FCLD Iron Condor Strategy
FCLD (Fidelity Cloud Computing ETF), in the Financial Services sector, (Asset Management - Bonds industry), listed on CBOE.
Invests in companies enabling the increased adoption of cloud computing characterized by the delivery of computing services over the internet.
FCLD (Fidelity Cloud Computing ETF) trades in the Financial Services sector, specifically Asset Management - Bonds, with a market capitalization of approximately $80.2M, a beta of 1.54 versus the broader market, a 52-week range of 26.01-41.71, average daily share volume of 21K, a public-listing history dating back to 2021. These structural characteristics shape how FCLD etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.54 indicates FCLD has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. FCLD pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on FCLD?
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 FCLD snapshot
As of June 29, 2026, spot at $38.69, ATM IV 35.70%, IV rank 29.48%, expected move 10.23%. The iron condor on FCLD 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 FCLD specifically: FCLD IV at 35.70% is on the cheap side of its 1-year range, which means a premium-selling FCLD iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 10.23% (roughly $3.96 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 FCLD expiries trade a higher absolute premium for lower per-day decay. Position sizing on FCLD should anchor to the underlying notional of $38.69 per share and to the trader's directional view on FCLD etf.
FCLD iron condor setup
The FCLD 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 FCLD near $38.69, the first option leg uses a $41.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FCLD 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 FCLD shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $41.00 | $0.46 |
| Buy 1 | Call | $43.00 | $0.15 |
| Sell 1 | Put | $37.00 | $0.49 |
| Buy 1 | Put | $35.00 | $0.13 |
FCLD iron condor risk and reward
- Net Premium / Debit
- +$67.00
- Max Profit (per contract)
- $67.00
- Max Loss (per contract)
- -$133.00
- Breakeven(s)
- $36.33, $41.67
- Risk / Reward Ratio
- 0.504
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.
FCLD iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on FCLD. 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% | -$133.00 |
| $8.56 | -77.9% | -$133.00 |
| $17.12 | -55.8% | -$133.00 |
| $25.67 | -33.7% | -$133.00 |
| $34.22 | -11.5% | -$133.00 |
| $42.78 | +10.6% | -$110.73 |
| $51.33 | +32.7% | -$133.00 |
| $59.88 | +54.8% | -$133.00 |
| $68.44 | +76.9% | -$133.00 |
| $76.99 | +99.0% | -$133.00 |
When traders use iron condor on FCLD
Iron condors on FCLD are a delta-neutral premium-collection structure that profits if FCLD etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
FCLD thesis for this iron condor
The market-implied 1-standard-deviation range for FCLD extends from approximately $34.73 on the downside to $42.65 on the upside. A FCLD iron condor is a delta-neutral premium-collection structure that pays off when FCLD 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 FCLD IV rank near 29.48% 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 FCLD at 35.70%. As a Financial Services name, FCLD options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FCLD-specific events.
FCLD 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. FCLD positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FCLD alongside the broader basket even when FCLD-specific fundamentals are unchanged. Short-premium structures like a iron condor on FCLD carry tail risk when realized volatility exceeds the implied move; review historical FCLD earnings reactions and macro stress periods before sizing. Always rebuild the position from current FCLD chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on FCLD?
- A iron condor on FCLD is the iron condor strategy applied to FCLD (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 FCLD etf trading near $38.69, the strikes shown on this page are snapped to the nearest listed FCLD chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are FCLD 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 FCLD iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 35.70%), the computed maximum profit is $67.00 per contract and the computed maximum loss is -$133.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a FCLD iron condor?
- The breakeven for the FCLD iron condor priced on this page is roughly $36.33 and $41.67 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 FCLD market-implied 1-standard-deviation expected move is approximately 10.23%; 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 FCLD?
- Iron condors on FCLD are a delta-neutral premium-collection structure that profits if FCLD etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current FCLD implied volatility affect this iron condor?
- FCLD ATM IV is at 35.70% with IV rank near 29.48%, 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.