FLBR Iron Condor Strategy
FLBR (Franklin FTSE Brazil ETF), in the Financial Services sector, (Asset Management - Global industry), listed on AMEX.
This exchange-traded fund endeavors to replicate the performance of the FTSE Brazil RIC Capped Index (also known as the FTSE Brazil Capped Index), without considering any associated fees and expenses.
FLBR (Franklin FTSE Brazil ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $237.1M, a beta of 0.96 versus the broader market, a 52-week range of 17.06-26.249, average daily share volume of 183K, a public-listing history dating back to 2017. These structural characteristics shape how FLBR etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.96 places FLBR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. FLBR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on FLBR?
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.
FLBR snapshot
As of August 14, 2026, spot at $20.63, ATM IV 26.60%, IV rank 21.15%, expected move 7.63%. The iron condor on FLBR below is built from the 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 FLBR specifically: FLBR IV at 26.60% is on the cheap side of its 1-year range, which means a premium-selling FLBR iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 7.63% (roughly $1.57 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FLBR expiries trade a higher absolute premium for lower per-day decay. Position sizing on FLBR should anchor to the underlying notional of $20.63 per share and to the trader's directional view on FLBR etf.
FLBR iron condor setup
The FLBR 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 FLBR at $20.63 on that close, the first option leg uses a $21.66 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FLBR 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 FLBR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $21.66 | N/A |
| Buy 1 | Call | $22.69 | N/A |
| Sell 1 | Put | $19.60 | N/A |
| Buy 1 | Put | $18.57 | N/A |
FLBR iron condor risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
FLBR iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on FLBR. 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.
When traders use iron condor on FLBR
Iron condors on FLBR are a delta-neutral premium-collection structure that profits if FLBR etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
FLBR thesis for this iron condor
The market-implied 1-standard-deviation range for FLBR extends from approximately $19.06 on the downside to $22.20 on the upside. A FLBR iron condor is a delta-neutral premium-collection structure that pays off when FLBR 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 FLBR IV rank near 21.15% 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 FLBR at 26.60%. As a Financial Services name, FLBR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FLBR-specific events.
FLBR 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. FLBR positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FLBR alongside the broader basket even when FLBR-specific fundamentals are unchanged. Short-premium structures like a iron condor on FLBR carry tail risk when realized volatility exceeds the implied move; review historical FLBR earnings reactions and macro stress periods before sizing. Always rebuild the position from current FLBR chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on FLBR?
- A iron condor on FLBR is the iron condor strategy applied to FLBR (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 FLBR etf at $20.63 on the most recent close, the strikes shown on this page are snapped to the nearest listed FLBR chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are FLBR 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 FLBR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 26.60%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a FLBR iron condor?
- The breakeven for the FLBR iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 FLBR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 7.63%; 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 FLBR?
- Iron condors on FLBR are a delta-neutral premium-collection structure that profits if FLBR etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current FLBR implied volatility affect this iron condor?
- FLBR ATM IV is at 26.60% with IV rank near 21.15%, 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.