How are URNJ 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 URNJ iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 51.60%), the computed maximum profit is $47.50 per contract and the computed maximum loss is -$52.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a URNJ iron condor?

The breakeven for the URNJ iron condor priced on this page is roughly $22.53 and $26.48 at expiration, derived from the August 14, 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 URNJ market-implied 1-standard-deviation expected move in the same options snapshot is approximately 14.79%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current URNJ implied volatility affect this iron condor?

URNJ ATM IV is at 51.60% with IV rank near 1.83%, 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.

URNJ Iron Condor Strategy

URNJ (Sprott Junior Uranium Miners ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

Under normal market conditions, this fund allocates a minimum of 80% of its total assets to securities within its benchmark index. This index is specifically constructed to track the financial performance of companies that obtain at least half of their revenue or maintain at least half of their assets from activities related to uranium. These activities include its extraction, exploration, project development, production, the collection of uranium royalties, or its distribution. The index typically holds between 30 and 40 underlying companies. It is important to note that this fund operates as a non-diversified investment.

URNJ (Sprott Junior Uranium Miners ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $239.3M, a beta of 1.05 versus the broader market, a 52-week range of 19.45-40.81, average daily share volume of 287K, a public-listing history dating back to 2023. These structural characteristics shape how URNJ etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.05 places URNJ roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. URNJ pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on URNJ?

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.

URNJ snapshot

As of August 14, 2026, spot at $24.45, ATM IV 51.60%, IV rank 1.83%, expected move 14.79%. The iron condor on URNJ below is built from the August 14, 2026 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 URNJ specifically: URNJ IV at 51.60% is on the cheap side of its 1-year range, which means a premium-selling URNJ iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 14.79% (roughly $3.62 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 URNJ expiries trade a higher absolute premium for lower per-day decay. Position sizing on URNJ should anchor to the underlying notional of $24.45 per share and to the trader's directional view on URNJ etf.

URNJ iron condor setup

The URNJ iron condor below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With URNJ at $24.45 on that close, the first option leg uses a $26.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed URNJ 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 URNJ shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$26.00	$0.90
Buy 1	Call	$27.00	$0.63
Sell 1	Put	$23.00	$0.83
Buy 1	Put	$22.00	$0.63

URNJ iron condor risk and reward

Net Premium / Debit: +$47.50
Max Profit (per contract): $47.50
Max Loss (per contract): -$52.50
Breakeven(s): $22.53, $26.48
Risk / Reward Ratio: 0.905

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.

URNJ iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on URNJ. 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%	-$52.50
$5.41	-77.9%	-$52.50
$10.82	-55.7%	-$52.50
$16.22	-33.6%	-$52.50
$21.63	-11.5%	-$52.50
$27.03	+10.6%	-$52.50
$32.44	+32.7%	-$52.50
$37.84	+54.8%	-$52.50
$43.25	+76.9%	-$52.50
$48.65	+99.0%	-$52.50

When traders use iron condor on URNJ

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

URNJ thesis for this iron condor

The market-implied 1-standard-deviation range for URNJ extends from approximately $20.83 on the downside to $28.07 on the upside. A URNJ iron condor is a delta-neutral premium-collection structure that pays off when URNJ 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 URNJ IV rank near 1.83% 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 URNJ at 51.60%. As a Financial Services name, URNJ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to URNJ-specific events.

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

Frequently asked questions

What is a iron condor on URNJ?: A iron condor on URNJ is the iron condor strategy applied to URNJ (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 URNJ etf at $24.45 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed URNJ chain strike and the premiums come straight from that session's bid/ask midpoint.
How are URNJ 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 URNJ iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 51.60%), the computed maximum profit is $47.50 per contract and the computed maximum loss is -$52.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a URNJ iron condor?: The breakeven for the URNJ iron condor priced on this page is roughly $22.53 and $26.48 at expiration, derived from the August 14, 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 URNJ market-implied 1-standard-deviation expected move in the same options snapshot is approximately 14.79%; 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 URNJ?: Iron condors on URNJ are a delta-neutral premium-collection structure that profits if URNJ etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current URNJ implied volatility affect this iron condor?: URNJ ATM IV is at 51.60% with IV rank near 1.83%, 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.