How are UBR 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 UBR iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 54.80%), the computed maximum profit is $74.00 per contract and the computed maximum loss is -$26.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a UBR iron condor?

The breakeven for the UBR iron condor priced on this page is roughly $25.26 and $29.74 at expiration, derived from the August 14, 2026 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 UBR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.71%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current UBR implied volatility affect this iron condor?

UBR ATM IV is at 54.80% with IV rank near 40.78%, 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.

UBR Iron Condor Strategy

UBR (ProShares - Ultra MSCI Brazil Capped), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.

The ProShares Ultra MSCI Brazil Capped fund's primary goal is to deliver daily investment returns that are double (2x) the daily performance of the MSCI Brazil 25/50 Index. These results are calculated before any fees or expenses are taken into account.

UBR (ProShares - Ultra MSCI Brazil Capped) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $3.0M, a beta of 0.80 versus the broader market, a 52-week range of 19.21-43.88, average daily share volume of 3K, a public-listing history dating back to 2010. These structural characteristics shape how UBR etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.80 places UBR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. UBR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a iron condor on UBR?

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.

UBR snapshot

As of August 14, 2026, spot at $27.70, ATM IV 54.80%, IV rank 40.78%, expected move 15.71%. The iron condor on UBR below is built from the August 14, 2026 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 UBR specifically: UBR IV at 54.80% is mid-range versus its 1-year history, so the credit collected on a UBR iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 15.71% (roughly $4.35 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 UBR expiries trade a higher absolute premium for lower per-day decay. Position sizing on UBR should anchor to the underlying notional of $27.70 per share and to the trader's directional view on UBR etf.

UBR iron condor setup

The UBR iron condor below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With UBR at $27.70 on that close, the first option leg uses a $29.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed UBR 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 UBR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Sell 1	Call	$29.00	$1.55
Buy 1	Call	$30.00	$1.12
Sell 1	Put	$26.00	$1.01
Buy 1	Put	$25.00	$0.70

UBR iron condor risk and reward

Net Premium / Debit: +$74.00
Max Profit (per contract): $74.00
Max Loss (per contract): -$26.00
Breakeven(s): $25.26, $29.74
Risk / Reward Ratio: 2.846

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.

UBR iron condor payoff curve

Modeled P&L at expiration across a range of underlying prices for the iron condor on UBR. 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%	-$26.00
$6.13	-77.9%	-$26.00
$12.26	-55.8%	-$26.00
$18.38	-33.6%	-$26.00
$24.50	-11.5%	-$26.00
$30.63	+10.6%	-$26.00
$36.75	+32.7%	-$26.00
$42.87	+54.8%	-$26.00
$49.00	+76.9%	-$26.00
$55.12	+99.0%	-$26.00

When traders use iron condor on UBR

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

UBR thesis for this iron condor

The market-implied 1-standard-deviation range for UBR extends from approximately $23.35 on the downside to $32.05 on the upside. A UBR iron condor is a delta-neutral premium-collection structure that pays off when UBR 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 UBR IV rank near 40.78% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on UBR should anchor more to the directional view and the expected-move geometry. As a Financial Services name, UBR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to UBR-specific events.

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

Frequently asked questions

What is a iron condor on UBR?: A iron condor on UBR is the iron condor strategy applied to UBR (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 UBR etf at $27.70 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed UBR chain strike and the premiums come straight from that session's bid/ask midpoint.
How are UBR 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 UBR iron condor priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 54.80%), the computed maximum profit is $74.00 per contract and the computed maximum loss is -$26.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a UBR iron condor?: The breakeven for the UBR iron condor priced on this page is roughly $25.26 and $29.74 at expiration, derived from the August 14, 2026 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 UBR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.71%; 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 UBR?: Iron condors on UBR are a delta-neutral premium-collection structure that profits if UBR etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
How does current UBR implied volatility affect this iron condor?: UBR ATM IV is at 54.80% with IV rank near 40.78%, 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.