How are GNR 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 GNR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 495.10%), the computed maximum profit is $107.00 per contract and the computed maximum loss is -$393.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a GNR iron condor?

The breakeven for the GNR iron condor priced on this page is roughly $63.93 and $71.07 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 GNR market-implied 1-standard-deviation expected move is approximately 141.94%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current GNR implied volatility affect this iron condor?

GNR ATM IV is at 495.10% with IV rank near 99.71%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

GNR Iron Condor Strategy

GNR (State Street SPDR S&P Global Natural Resources ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

This ETF, known as the State Street SPDR S&P Global Natural Resources ETF, aims to replicate the overall financial gains of the S&P Global Natural Resources Index. Its objective is to provide investors with exposure to some of the most significant companies by market capitalization across three vital natural resource industries: agriculture, energy, and metals and mining. A key feature of the index's construction is a diversification rule, where the weighting of any individual sub-index representing these sectors is capped at a maximum of one-third of the index's total composition. This mirroring of the index's returns is calculated prior to deducting any management fees or operational expenses.

GNR (State Street SPDR S&P Global Natural Resources ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $4.87B, a beta of 0.50 versus the broader market, a 52-week range of 53.87-76.14, average daily share volume of 286K, a public-listing history dating back to 2010. These structural characteristics shape how GNR etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.50 indicates GNR has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. GNR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on GNR?

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 GNR snapshot

As of June 29, 2026, spot at $66.95, ATM IV 495.10%, IV rank 99.71%, expected move 141.94%. The iron condor on GNR 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 18-day expiry.

Why this iron condor structure on GNR specifically: GNR IV at 495.10% is rich versus its 1-year range, which favors premium-selling structures like a GNR iron condor, with a market-implied 1-standard-deviation move of approximately 141.94% (roughly $95.03 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated GNR expiries trade a higher absolute premium for lower per-day decay. Position sizing on GNR should anchor to the underlying notional of $66.95 per share and to the trader's directional view on GNR etf.

GNR iron condor setup

The GNR 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 GNR near $66.95, the first option leg uses a $70.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GNR chain at a 18-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 GNR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$70.00	$0.46
Buy 1	Call	$74.00	$0.05
Sell 1	Put	$65.00	$0.70
Buy 1	Put	$60.00	$0.04

GNR iron condor risk and reward

Net Premium / Debit: +$107.00
Max Profit (per contract): $107.00
Max Loss (per contract): -$393.00
Breakeven(s): $63.93, $71.07
Risk / Reward Ratio: 0.272

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.

GNR iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on GNR. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$393.00
$14.81	-77.9%	-$393.00
$29.61	-55.8%	-$393.00
$44.42	-33.7%	-$393.00
$59.22	-11.5%	-$393.00
$74.02	+10.6%	-$293.00
$88.82	+32.7%	-$293.00
$103.62	+54.8%	-$293.00
$118.43	+76.9%	-$293.00
$133.23	+99.0%	-$293.00

When traders use iron condor on GNR

Iron condors on GNR are a delta-neutral premium-collection structure that profits if GNR etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.

GNR thesis for this iron condor

The market-implied 1-standard-deviation range for GNR extends from approximately $-28.08 on the downside to $161.98 on the upside. A GNR iron condor is a delta-neutral premium-collection structure that pays off when GNR 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 GNR IV rank near 99.71% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on GNR at 495.10%. As a Financial Services name, GNR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GNR-specific events.

GNR 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. GNR positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move GNR alongside the broader basket even when GNR-specific fundamentals are unchanged. Short-premium structures like a iron condor on GNR carry tail risk when realized volatility exceeds the implied move; review historical GNR earnings reactions and macro stress periods before sizing. Always rebuild the position from current GNR chain quotes before placing a trade.

Frequently asked questions

What is a iron condor on GNR?: A iron condor on GNR is the iron condor strategy applied to GNR (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 GNR etf trading near $66.95, the strikes shown on this page are snapped to the nearest listed GNR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are GNR 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 GNR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 495.10%), the computed maximum profit is $107.00 per contract and the computed maximum loss is -$393.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a GNR iron condor?: The breakeven for the GNR iron condor priced on this page is roughly $63.93 and $71.07 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 GNR market-implied 1-standard-deviation expected move is approximately 141.94%; 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 GNR?: Iron condors on GNR are a delta-neutral premium-collection structure that profits if GNR etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current GNR implied volatility affect this iron condor?: GNR ATM IV is at 495.10% with IV rank near 99.71%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.