UTHY Iron Condor Strategy
UTHY (US Treasury 30 Year Bond ETF), in the Financial Services sector, (Asset Management - Bonds industry), listed on NASDAQ.
Under normal market conditions, The adviser seeks to achieve the fund’s investment objective by investing at least 80% of the fund’s net assets (plus any borrowings for investment purposes) in the component securities of the underlying index. The ICE BofA Current 30-Year US Treasury Index is a one-security index comprised of the most recently issued 30-year U.S. Treasury bond.
UTHY (US Treasury 30 Year Bond ETF) trades in the Financial Services sector, specifically Asset Management - Bonds, with a market capitalization of approximately $20.2M, a beta of 2.33 versus the broader market, a 52-week range of 39.55-43.44, average daily share volume of 20K, a public-listing history dating back to 2023. These structural characteristics shape how UTHY etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.33 indicates UTHY has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. UTHY pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on UTHY?
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 UTHY snapshot
As of May 15, 2026, spot at $39.56, ATM IV 39.20%, IV rank 39.16%, expected move 11.24%. The iron condor on UTHY 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 UTHY specifically: UTHY IV at 39.20% is mid-range versus its 1-year history, so the credit collected on a UTHY iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 11.24% (roughly $4.45 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 UTHY expiries trade a higher absolute premium for lower per-day decay. Position sizing on UTHY should anchor to the underlying notional of $39.56 per share and to the trader's directional view on UTHY etf.
UTHY iron condor setup
The UTHY 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 UTHY near $39.56, the first option leg uses a $42.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed UTHY 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 UTHY shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $42.00 | $0.67 |
| Buy 1 | Call | $44.00 | $0.29 |
| Sell 1 | Put | $38.00 | $0.93 |
| Buy 1 | Put | $36.00 | $0.39 |
UTHY iron condor risk and reward
- Net Premium / Debit
- +$92.00
- Max Profit (per contract)
- $92.00
- Max Loss (per contract)
- -$108.00
- Breakeven(s)
- $37.08, $42.92
- Risk / Reward Ratio
- 0.852
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.
UTHY iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on UTHY. 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% | -$108.00 |
| $8.76 | -77.9% | -$108.00 |
| $17.50 | -55.8% | -$108.00 |
| $26.25 | -33.7% | -$108.00 |
| $34.99 | -11.5% | -$108.00 |
| $43.74 | +10.6% | -$81.91 |
| $52.48 | +32.7% | -$108.00 |
| $61.23 | +54.8% | -$108.00 |
| $69.98 | +76.9% | -$108.00 |
| $78.72 | +99.0% | -$108.00 |
When traders use iron condor on UTHY
Iron condors on UTHY are a delta-neutral premium-collection structure that profits if UTHY etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
UTHY thesis for this iron condor
The market-implied 1-standard-deviation range for UTHY extends from approximately $35.11 on the downside to $44.01 on the upside. A UTHY iron condor is a delta-neutral premium-collection structure that pays off when UTHY 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 UTHY IV rank near 39.16% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on UTHY should anchor more to the directional view and the expected-move geometry. As a Financial Services name, UTHY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to UTHY-specific events.
UTHY 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. UTHY positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move UTHY alongside the broader basket even when UTHY-specific fundamentals are unchanged. Short-premium structures like a iron condor on UTHY carry tail risk when realized volatility exceeds the implied move; review historical UTHY earnings reactions and macro stress periods before sizing. Always rebuild the position from current UTHY chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on UTHY?
- A iron condor on UTHY is the iron condor strategy applied to UTHY (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 UTHY etf trading near $39.56, the strikes shown on this page are snapped to the nearest listed UTHY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are UTHY 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 UTHY iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 39.20%), the computed maximum profit is $92.00 per contract and the computed maximum loss is -$108.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a UTHY iron condor?
- The breakeven for the UTHY iron condor priced on this page is roughly $37.08 and $42.92 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 UTHY market-implied 1-standard-deviation expected move is approximately 11.24%; 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 UTHY?
- Iron condors on UTHY are a delta-neutral premium-collection structure that profits if UTHY etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current UTHY implied volatility affect this iron condor?
- UTHY ATM IV is at 39.20% with IV rank near 39.16%, 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.