WXET Iron Condor Strategy
WXET (Teucrium 2x Daily Wheat ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.
This Exchange Traded Fund (ETF) aims to primarily achieve its investment objective by strategically gaining exposure to wheat futures contracts. These contracts are exclusively traded on exchanges overseen by the Commodity Futures Trading Commission (CFTC). Additionally, the fund holds liquid assets such as cash, cash equivalents, or high-quality securities, which serve as collateral for its investments in wheat futures. This fund is considered non-diversified.
WXET (Teucrium 2x Daily Wheat ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $9.6M, a beta of -0.13 versus the broader market, a 52-week range of 14.52-28.83, average daily share volume of 20K, a public-listing history dating back to 2024. These structural characteristics shape how WXET etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.13 indicates WXET has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. WXET pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on WXET?
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.
WXET snapshot
As of September 29, 2026, spot at $21.84, ATM IV 88.90%, expected move 25.49%. The iron condor on WXET 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 WXET specifically: IV rank is unavailable in the current snapshot, so regime-based timing for WXET is inferred from ATM IV at 88.90% alone, with a market-implied 1-standard-deviation move of approximately 25.49% (roughly $5.57 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 WXET expiries trade a higher absolute premium for lower per-day decay. Position sizing on WXET should anchor to the underlying notional of $21.84 per share and to the trader's directional view on WXET etf.
WXET iron condor setup
The WXET 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 WXET at $21.84 on that close, the first option leg uses a $23.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed WXET 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 WXET shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $23.00 | $1.23 |
| Buy 1 | Call | $24.00 | $0.89 |
| Sell 1 | Put | $21.00 | $1.26 |
| Buy 1 | Put | $20.00 | $0.87 |
WXET iron condor risk and reward
- Net Premium / Debit
- +$73.00
- Max Profit (per contract)
- $73.00
- Max Loss (per contract)
- -$27.00
- Breakeven(s)
- $20.27, $23.73
- Risk / Reward Ratio
- 2.704
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.
WXET iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on WXET. 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% | -$27.00 |
| $4.84 | -77.8% | -$27.00 |
| $9.67 | -55.7% | -$27.00 |
| $14.49 | -33.6% | -$27.00 |
| $19.32 | -11.5% | -$27.00 |
| $24.15 | +10.6% | -$27.00 |
| $28.98 | +32.7% | -$27.00 |
| $33.80 | +54.8% | -$27.00 |
| $38.63 | +76.9% | -$27.00 |
| $43.46 | +99.0% | -$27.00 |
When traders use iron condor on WXET
Iron condors on WXET are a delta-neutral premium-collection structure that profits if WXET etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
WXET thesis for this iron condor
The market-implied 1-standard-deviation range for WXET extends from approximately $16.27 on the downside to $27.41 on the upside. A WXET iron condor is a delta-neutral premium-collection structure that pays off when WXET 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, WXET options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to WXET-specific events.
WXET 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. WXET positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move WXET alongside the broader basket even when WXET-specific fundamentals are unchanged. Short-premium structures like a iron condor on WXET carry tail risk when realized volatility exceeds the implied move; review historical WXET earnings reactions and macro stress periods before sizing. Always rebuild the position from current WXET chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on WXET?
- A iron condor on WXET is the iron condor strategy applied to WXET (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 WXET etf at $21.84 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed WXET chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are WXET 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 WXET iron condor priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 88.90%), the computed maximum profit is $73.00 per contract and the computed maximum loss is -$27.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a WXET iron condor?
- The breakeven for the WXET iron condor priced on this page is roughly $20.27 and $23.73 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 WXET market-implied 1-standard-deviation expected move in the same options snapshot is approximately 25.49%; 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 WXET?
- Iron condors on WXET are a delta-neutral premium-collection structure that profits if WXET etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current WXET implied volatility affect this iron condor?
- Current WXET ATM IV is 88.90%; IV rank context is unavailable in the current snapshot.