 TLTI?
- Iron condors on TLTI are a delta-neutral premium-collection structure that profits if TLTI etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current TLTI implied volatility affect this iron condor?
- TLTI ATM IV is at 9.80% with IV rank near 3.43%, 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.