How are WTMF 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 WTMF iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 86.50%), the computed maximum profit is $34.00 per contract and the computed maximum loss is -$166.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a WTMF iron condor?

The breakeven for the WTMF iron condor priced on this page is roughly $37.66 and $43.34 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 WTMF market-implied 1-standard-deviation expected move is approximately 24.80%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current WTMF implied volatility affect this iron condor?

WTMF ATM IV is at 86.50% with IV rank near 63.62%, 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.

WTMF Iron Condor Strategy

WTMF (WisdomTree Managed Futures Strategy Fund), in the Financial Services sector, (Asset Management industry), listed on AMEX.

This actively managed exchange-traded fund (ETF) primarily directs at least 80% of its net assets, including any funds borrowed for investment purposes, into "managed futures." Its objective is to generate favorable absolute returns in various market conditions, including periods of growth or decline, with performance largely independent of conventional equity or fixed-income market fluctuations. The fund utilizes a non-diversified investment strategy.

WTMF (WisdomTree Managed Futures Strategy Fund) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $235.8M, a beta of 0.28 versus the broader market, a 52-week range of 34.89-41.55, average daily share volume of 27K, a public-listing history dating back to 2011. These structural characteristics shape how WTMF etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.28 indicates WTMF has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. WTMF pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on WTMF?

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 WTMF snapshot

As of June 29, 2026, spot at $40.52, ATM IV 86.50%, IV rank 63.62%, expected move 24.80%. The iron condor on WTMF 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 18-day expiry.

Why this iron condor structure on WTMF specifically: WTMF IV at 86.50% is mid-range versus its 1-year history, so the credit collected on a WTMF iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 24.80% (roughly $10.05 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated WTMF expiries trade a higher absolute premium for lower per-day decay. Position sizing on WTMF should anchor to the underlying notional of $40.52 per share and to the trader's directional view on WTMF etf.

WTMF iron condor setup

The WTMF 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 WTMF near $40.52, the first option leg uses a $43.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed WTMF chain at a 18-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 WTMF shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$43.00	$0.22
Buy 1	Call	$45.00	$0.04
Sell 1	Put	$38.00	$0.19
Buy 1	Put	$36.00	$0.03

WTMF iron condor risk and reward

Net Premium / Debit: +$34.00
Max Profit (per contract): $34.00
Max Loss (per contract): -$166.00
Breakeven(s): $37.66, $43.34
Risk / Reward Ratio: 0.205

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.

WTMF iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on WTMF. 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%	-$166.00
$8.97	-77.9%	-$166.00
$17.93	-55.8%	-$166.00
$26.88	-33.7%	-$166.00
$35.84	-11.5%	-$166.00
$44.80	+10.6%	-$146.05
$53.76	+32.7%	-$166.00
$62.72	+54.8%	-$166.00
$71.67	+76.9%	-$166.00
$80.63	+99.0%	-$166.00

When traders use iron condor on WTMF

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

WTMF thesis for this iron condor

The market-implied 1-standard-deviation range for WTMF extends from approximately $30.47 on the downside to $50.57 on the upside. A WTMF iron condor is a delta-neutral premium-collection structure that pays off when WTMF 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 WTMF IV rank near 63.62% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on WTMF should anchor more to the directional view and the expected-move geometry. As a Financial Services name, WTMF options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to WTMF-specific events.

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

Frequently asked questions

What is a iron condor on WTMF?: A iron condor on WTMF is the iron condor strategy applied to WTMF (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 WTMF etf trading near $40.52, the strikes shown on this page are snapped to the nearest listed WTMF chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are WTMF 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 WTMF iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 86.50%), the computed maximum profit is $34.00 per contract and the computed maximum loss is -$166.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a WTMF iron condor?: The breakeven for the WTMF iron condor priced on this page is roughly $37.66 and $43.34 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 WTMF market-implied 1-standard-deviation expected move is approximately 24.80%; 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 WTMF?: Iron condors on WTMF are a delta-neutral premium-collection structure that profits if WTMF etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current WTMF implied volatility affect this iron condor?: WTMF ATM IV is at 86.50% with IV rank near 63.62%, 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.