USLV Iron Condor Strategy
USLV (Direxion Daily Silver Bull 2X ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
VelocityShares 3x Long Silver ETN Linked to the S&P GSCI Silver Index ER. Delisted by Credit Suisse AG on July 2, 2020. No longer actively trading on exchanges and has no current business operations as a financial product.
USLV (Direxion Daily Silver Bull 2X ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.9M, a beta of 0.00 versus the broader market, a 52-week range of 11.97-24.49, average daily share volume of 126K, a public-listing history dating back to 2026. These structural characteristics shape how USLV etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.00 indicates USLV has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. USLV pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on USLV?
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.
USLV snapshot
As of September 29, 2026, spot at $14.04, ATM IV 70.20%, expected move 20.13%. The iron condor on USLV 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 17-day expiry.
Why this iron condor structure on USLV specifically: IV rank is unavailable in the current snapshot, so regime-based timing for USLV is inferred from ATM IV at 70.20% alone, with a market-implied 1-standard-deviation move of approximately 20.13% (roughly $2.83 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated USLV expiries trade a higher absolute premium for lower per-day decay. Position sizing on USLV should anchor to the underlying notional of $14.04 per share and to the trader's directional view on USLV etf.
USLV iron condor setup
The USLV 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 USLV at $14.04 on that close, the first option leg uses a $15.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed USLV chain at a 17-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 USLV shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $15.00 | $0.43 |
| Buy 1 | Call | $15.00 | $0.43 |
| Sell 1 | Put | $13.00 | $0.38 |
| Buy 1 | Put | $13.00 | $0.38 |
USLV 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.
USLV iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on USLV. 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 | -99.9% | $0.00 |
| $3.11 | -77.8% | $0.00 |
| $6.22 | -55.7% | $0.00 |
| $9.32 | -33.6% | $0.00 |
| $12.42 | -11.5% | $0.00 |
| $15.53 | +10.6% | $0.00 |
| $18.63 | +32.7% | $0.00 |
| $21.73 | +54.8% | $0.00 |
| $24.84 | +76.9% | $0.00 |
| $27.94 | +99.0% | $0.00 |
When traders use iron condor on USLV
Iron condors on USLV are a delta-neutral premium-collection structure that profits if USLV etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
USLV thesis for this iron condor
The market-implied 1-standard-deviation range for USLV extends from approximately $11.21 on the downside to $16.87 on the upside. A USLV iron condor is a delta-neutral premium-collection structure that pays off when USLV 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. As a Financial Services name, USLV options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to USLV-specific events.
USLV 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. USLV positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move USLV alongside the broader basket even when USLV-specific fundamentals are unchanged. Short-premium structures like a iron condor on USLV carry tail risk when realized volatility exceeds the implied move; review historical USLV earnings reactions and macro stress periods before sizing. Always rebuild the position from current USLV chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on USLV?
- A iron condor on USLV is the iron condor strategy applied to USLV (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 USLV etf at $14.04 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed USLV chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are USLV 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 USLV iron condor priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 70.20%), 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 USLV iron condor?
- The breakeven for the USLV iron condor priced on this page is no defined breakeven on the modeled curve 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 USLV market-implied 1-standard-deviation expected move in the same options snapshot is approximately 20.13%; 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 USLV?
- Iron condors on USLV are a delta-neutral premium-collection structure that profits if USLV etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current USLV implied volatility affect this iron condor?
- Current USLV ATM IV is 70.20%; IV rank context is unavailable in the current snapshot.