BUR Iron Condor Strategy
BUR (Burford Capital Limited), in the Financial Services sector, (Asset Management industry), listed on NYSE.
Burford Capital Limited provides legal finance products and services worldwide. The company operates in two segments, Principal Finance, and Asset Management and Other Services. The Principal Finance segment provides capital against the underlying value of high-value single or multiple litigation and arbitration matters at any stage of the process from before filing to after a final judgment has been entered; and to a law firm that has agreed to take a case on a contingent fee or alternative fee basis, as well as directly to the client. This segment also offers legal risk management and adverse legal cost insurance services. The Asset Management and Other Services segment manages legal finance assets on behalf of third-party investors, as well as provides other services to the legal industry. The company was incorporated in 2009 and is based in Saint Peter Port, Guernsey.
BUR (Burford Capital Limited) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $917.9M, a trailing P/E of 14.66, a beta of 1.06 versus the broader market, a 52-week range of 3.59-15.1, average daily share volume of 3.6M, a public-listing history dating back to 2020, approximately 171 full-time employees. These structural characteristics shape how BUR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.06 places BUR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. BUR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a iron condor on BUR?
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 BUR snapshot
As of June 30, 2026, spot at $4.16, ATM IV 90.00%, IV rank 38.71%, expected move 25.80%. The iron condor on BUR 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 17-day expiry.
Why this iron condor structure on BUR specifically: BUR IV at 90.00% is mid-range versus its 1-year history, so the credit collected on a BUR iron condor sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 25.80% (roughly $1.07 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated BUR expiries trade a higher absolute premium for lower per-day decay. Position sizing on BUR should anchor to the underlying notional of $4.16 per share and to the trader's directional view on BUR stock.
BUR iron condor setup
The BUR 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 BUR near $4.16, the first option leg uses a $4.37 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BUR chain at a 17-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 BUR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $4.37 | N/A |
| Buy 1 | Call | $4.58 | N/A |
| Sell 1 | Put | $3.95 | N/A |
| Buy 1 | Put | $3.74 | N/A |
BUR 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.
BUR iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on BUR. 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 BUR
Iron condors on BUR are a delta-neutral premium-collection structure that profits if BUR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
BUR thesis for this iron condor
The market-implied 1-standard-deviation range for BUR extends from approximately $3.09 on the downside to $5.23 on the upside. A BUR iron condor is a delta-neutral premium-collection structure that pays off when BUR 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 BUR IV rank near 38.71% is mid-range against its 1-year distribution, so the IV signal is neutral; the iron condor thesis on BUR should anchor more to the directional view and the expected-move geometry. As a Financial Services name, BUR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BUR-specific events.
BUR 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. BUR positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BUR alongside the broader basket even when BUR-specific fundamentals are unchanged. Short-premium structures like a iron condor on BUR carry tail risk when realized volatility exceeds the implied move; review historical BUR earnings reactions and macro stress periods before sizing. Always rebuild the position from current BUR chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on BUR?
- A iron condor on BUR is the iron condor strategy applied to BUR (stock). 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 BUR stock trading near $4.16, the strikes shown on this page are snapped to the nearest listed BUR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are BUR 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 BUR iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 90.00%), 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 BUR iron condor?
- The breakeven for the BUR 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 BUR market-implied 1-standard-deviation expected move is approximately 25.80%; 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 BUR?
- Iron condors on BUR are a delta-neutral premium-collection structure that profits if BUR stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current BUR implied volatility affect this iron condor?
- BUR ATM IV is at 90.00% with IV rank near 38.71%, 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.