How are XOVR 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 XOVR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 33.80%), the computed maximum profit is $30.00 per contract and the computed maximum loss is -$70.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a XOVR iron condor?

The breakeven for the XOVR iron condor priced on this page is roughly $19.70 and $22.30 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 XOVR market-implied 1-standard-deviation expected move is approximately 9.69%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current XOVR implied volatility affect this iron condor?

XOVR ATM IV is at 33.80% with IV rank near 24.92%, 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.

XOVR Iron Condor Strategy

XOVR (ERShares Private-Public Crossover ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

The ERShares Private-Public Crossover ETF (XOVR) offers a distinctive investment avenue, integrating cutting-edge public companies with a carefully selected segment of private enterprises. This unique fund is designed to provide everyday investors with direct exposure to privately held businesses—an asset class typically hard to access—all within a single, easily tradable ETF that offers daily liquidity.

XOVR (ERShares Private-Public Crossover ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $379.6M, a beta of 1.37 versus the broader market, a 52-week range of 16.37-21.78, average daily share volume of 5.5M, a public-listing history dating back to 2017. These structural characteristics shape how XOVR etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.37 indicates XOVR has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

What is a iron condor on XOVR?

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 XOVR snapshot

As of June 30, 2026, spot at $21.04, ATM IV 33.80%, IV rank 24.92%, expected move 9.69%. The iron condor on XOVR 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 17-day expiry.

Why this iron condor structure on XOVR specifically: XOVR IV at 33.80% is on the cheap side of its 1-year range, which means a premium-selling XOVR iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 9.69% (roughly $2.04 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 XOVR expiries trade a higher absolute premium for lower per-day decay. Position sizing on XOVR should anchor to the underlying notional of $21.04 per share and to the trader's directional view on XOVR etf.

XOVR iron condor setup

The XOVR 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 XOVR near $21.04, the first option leg uses a $22.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed XOVR 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 XOVR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$22.00	$0.23
Buy 1	Call	$23.00	$0.08
Sell 1	Put	$20.00	$0.25
Buy 1	Put	$19.00	$0.10

XOVR iron condor risk and reward

Net Premium / Debit: +$30.00
Max Profit (per contract): $30.00
Max Loss (per contract): -$70.00
Breakeven(s): $19.70, $22.30
Risk / Reward Ratio: 0.429

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.

XOVR iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on XOVR. 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%	-$70.00
$4.66	-77.8%	-$70.00
$9.31	-55.7%	-$70.00
$13.96	-33.6%	-$70.00
$18.61	-11.5%	-$70.00
$23.26	+10.6%	-$70.00
$27.92	+32.7%	-$70.00
$32.57	+54.8%	-$70.00
$37.22	+76.9%	-$70.00
$41.87	+99.0%	-$70.00

When traders use iron condor on XOVR

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

XOVR thesis for this iron condor

The market-implied 1-standard-deviation range for XOVR extends from approximately $19.00 on the downside to $23.08 on the upside. A XOVR iron condor is a delta-neutral premium-collection structure that pays off when XOVR 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 XOVR IV rank near 24.92% 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 XOVR at 33.80%. As a Financial Services name, XOVR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to XOVR-specific events.

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

Frequently asked questions

What is a iron condor on XOVR?: A iron condor on XOVR is the iron condor strategy applied to XOVR (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 XOVR etf trading near $21.04, the strikes shown on this page are snapped to the nearest listed XOVR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are XOVR 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 XOVR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 33.80%), the computed maximum profit is $30.00 per contract and the computed maximum loss is -$70.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a XOVR iron condor?: The breakeven for the XOVR iron condor priced on this page is roughly $19.70 and $22.30 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 XOVR market-implied 1-standard-deviation expected move is approximately 9.69%; 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 XOVR?: Iron condors on XOVR are a delta-neutral premium-collection structure that profits if XOVR etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current XOVR implied volatility affect this iron condor?: XOVR ATM IV is at 33.80% with IV rank near 24.92%, 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.