TSMU Iron Condor Strategy
TSMU (GraniteShares 2x Long TSM Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Taiwan Semiconductor Manufacturing Co Ltd, (NASDAQ: TSM) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of TSM for periods greater than a day.
TSMU (GraniteShares 2x Long TSM Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $43.8M, a beta of 3.81 versus the broader market, a 52-week range of 19.64-75.459, average daily share volume of 101K, a public-listing history dating back to 2024. These structural characteristics shape how TSMU etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 3.81 indicates TSMU has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a iron condor on TSMU?
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 TSMU snapshot
As of May 15, 2026, spot at $69.77, ATM IV 87.40%, IV rank 34.53%, expected move 25.06%. The iron condor on TSMU 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 TSMU specifically: TSMU IV at 87.40% is mid-range versus its 1-year history, so the credit collected on a TSMU iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 25.06% (roughly $17.48 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 TSMU expiries trade a higher absolute premium for lower per-day decay. Position sizing on TSMU should anchor to the underlying notional of $69.77 per share and to the trader's directional view on TSMU etf.
TSMU iron condor setup
The TSMU 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 TSMU near $69.77, the first option leg uses a $75.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TSMU 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 TSMU shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $75.00 | $5.75 |
| Buy 1 | Call | $75.00 | $5.75 |
| Sell 1 | Put | $65.00 | $5.10 |
| Buy 1 | Put | $65.00 | $5.10 |
TSMU iron condor risk and reward
- Net Premium / Debit
- $0.00
- Max Profit (per contract)
- $0.00
- Max Loss (per contract)
- $0.00
- 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.
TSMU iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on TSMU. 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% | $0.00 |
| $15.44 | -77.9% | $0.00 |
| $30.86 | -55.8% | $0.00 |
| $46.29 | -33.7% | $0.00 |
| $61.71 | -11.5% | $0.00 |
| $77.14 | +10.6% | $0.00 |
| $92.56 | +32.7% | $0.00 |
| $107.99 | +54.8% | $0.00 |
| $123.41 | +76.9% | $0.00 |
| $138.84 | +99.0% | $0.00 |
When traders use iron condor on TSMU
Iron condors on TSMU are a delta-neutral premium-collection structure that profits if TSMU etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
TSMU thesis for this iron condor
The market-implied 1-standard-deviation range for TSMU extends from approximately $52.29 on the downside to $87.25 on the upside. A TSMU iron condor is a delta-neutral premium-collection structure that pays off when TSMU 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 TSMU IV rank near 34.53% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on TSMU should anchor more to the directional view and the expected-move geometry. As a Financial Services name, TSMU options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TSMU-specific events.
TSMU 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. TSMU positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TSMU alongside the broader basket even when TSMU-specific fundamentals are unchanged. Short-premium structures like a iron condor on TSMU carry tail risk when realized volatility exceeds the implied move; review historical TSMU earnings reactions and macro stress periods before sizing. Always rebuild the position from current TSMU chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on TSMU?
- A iron condor on TSMU is the iron condor strategy applied to TSMU (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 TSMU etf trading near $69.77, the strikes shown on this page are snapped to the nearest listed TSMU chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TSMU 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 TSMU iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 87.40%), the computed maximum profit is $0.00 per contract and the computed maximum loss is $0.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a TSMU iron condor?
- The breakeven for the TSMU iron condor priced on this page is no defined breakeven on the modeled curve 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 TSMU market-implied 1-standard-deviation expected move is approximately 25.06%; 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 TSMU?
- Iron condors on TSMU are a delta-neutral premium-collection structure that profits if TSMU etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current TSMU implied volatility affect this iron condor?
- TSMU ATM IV is at 87.40% with IV rank near 34.53%, 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.