How are AMAU 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 AMAU iron condor priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 109.00%), the computed maximum profit is $77.50 per contract and the computed maximum loss is -$22.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a AMAU iron condor?

The breakeven for the AMAU iron condor priced on this page is roughly $14.23 and $16.78 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 AMAU market-implied 1-standard-deviation expected move in the same options snapshot is approximately 31.25%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current AMAU implied volatility affect this iron condor?

Current AMAU ATM IV is 109.00%; IV rank context is unavailable in the current snapshot.

AMAU Iron Condor Strategy

AMAU (Themes ETF Trust - Leverage Shares 2X Long AMAT Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

AMAU is designedfor makingbullishbets on the stock price ofApplied Materials, Inc. (Nasdaq: AMAT), through swap agreements. Theobjectiveis to obtain daily leveraged exposure equivalent to 200% of the fund's net assets. Tomaintainthis exposure, daily rebalancing is performed tomake adjustmentsin response toAMAT's daily price movements. As a geared product, the fund is intended as a short-term tactical tool, ratherthan asa long-term investment vehicle. As a result, returns may deviate from the expected 2x if held for longer than a single day due to compounding. This strategy is high-risk and does not include a defensive position as part of its overall process.

AMAU (Themes ETF Trust - Leverage Shares 2X Long AMAT Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $22.2M, a beta of -30.15 versus the broader market, a 52-week range of 10.11-37.41, average daily share volume of 282K, a public-listing history dating back to 2026. These structural characteristics shape how AMAU stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -30.15 indicates AMAU has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a iron condor on AMAU?

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.

AMAU snapshot

As of September 29, 2026, spot at $15.27, ATM IV 109.00%, expected move 31.25%. The iron condor on AMAU 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 80-day expiry.

Why this iron condor structure on AMAU specifically: IV rank is unavailable in the current snapshot, so regime-based timing for AMAU is inferred from ATM IV at 109.00% alone, with a market-implied 1-standard-deviation move of approximately 31.25% (roughly $4.77 on the underlying). The 80-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated AMAU expiries trade a higher absolute premium for lower per-day decay. Position sizing on AMAU should anchor to the underlying notional of $15.27 per share and to the trader's directional view on AMAU stock.

AMAU iron condor setup

The AMAU 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 AMAU at $15.27 on that close, the first option leg uses a $16.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AMAU chain at a 80-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 AMAU shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$16.00	$2.85
Buy 1	Call	$17.00	$2.53
Sell 1	Put	$15.00	$3.30
Buy 1	Put	$14.00	$2.85

AMAU iron condor risk and reward

Net Premium / Debit: +$77.50
Max Profit (per contract): $77.50
Max Loss (per contract): -$22.50
Breakeven(s): $14.23, $16.78
Risk / Reward Ratio: 3.444

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.

AMAU iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on AMAU. 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	-99.9%	-$22.50
$3.39	-77.8%	-$22.50
$6.76	-55.7%	-$22.50
$10.14	-33.6%	-$22.50
$13.51	-11.5%	-$22.50
$16.89	+10.6%	-$11.09
$20.26	+32.7%	-$22.50
$23.64	+54.8%	-$22.50
$27.01	+76.9%	-$22.50
$30.39	+99.0%	-$22.50

When traders use iron condor on AMAU

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

AMAU thesis for this iron condor

The market-implied 1-standard-deviation range for AMAU extends from approximately $10.50 on the downside to $20.04 on the upside. A AMAU iron condor is a delta-neutral premium-collection structure that pays off when AMAU 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, AMAU options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AMAU-specific events.

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

Frequently asked questions

What is a iron condor on AMAU?: A iron condor on AMAU is the iron condor strategy applied to AMAU (stock). 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 AMAU stock at $15.27 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed AMAU chain strike and the premiums come straight from that session's bid/ask midpoint.
How are AMAU 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 AMAU iron condor priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 109.00%), the computed maximum profit is $77.50 per contract and the computed maximum loss is -$22.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a AMAU iron condor?: The breakeven for the AMAU iron condor priced on this page is roughly $14.23 and $16.78 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 AMAU market-implied 1-standard-deviation expected move in the same options snapshot is approximately 31.25%; 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 AMAU?: Iron condors on AMAU are a delta-neutral premium-collection structure that profits if AMAU stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current AMAU implied volatility affect this iron condor?: Current AMAU ATM IV is 109.00%; IV rank context is unavailable in the current snapshot.