URNM Iron Condor Strategy
URNM (Sprott Uranium Miners ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
The fund will normally invest at least 80% of its total assets in securities of the index. The index is designed to track the performance of companies that devote at least 50% of their assets to (i) mining, exploration, development, and production of uranium; and/or (ii) holding physical uranium, owning uranium royalties, or engaging in other, non-mining activities that support the uranium mining industry. It is non-diversified.
URNM (Sprott Uranium Miners ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.48B, a beta of 1.01 versus the broader market, a 52-week range of 35.933-84.95, average daily share volume of 737K, a public-listing history dating back to 2019. These structural characteristics shape how URNM etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.01 places URNM roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. URNM pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on URNM?
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 URNM snapshot
As of May 15, 2026, spot at $60.30, ATM IV 53.30%, IV rank 51.73%, expected move 15.28%. The iron condor on URNM 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 URNM specifically: URNM IV at 53.30% is mid-range versus its 1-year history, so the credit collected on a URNM iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 15.28% (roughly $9.21 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 URNM expiries trade a higher absolute premium for lower per-day decay. Position sizing on URNM should anchor to the underlying notional of $60.30 per share and to the trader's directional view on URNM etf.
URNM iron condor setup
The URNM 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 URNM near $60.30, the first option leg uses a $63.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed URNM 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 URNM shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $63.00 | $2.73 |
| Buy 1 | Call | $66.00 | $2.10 |
| Sell 1 | Put | $57.00 | $2.13 |
| Buy 1 | Put | $54.00 | $1.33 |
URNM iron condor risk and reward
- Net Premium / Debit
- +$142.50
- Max Profit (per contract)
- $142.50
- Max Loss (per contract)
- -$157.50
- Breakeven(s)
- $55.58, $64.43
- 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.
URNM iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on URNM. 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% | -$157.50 |
| $13.34 | -77.9% | -$157.50 |
| $26.67 | -55.8% | -$157.50 |
| $40.00 | -33.7% | -$157.50 |
| $53.34 | -11.5% | -$157.50 |
| $66.67 | +10.6% | -$157.50 |
| $80.00 | +32.7% | -$157.50 |
| $93.33 | +54.8% | -$157.50 |
| $106.66 | +76.9% | -$157.50 |
| $119.99 | +99.0% | -$157.50 |
When traders use iron condor on URNM
Iron condors on URNM are a delta-neutral premium-collection structure that profits if URNM etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
URNM thesis for this iron condor
The market-implied 1-standard-deviation range for URNM extends from approximately $51.09 on the downside to $69.51 on the upside. A URNM iron condor is a delta-neutral premium-collection structure that pays off when URNM 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 URNM IV rank near 51.73% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on URNM should anchor more to the directional view and the expected-move geometry. As a Financial Services name, URNM options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to URNM-specific events.
URNM 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. URNM positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move URNM alongside the broader basket even when URNM-specific fundamentals are unchanged. Short-premium structures like a iron condor on URNM carry tail risk when realized volatility exceeds the implied move; review historical URNM earnings reactions and macro stress periods before sizing. Always rebuild the position from current URNM chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on URNM?
- A iron condor on URNM is the iron condor strategy applied to URNM (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 URNM etf trading near $60.30, the strikes shown on this page are snapped to the nearest listed URNM chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are URNM 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 URNM iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 53.30%), the computed maximum profit is $142.50 per contract and the computed maximum loss is -$157.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a URNM iron condor?
- The breakeven for the URNM iron condor priced on this page is roughly $55.58 and $64.43 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 URNM market-implied 1-standard-deviation expected move is approximately 15.28%; 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 URNM?
- Iron condors on URNM are a delta-neutral premium-collection structure that profits if URNM etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current URNM implied volatility affect this iron condor?
- URNM ATM IV is at 53.30% with IV rank near 51.73%, 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.