BUL Iron Condor Strategy
BUL (Pacer US Cash Cows Growth ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
This systematically managed exchange-traded fund aims to deliver long-term capital appreciation. It achieves this by carefully analyzing the S&P 900 Pure Growth Index and selecting the fifty companies with the most robust free cash flow yield.
BUL (Pacer US Cash Cows Growth ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $134.2M, a beta of 0.82 versus the broader market, a 52-week range of 50.34-65.7, average daily share volume of 10K, a public-listing history dating back to 2019. These structural characteristics shape how BUL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.82 places BUL roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. BUL pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on BUL?
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.
BUL snapshot
As of November 13, 2026, spot at $62.44. The iron condor on BUL below is built from the November 13, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this iron condor structure on BUL specifically: IV rank is unavailable in the current snapshot, so regime-based timing for BUL is inferred from ATM IV alone. The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated BUL expiries trade a higher absolute premium for lower per-day decay. Position sizing on BUL should anchor to the underlying notional of $62.44 per share and to the trader's directional view on BUL etf.
BUL iron condor setup
The BUL iron condor below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With BUL at $62.44 on that close, the first option leg uses a $66.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BUL chain at a 35-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 BUL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $66.00 | $0.26 |
| Buy 1 | Call | $69.00 | $0.03 |
| Sell 1 | Put | $59.00 | $0.37 |
| Buy 1 | Put | $56.00 | $0.07 |
BUL iron condor risk and reward
- Net Premium / Debit
- +$53.00
- Max Profit (per contract)
- $53.00
- Max Loss (per contract)
- -$247.00
- Breakeven(s)
- $58.47, $66.53
- Risk / Reward Ratio
- 0.215
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.
BUL iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on BUL. 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% | -$247.00 |
| $13.81 | -77.9% | -$247.00 |
| $27.62 | -55.8% | -$247.00 |
| $41.42 | -33.7% | -$247.00 |
| $55.23 | -11.5% | -$247.00 |
| $69.03 | +10.6% | -$247.00 |
| $82.84 | +32.7% | -$247.00 |
| $96.64 | +54.8% | -$247.00 |
| $110.45 | +76.9% | -$247.00 |
| $124.25 | +99.0% | -$247.00 |
When traders use iron condor on BUL
Iron condors on BUL are a delta-neutral premium-collection structure that profits if BUL etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
BUL thesis for this iron condor
A BUL iron condor is a delta-neutral premium-collection structure that pays off when BUL 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, BUL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BUL-specific events.
BUL 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. BUL positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BUL alongside the broader basket even when BUL-specific fundamentals are unchanged. Short-premium structures like a iron condor on BUL carry tail risk when realized volatility exceeds the implied move; review historical BUL earnings reactions and macro stress periods before sizing. Always rebuild the position from current BUL chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on BUL?
- A iron condor on BUL is the iron condor strategy applied to BUL (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 BUL etf at $62.44 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed BUL chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are BUL 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 BUL iron condor priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV the current ATM IV), the computed maximum profit is $53.00 per contract and the computed maximum loss is -$247.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a BUL iron condor?
- The breakeven for the BUL iron condor priced on this page is roughly $58.47 and $66.53 at expiration, derived from the November 13, 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.
- When should you consider a iron condor on BUL?
- Iron condors on BUL are a delta-neutral premium-collection structure that profits if BUL etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current BUL implied volatility affect this iron condor?
- Current BUL ATM IV is the current ATM IV; IV rank context is unavailable in the current snapshot.