GII Iron Condor Strategy
GII (State Street SPDR S&P Global Infrastructure ETF), in the Financial Services sector, (Asset Management - Global industry), listed on AMEX.
The State Street SPDR S&P Global Infrastructure ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P Global Infrastructure Index (the "Index")Seeks to provide exposure to the 75 largest infrastructure-related stocks based on float-adjusted market cap and liquidityIndex is diversified across transportation, utilities, and energy infrastructure sub-industries
GII (State Street SPDR S&P Global Infrastructure ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $990.6M, a beta of 0.68 versus the broader market, a 52-week range of 65.28-78.95, average daily share volume of 82K, a public-listing history dating back to 2007. These structural characteristics shape how GII etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.68 indicates GII has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. GII pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on GII?
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 GII snapshot
As of May 15, 2026, spot at $74.95, ATM IV 17.50%, IV rank 2.95%, expected move 5.02%. The iron condor on GII 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 34-day expiry.
Why this iron condor structure on GII specifically: GII IV at 17.50% is on the cheap side of its 1-year range, which means a premium-selling GII iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 5.02% (roughly $3.76 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated GII expiries trade a higher absolute premium for lower per-day decay. Position sizing on GII should anchor to the underlying notional of $74.95 per share and to the trader's directional view on GII etf.
GII iron condor setup
The GII 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 GII near $74.95, the first option leg uses a $79.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GII chain at a 34-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 GII shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $79.00 | $0.30 |
| Buy 1 | Call | $82.00 | $0.07 |
| Sell 1 | Put | $71.00 | $0.62 |
| Buy 1 | Put | $67.00 | $0.09 |
GII iron condor risk and reward
- Net Premium / Debit
- +$76.00
- Max Profit (per contract)
- $76.00
- Max Loss (per contract)
- -$324.00
- Breakeven(s)
- $70.24, $79.76
- Risk / Reward Ratio
- 0.235
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.
GII iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on GII. 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% | -$324.00 |
| $16.58 | -77.9% | -$324.00 |
| $33.15 | -55.8% | -$324.00 |
| $49.72 | -33.7% | -$324.00 |
| $66.29 | -11.6% | -$324.00 |
| $82.86 | +10.6% | -$224.00 |
| $99.43 | +32.7% | -$224.00 |
| $116.01 | +54.8% | -$224.00 |
| $132.58 | +76.9% | -$224.00 |
| $149.15 | +99.0% | -$224.00 |
When traders use iron condor on GII
Iron condors on GII are a delta-neutral premium-collection structure that profits if GII etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
GII thesis for this iron condor
The market-implied 1-standard-deviation range for GII extends from approximately $71.19 on the downside to $78.71 on the upside. A GII iron condor is a delta-neutral premium-collection structure that pays off when GII 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 GII IV rank near 2.95% 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 GII at 17.50%. As a Financial Services name, GII options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GII-specific events.
GII 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. GII positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move GII alongside the broader basket even when GII-specific fundamentals are unchanged. Short-premium structures like a iron condor on GII carry tail risk when realized volatility exceeds the implied move; review historical GII earnings reactions and macro stress periods before sizing. Always rebuild the position from current GII chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on GII?
- A iron condor on GII is the iron condor strategy applied to GII (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 GII etf trading near $74.95, the strikes shown on this page are snapped to the nearest listed GII chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are GII 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 GII iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 17.50%), the computed maximum profit is $76.00 per contract and the computed maximum loss is -$324.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a GII iron condor?
- The breakeven for the GII iron condor priced on this page is roughly $70.24 and $79.76 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 GII market-implied 1-standard-deviation expected move is approximately 5.02%; 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 GII?
- Iron condors on GII are a delta-neutral premium-collection structure that profits if GII etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current GII implied volatility affect this iron condor?
- GII ATM IV is at 17.50% with IV rank near 2.95%, 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.