How are TSYW 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 TSYW iron condor priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 17.60%), the computed maximum profit is $71.00 per contract and the computed maximum loss is -$129.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a TSYW iron condor?

The breakeven for the TSYW iron condor priced on this page is roughly $35.28 and $40.71 at expiration, derived from the September 29, 2026 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 TSYW market-implied 1-standard-deviation expected move in the same options snapshot is approximately 5.05%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current TSYW implied volatility affect this iron condor?

TSYW ATM IV is at 17.60% with IV rank near 12.28%, 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.

TSYW Iron Condor Strategy

TSYW (Roundhill ETF Trust - Roundhill Treasury Bond Weeklypay ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

TSYW seeks to pair weekly income distributions with leveraged weekly performance linked to a long-term Treasury bond ETF. The fund implements this through a combination of total return swaps referencing the ETF and direct ETF holdings, supported by short-term Treasuries and cash for collateral. Its leverage target resets to 120 percent each calendar week, allowing the fund to maintain consistent weekly exposure rather than magnifying daily moves. Weekly distributions are determined by a formula incorporating recent benchmark performance and implied volatility, and a substantial portion may be classified as return of capital. When the benchmark rises over a calendar week, TSYW aims to capture proportionally larger gains, while declines result in correspondingly larger losses. The strategy maintains exposure regardless of market direction and can exhibit heightened volatility due to its weekly leverage structure.

TSYW (Roundhill ETF Trust - Roundhill Treasury Bond Weeklypay ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $2.7M, a beta of 0.13 versus the broader market, a 52-week range of 37.98-50.161, average daily share volume of 3K, a public-listing history dating back to 2025. These structural characteristics shape how TSYW etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.13 indicates TSYW has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. TSYW pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on TSYW?

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.

TSYW snapshot

As of September 29, 2026, spot at $38.23, ATM IV 17.60%, IV rank 12.28%, expected move 5.05%. The iron condor on TSYW below is built from the September 29, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 80-day expiry.

Why this iron condor structure on TSYW specifically: TSYW IV at 17.60% is on the cheap side of its 1-year range, which means a premium-selling TSYW iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 5.05% (roughly $1.93 on the underlying). The 80-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated TSYW expiries trade a higher absolute premium for lower per-day decay. Position sizing on TSYW should anchor to the underlying notional of $38.23 per share and to the trader's directional view on TSYW etf.

TSYW iron condor setup

The TSYW iron condor below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With TSYW at $38.23 on that close, the first option leg uses a $40.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TSYW chain at a 80-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 TSYW shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$40.00	$0.88
Buy 1	Call	$42.00	$0.38
Sell 1	Put	$36.00	$0.58
Buy 1	Put	$35.00	$0.37

TSYW iron condor risk and reward

Net Premium / Debit: +$71.00
Max Profit (per contract): $71.00
Max Loss (per contract): -$129.00
Breakeven(s): $35.28, $40.71
Risk / Reward Ratio: 0.550

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.

TSYW iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on TSYW. 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%	-$29.00
$8.46	-77.9%	-$29.00
$16.91	-55.8%	-$29.00
$25.37	-33.7%	-$29.00
$33.82	-11.5%	-$29.00
$42.27	+10.6%	-$129.00
$50.72	+32.7%	-$129.00
$59.17	+54.8%	-$129.00
$67.62	+76.9%	-$129.00
$76.08	+99.0%	-$129.00

When traders use iron condor on TSYW

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

TSYW thesis for this iron condor

The market-implied 1-standard-deviation range for TSYW extends from approximately $36.30 on the downside to $40.16 on the upside. A TSYW iron condor is a delta-neutral premium-collection structure that pays off when TSYW 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 TSYW IV rank near 12.28% 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 TSYW at 17.60%. As a Financial Services name, TSYW options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TSYW-specific events.

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

Frequently asked questions

What is a iron condor on TSYW?: A iron condor on TSYW is the iron condor strategy applied to TSYW (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 TSYW etf at $38.23 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed TSYW chain strike and the premiums come straight from that session's bid/ask midpoint.
How are TSYW 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 TSYW iron condor priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 17.60%), the computed maximum profit is $71.00 per contract and the computed maximum loss is -$129.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a TSYW iron condor?: The breakeven for the TSYW iron condor priced on this page is roughly $35.28 and $40.71 at expiration, derived from the September 29, 2026 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 TSYW market-implied 1-standard-deviation expected move in the same options snapshot is approximately 5.05%; 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 TSYW?: Iron condors on TSYW are a delta-neutral premium-collection structure that profits if TSYW etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current TSYW implied volatility affect this iron condor?: TSYW ATM IV is at 17.60% with IV rank near 12.28%, 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.