UBRL Iron Condor Strategy
UBRL (GraniteShares 2x Long Uber Daily ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on NASDAQ.
This GraniteShares 2x Long Uber Daily ETF (UBRL) endeavors to produce daily investment returns, before accounting for any associated fees and expenses, that are double (200%) the daily percentage change in the common stock of Uber Technologies Inc. (NASDAQ: UBER). It is important for investors to recognize that meeting this stated goal cannot be guaranteed. Furthermore, this fund is explicitly not designed to provide two times the cumulative return of Uber's stock over periods longer than a single day.
UBRL (GraniteShares 2x Long Uber Daily ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $17.7M, a beta of 1.38 versus the broader market, a 52-week range of 13.23-38.35, average daily share volume of 168K, a public-listing history dating back to 2022. These structural characteristics shape how UBRL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.38 indicates UBRL has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. UBRL pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on UBRL?
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 UBRL snapshot
As of June 29, 2026, spot at $16.28, ATM IV 70.40%, IV rank 9.05%, expected move 20.18%. The iron condor on UBRL 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 UBRL specifically: UBRL IV at 70.40% is on the cheap side of its 1-year range, which means a premium-selling UBRL iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 20.18% (roughly $3.29 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 UBRL expiries trade a higher absolute premium for lower per-day decay. Position sizing on UBRL should anchor to the underlying notional of $16.28 per share and to the trader's directional view on UBRL etf.
UBRL iron condor setup
The UBRL 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 UBRL near $16.28, the first option leg uses a $17.78 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed UBRL 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 UBRL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $17.78 | $0.56 |
| Buy 1 | Call | $17.78 | $0.56 |
| Sell 1 | Put | $15.00 | $0.40 |
| Buy 1 | Put | $15.00 | $0.40 |
UBRL iron condor risk and reward
- Net Premium / Debit
- $0.00
- Max Profit (per contract)
- $0.00
- Max Loss (per contract)
- $0.00
- 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.
UBRL iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on UBRL. 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 | -99.9% | $0.00 |
| $3.61 | -77.8% | $0.00 |
| $7.21 | -55.7% | $0.00 |
| $10.81 | -33.6% | $0.00 |
| $14.40 | -11.5% | $0.00 |
| $18.00 | +10.6% | $0.00 |
| $21.60 | +32.7% | $0.00 |
| $25.20 | +54.8% | $0.00 |
| $28.80 | +76.9% | $0.00 |
| $32.40 | +99.0% | $0.00 |
When traders use iron condor on UBRL
Iron condors on UBRL are a delta-neutral premium-collection structure that profits if UBRL etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
UBRL thesis for this iron condor
The market-implied 1-standard-deviation range for UBRL extends from approximately $12.99 on the downside to $19.57 on the upside. A UBRL iron condor is a delta-neutral premium-collection structure that pays off when UBRL 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 UBRL IV rank near 9.05% 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 UBRL at 70.40%. As a Financial Services name, UBRL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to UBRL-specific events.
UBRL 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. UBRL positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move UBRL alongside the broader basket even when UBRL-specific fundamentals are unchanged. Short-premium structures like a iron condor on UBRL carry tail risk when realized volatility exceeds the implied move; review historical UBRL earnings reactions and macro stress periods before sizing. Always rebuild the position from current UBRL chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on UBRL?
- A iron condor on UBRL is the iron condor strategy applied to UBRL (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 UBRL etf trading near $16.28, the strikes shown on this page are snapped to the nearest listed UBRL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are UBRL 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 UBRL iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 70.40%), the computed maximum profit is $0.00 per contract and the computed maximum loss is $0.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a UBRL iron condor?
- The breakeven for the UBRL iron condor priced on this page is no defined breakeven on the modeled curve 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 UBRL market-implied 1-standard-deviation expected move is approximately 20.18%; 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 UBRL?
- Iron condors on UBRL are a delta-neutral premium-collection structure that profits if UBRL etf stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current UBRL implied volatility affect this iron condor?
- UBRL ATM IV is at 70.40% with IV rank near 9.05%, 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.