GBIL Iron Condor Strategy
GBIL (Goldman Sachs Access Treasury 0-1 Year ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
Goldman Sachs ETF Trust - Goldman Sachs Access Treasury 0-1 Year ETF is an exchange traded fund launched and managed by Goldman Sachs Asset Management, L.P. The fund invests in the fixed income markets of the United States. It invests in U.S. dollar denominated treasury obligations, including treasury notes, treasury bills, and treasury floating rate bonds that have a minimum remaining maturity of 1 month and a maximum remaining maturity of 12 months. The fund seeks to track the performance of the FTSE US Treasury 0-1 Year Composite Select Index, by using representative sampling methodology. Goldman Sachs ETF Trust - Goldman Sachs Access Treasury 0-1 Year ETF was formed on September 6, 2016 and is domiciled in the United States.
GBIL (Goldman Sachs Access Treasury 0-1 Year ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $7.69B, a beta of 0.01 versus the broader market, a 52-week range of 99.85-100.26, average daily share volume of 740K, a public-listing history dating back to 2016. These structural characteristics shape how GBIL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.01 indicates GBIL has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. GBIL pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on GBIL?
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.
GBIL snapshot
As of August 14, 2026, spot at $100.05, ATM IV 25.20%, IV rank 31.38%, expected move 7.22%. The iron condor on GBIL 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 GBIL specifically: GBIL IV at 25.20% is mid-range versus its 1-year history, so the credit collected on a GBIL iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 7.22% (roughly $7.23 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 GBIL expiries trade a higher absolute premium for lower per-day decay. Position sizing on GBIL should anchor to the underlying notional of $100.05 per share and to the trader's directional view on GBIL etf.
GBIL iron condor setup
The GBIL 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 GBIL at $100.05 on that close, the first option leg uses a $105.05 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GBIL 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 GBIL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $105.05 | N/A |
| Buy 1 | Call | $110.06 | N/A |
| Sell 1 | Put | $95.05 | N/A |
| Buy 1 | Put | $90.05 | N/A |
GBIL 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.
GBIL iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on GBIL. 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 GBIL
Iron condors on GBIL are a delta-neutral premium-collection structure that profits if GBIL etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
GBIL thesis for this iron condor
The market-implied 1-standard-deviation range for GBIL extends from approximately $92.82 on the downside to $107.28 on the upside. A GBIL iron condor is a delta-neutral premium-collection structure that pays off when GBIL 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 GBIL IV rank near 31.38% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on GBIL should anchor more to the directional view and the expected-move geometry. As a Financial Services name, GBIL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GBIL-specific events.
GBIL 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. GBIL positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move GBIL alongside the broader basket even when GBIL-specific fundamentals are unchanged. Short-premium structures like a iron condor on GBIL carry tail risk when realized volatility exceeds the implied move; review historical GBIL earnings reactions and macro stress periods before sizing. Always rebuild the position from current GBIL chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on GBIL?
- A iron condor on GBIL is the iron condor strategy applied to GBIL (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 GBIL etf at $100.05 on the most recent close, the strikes shown on this page are snapped to the nearest listed GBIL chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are GBIL 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 GBIL iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 25.20%), 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 GBIL iron condor?
- The breakeven for the GBIL 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 GBIL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 7.22%; 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 GBIL?
- Iron condors on GBIL are a delta-neutral premium-collection structure that profits if GBIL etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current GBIL implied volatility affect this iron condor?
- GBIL ATM IV is at 25.20% with IV rank near 31.38%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.