How are ALLW butterfly max profit and max loss calculated?

Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit. For the ALLW butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 23.70%), the computed maximum profit is $146.93 per contract and the computed maximum loss is -$51.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ALLW butterfly?

The breakeven for the ALLW butterfly priced on this page is roughly $28.51 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 ALLW market-implied 1-standard-deviation expected move is approximately 6.79%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current ALLW implied volatility affect this butterfly?

Current ALLW ATM IV is 23.70%; IV rank context is unavailable in the current snapshot.

ALLW Butterfly Strategy

ALLW (State Street Bridgewater All Weather ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

The State Street Bridgewater All Weather ETF is an actively managed, diversified, global multi-asset allocation ETF that seeks to be resilient across a wide range of market conditions and environments, including economic contractions and elevated inflation.ALLW may invest across a range of global asset classes, such as domestic and international equities, nominal and inflation-linked bonds, and commodity exposures.ALLW is designed to balance assets with various sensitivities to key economic environments without predicting which environment is ahead, which means risk is allocated equally to different growth and inflation environments. ALLW uses Bridgewater's portfolio construction expertise and macro understanding of various market environments to build and evolve the model portfolio. SSGA Funds Management Inc. then implements the model by purchasing and selling securities and/or instruments for the fund.

ALLW (State Street Bridgewater All Weather ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $447.8M, a beta of 0.41 versus the broader market, a 52-week range of 24.89-30.33, average daily share volume of 927K, a public-listing history dating back to 2025. These structural characteristics shape how ALLW etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.41 indicates ALLW has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. ALLW pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on ALLW?

A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration.

Current ALLW snapshot

As of May 15, 2026, spot at $29.57, ATM IV 23.70%, expected move 6.79%. The butterfly on ALLW 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 63-day expiry.

Why this butterfly structure on ALLW specifically: IV rank is unavailable in the current snapshot, so regime-based timing for ALLW is inferred from ATM IV at 23.70% alone, with a market-implied 1-standard-deviation move of approximately 6.79% (roughly $2.01 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ALLW expiries trade a higher absolute premium for lower per-day decay. Position sizing on ALLW should anchor to the underlying notional of $29.57 per share and to the trader's directional view on ALLW etf.

ALLW butterfly setup

The ALLW butterfly below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ALLW near $29.57, the first option leg uses a $28.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ALLW chain at a 63-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 ALLW shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$28.00	$2.30
Sell 2	Call	$30.00	$1.38
Buy 1	Call	$31.00	$0.96

ALLW butterfly risk and reward

Net Premium / Debit: -$51.00
Max Profit (per contract): $146.93
Max Loss (per contract): -$51.00
Breakeven(s): $28.51
Risk / Reward Ratio: 2.881

Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit.

ALLW butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on ALLW. 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	-100.0%	-$51.00
$6.55	-77.9%	-$51.00
$13.08	-55.8%	-$51.00
$19.62	-33.6%	-$51.00
$26.16	-11.5%	-$51.00
$32.69	+10.6%	+$49.00
$39.23	+32.7%	+$49.00
$45.77	+54.8%	+$49.00
$52.31	+76.9%	+$49.00
$58.84	+99.0%	+$49.00

When traders use butterfly on ALLW

Butterflies on ALLW are pinning bets - traders use them when they expect ALLW to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.

ALLW thesis for this butterfly

The market-implied 1-standard-deviation range for ALLW extends from approximately $27.56 on the downside to $31.58 on the upside. A ALLW long call butterfly is a pinning play: it pays maximum at the middle strike if ALLW settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. As a Financial Services name, ALLW options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ALLW-specific events.

ALLW butterfly positions are structurally neutral / pin (limited-risk, limited-reward); 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. ALLW positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ALLW alongside the broader basket even when ALLW-specific fundamentals are unchanged. Always rebuild the position from current ALLW chain quotes before placing a trade.

Frequently asked questions

What is a butterfly on ALLW?: A butterfly on ALLW is the butterfly strategy applied to ALLW (etf). The strategy is structurally neutral / pin (limited-risk, limited-reward): A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration. With ALLW etf trading near $29.57, the strikes shown on this page are snapped to the nearest listed ALLW chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are ALLW butterfly max profit and max loss calculated?: Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit. For the ALLW butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 23.70%), the computed maximum profit is $146.93 per contract and the computed maximum loss is -$51.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ALLW butterfly?: The breakeven for the ALLW butterfly priced on this page is roughly $28.51 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 ALLW market-implied 1-standard-deviation expected move is approximately 6.79%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on ALLW?: Butterflies on ALLW are pinning bets - traders use them when they expect ALLW to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.
How does current ALLW implied volatility affect this butterfly?: Current ALLW ATM IV is 23.70%; IV rank context is unavailable in the current snapshot.