UST Iron Condor Strategy
UST (ProShares - Ultra 7-10 Year Treasury), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.
The ProShares Ultra 7-10 Year Treasury aims to deliver daily investment returns that effectively double the single-day performance of the ICE U.S. Treasury 7-10 Year Bond Index, all before accounting for any associated fees and operational costs.
UST (ProShares - Ultra 7-10 Year Treasury) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $15.1M, a beta of 2.32 versus the broader market, a 52-week range of 40.67-45.43, average daily share volume of 9K, a public-listing history dating back to 2010. These structural characteristics shape how UST etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.32 indicates UST has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. UST pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on UST?
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.
UST snapshot
As of August 14, 2026, spot at $41.27, ATM IV 10.50%, IV rank 1.84%, expected move 3.01%. The iron condor on UST below is built from the 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 UST specifically: UST IV at 10.50% is on the cheap side of its 1-year range, which means a premium-selling UST iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 3.01% (roughly $1.24 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 UST expiries trade a higher absolute premium for lower per-day decay. Position sizing on UST should anchor to the underlying notional of $41.27 per share and to the trader's directional view on UST etf.
UST iron condor setup
The UST 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 UST at $41.27 on that close, the first option leg uses a $43.33 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed UST 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 UST shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $43.33 | N/A |
| Buy 1 | Call | $45.40 | N/A |
| Sell 1 | Put | $39.21 | N/A |
| Buy 1 | Put | $37.14 | N/A |
UST iron condor risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- 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.
UST iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on UST. 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.
When traders use iron condor on UST
Iron condors on UST are a delta-neutral premium-collection structure that profits if UST etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
UST thesis for this iron condor
The market-implied 1-standard-deviation range for UST extends from approximately $40.03 on the downside to $42.51 on the upside. A UST iron condor is a delta-neutral premium-collection structure that pays off when UST 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 UST IV rank near 1.84% 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 UST at 10.50%. As a Financial Services name, UST options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to UST-specific events.
UST 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. UST positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move UST alongside the broader basket even when UST-specific fundamentals are unchanged. Short-premium structures like a iron condor on UST carry tail risk when realized volatility exceeds the implied move; review historical UST earnings reactions and macro stress periods before sizing. Always rebuild the position from current UST chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on UST?
- A iron condor on UST is the iron condor strategy applied to UST (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 UST etf at $41.27 on the most recent close, the strikes shown on this page are snapped to the nearest listed UST chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are UST 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 UST iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 10.50%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a UST iron condor?
- The breakeven for the UST iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 UST market-implied 1-standard-deviation expected move in the same options snapshot is approximately 3.01%; 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 UST?
- Iron condors on UST are a delta-neutral premium-collection structure that profits if UST etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current UST implied volatility affect this iron condor?
- UST ATM IV is at 10.50% with IV rank near 1.84%, 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.