Iron ore price, page-34784

FMG is a hard one to protect profits on, because of its volatility all forms of derivatives are expensive.

For a non-active strategy (as best as possible), a bearish split-strike synthetic is one option (via options).

You could get a bit more creative and turn it into a:

• Bear put spread (to cheapen it up); and
• A partially covered call to finance it with the calls sold out of the money to leave some upside.

Anyone wanting to implement such strategies will need to research them and understand the above otherwise it would be dangerous to implement.