IWM options strategies, priced on the real chain
$291.2iShares Russell 2000 ETF · chain snapshot captured Aug 1, 2026
Small-cap beta with an IV surface that is persistently richer than SPY's. Premium sellers like it for that spread; the flip side is that IWM trends hard when rates move and gaps through short strikes more often than the index crowd expects.
Every page below prices its structure against the August 28, 2026 expiry — 19% at-the-money implied vol, #19 of the 20 underlyings on this site. What moves IWM: rate expectations, regional-bank headlines, and quarterly Russell rebalancing.
10 strategies on IWM
One contract (or one 100-share lot) per structure, at-the-money template strikes on the August 28, 2026expiry. Breakevens and probability of profit come from OptionTracker’s engine.
Start here
- IWM covered callSell upside on shares you already own and get paid for the cap. · breakeven $288.45 (−0.9%)
- IWM cash-secured putGet paid to place a limit order below the market. · breakeven $280.84 (−3.6%)
- IWM iron condorSell a range, buy the wings, collect if the stock stays put. · breakeven $273.79 (−6.0%)
- IWM bull call spreadBuy a call, sell a higher one — cheaper upside with a ceiling. · breakeven $294.55 (+1.2%)
- IWM bull put spreadSell a put spread below the market: credit now, defined risk. · breakeven $283.77 (−2.6%)
- IWM long straddleBuy the call and the put — pay for a move in either direction. · breakeven $279.09 (−4.2%)
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