How are UYM 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 UYM iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 37.90%), the computed maximum profit is $80.00 per contract and the computed maximum loss is -$120.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a UYM iron condor?

The breakeven for the UYM iron condor priced on this page is roughly $29.20 and $33.81 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 UYM market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.87%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current UYM implied volatility affect this iron condor?

UYM ATM IV is at 37.90% with IV rank near 16.14%, 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.

UYM Iron Condor Strategy

UYM (ProShares - Ultra Materials), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.

The ProShares Ultra Materials fund (UYM) endeavors to provide daily returns that are double (2x) the daily performance of the S&P Materials Select SectorSM Index. This objective is pursued before accounting for any associated fees and operating expenses.

UYM (ProShares - Ultra Materials) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $33.3M, a beta of 1.36 versus the broader market, a 52-week range of 21.34-34.54, average daily share volume of 10K, a public-listing history dating back to 2007. These structural characteristics shape how UYM etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.36 indicates UYM has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. UYM pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on UYM?

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.

UYM snapshot

As of August 14, 2026, spot at $31.34, ATM IV 37.90%, IV rank 16.14%, expected move 10.87%. The iron condor on UYM 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 UYM specifically: UYM IV at 37.90% is on the cheap side of its 1-year range, which means a premium-selling UYM iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 10.87% (roughly $3.41 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 UYM expiries trade a higher absolute premium for lower per-day decay. Position sizing on UYM should anchor to the underlying notional of $31.34 per share and to the trader's directional view on UYM etf.

UYM iron condor setup

The UYM 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 UYM at $31.34 on that close, the first option leg uses a $33.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed UYM 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 UYM shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$33.00	$0.85
Buy 1	Call	$34.00	$0.57
Sell 1	Put	$30.00	$0.83
Buy 1	Put	$28.00	$0.31

UYM iron condor risk and reward

Net Premium / Debit: +$80.00
Max Profit (per contract): $80.00
Max Loss (per contract): -$120.00
Breakeven(s): $29.20, $33.81
Risk / Reward Ratio: 0.667

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.

UYM iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on UYM. 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%	-$120.00
$6.94	-77.9%	-$120.00
$13.87	-55.8%	-$120.00
$20.80	-33.6%	-$120.00
$27.72	-11.5%	-$120.00
$34.65	+10.6%	-$20.00
$41.58	+32.7%	-$20.00
$48.51	+54.8%	-$20.00
$55.44	+76.9%	-$20.00
$62.37	+99.0%	-$20.00

When traders use iron condor on UYM

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

UYM thesis for this iron condor

The market-implied 1-standard-deviation range for UYM extends from approximately $27.93 on the downside to $34.75 on the upside. A UYM iron condor is a delta-neutral premium-collection structure that pays off when UYM 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 UYM IV rank near 16.14% 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 UYM at 37.90%. As a Financial Services name, UYM options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to UYM-specific events.

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

Frequently asked questions

What is a iron condor on UYM?: A iron condor on UYM is the iron condor strategy applied to UYM (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 UYM etf at $31.34 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed UYM chain strike and the premiums come straight from that session's bid/ask midpoint.
How are UYM 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 UYM iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 37.90%), the computed maximum profit is $80.00 per contract and the computed maximum loss is -$120.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a UYM iron condor?: The breakeven for the UYM iron condor priced on this page is roughly $29.20 and $33.81 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 UYM market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.87%; 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 UYM?: Iron condors on UYM are a delta-neutral premium-collection structure that profits if UYM etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current UYM implied volatility affect this iron condor?: UYM ATM IV is at 37.90% with IV rank near 16.14%, 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.