How are TSMG 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 TSMG iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 106.40%), the computed maximum profit is $230.00 per contract and the computed maximum loss is -$70.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a TSMG iron condor?

The breakeven for the TSMG iron condor priced on this page is roughly $41.70 and $49.30 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 TSMG market-implied 1-standard-deviation expected move is approximately 30.50%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current TSMG implied volatility affect this iron condor?

TSMG ATM IV is at 106.40% with IV rank near 48.37%, 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.

TSMG Iron Condor Strategy

TSMG (Leverage Shares 2x Long TSM Daily ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on NASDAQ.

The Leverage Shares 2x Long TSM Daily ETF, trading under the symbol TSMG, is a geared investment vehicle designed for sophisticated active traders aiming to significantly amplify their short-term returns. This ETF targets a daily performance equal to two times (200%) that of the underlying TSM stock, prior to the deduction of its associated fees and expenses.

TSMG (Leverage Shares 2x Long TSM Daily ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $13.0M, a beta of 4.04 versus the broader market, a 52-week range of 15.43-51.24, average daily share volume of 110K, a public-listing history dating back to 2024. These structural characteristics shape how TSMG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 4.04 indicates TSMG has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. TSMG pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on TSMG?

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 TSMG snapshot

As of June 29, 2026, spot at $46.07, ATM IV 106.40%, IV rank 48.37%, expected move 30.50%. The iron condor on TSMG 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 18-day expiry.

Why this iron condor structure on TSMG specifically: TSMG IV at 106.40% is mid-range versus its 1-year history, so the credit collected on a TSMG iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 30.50% (roughly $14.05 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated TSMG expiries trade a higher absolute premium for lower per-day decay. Position sizing on TSMG should anchor to the underlying notional of $46.07 per share and to the trader's directional view on TSMG etf.

TSMG iron condor setup

The TSMG 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 TSMG near $46.07, the first option leg uses a $47.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TSMG chain at a 18-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 TSMG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$47.00	$3.63
Buy 1	Call	$50.00	$2.53
Sell 1	Put	$44.00	$3.55
Buy 1	Put	$41.00	$2.35

TSMG iron condor risk and reward

Net Premium / Debit: +$230.00
Max Profit (per contract): $230.00
Max Loss (per contract): -$70.00
Breakeven(s): $41.70, $49.30
Risk / Reward Ratio: 3.286

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.

TSMG iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on TSMG. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$70.00
$10.20	-77.9%	-$70.00
$20.38	-55.8%	-$70.00
$30.57	-33.7%	-$70.00
$40.75	-11.5%	-$70.00
$50.94	+10.6%	-$70.00
$61.12	+32.7%	-$70.00
$71.31	+54.8%	-$70.00
$81.49	+76.9%	-$70.00
$91.68	+99.0%	-$70.00

When traders use iron condor on TSMG

Iron condors on TSMG are a delta-neutral premium-collection structure that profits if TSMG etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.

TSMG thesis for this iron condor

The market-implied 1-standard-deviation range for TSMG extends from approximately $32.02 on the downside to $60.12 on the upside. A TSMG iron condor is a delta-neutral premium-collection structure that pays off when TSMG 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 TSMG IV rank near 48.37% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on TSMG should anchor more to the directional view and the expected-move geometry. As a Financial Services name, TSMG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TSMG-specific events.

TSMG 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. TSMG positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TSMG alongside the broader basket even when TSMG-specific fundamentals are unchanged. Short-premium structures like a iron condor on TSMG carry tail risk when realized volatility exceeds the implied move; review historical TSMG earnings reactions and macro stress periods before sizing. Always rebuild the position from current TSMG chain quotes before placing a trade.

Frequently asked questions

What is a iron condor on TSMG?: A iron condor on TSMG is the iron condor strategy applied to TSMG (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 TSMG etf trading near $46.07, the strikes shown on this page are snapped to the nearest listed TSMG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are TSMG 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 TSMG iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 106.40%), the computed maximum profit is $230.00 per contract and the computed maximum loss is -$70.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a TSMG iron condor?: The breakeven for the TSMG iron condor priced on this page is roughly $41.70 and $49.30 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 TSMG market-implied 1-standard-deviation expected move is approximately 30.50%; 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 TSMG?: Iron condors on TSMG are a delta-neutral premium-collection structure that profits if TSMG etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current TSMG implied volatility affect this iron condor?: TSMG ATM IV is at 106.40% with IV rank near 48.37%, 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.