AMAU Butterfly Strategy
AMAU (Themes ETF Trust - Leverage Shares 2X Long AMAT Daily ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on CBOE.
AMAU is designedfor makingbullishbets on the stock price ofApplied Materials, Inc. (Nasdaq: AMAT), through swap agreements. Theobjectiveis to obtain daily leveraged exposure equivalent to 200% of the fund's net assets. Tomaintainthis exposure, daily rebalancing is performed tomake adjustmentsin response toAMAT's daily price movements. As a geared product, the fund is intended as a short-term tactical tool, ratherthan asa long-term investment vehicle. As a result, returns may deviate from the expected 2x if held for longer than a single day due to compounding. This strategy is high-risk and does not include a defensive position as part of its overall process.
AMAU (Themes ETF Trust - Leverage Shares 2X Long AMAT Daily ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $10.5M, a beta of -30.15 versus the broader market, a 52-week range of 5.5-37.41, average daily share volume of 287K, a public-listing history dating back to 2026. These structural characteristics shape how AMAU etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -30.15 indicates AMAU has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a butterfly on AMAU?
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.
AMAU snapshot
As of November 13, 2026, spot at $7.24, ATM IV 148.50%, expected move 42.57%. The butterfly on AMAU below is built from the November 13, 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 butterfly structure on AMAU specifically: IV rank is unavailable in the current snapshot, so regime-based timing for AMAU is inferred from ATM IV at 148.50% alone, with a market-implied 1-standard-deviation move of approximately 42.57% (roughly $3.08 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 AMAU expiries trade a higher absolute premium for lower per-day decay. Position sizing on AMAU should anchor to the underlying notional of $7.24 per share and to the trader's directional view on AMAU etf.
AMAU butterfly setup
The AMAU butterfly below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With AMAU at $7.24 on that close, the first option leg uses a $6.88 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AMAU 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 AMAU shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $6.88 | N/A |
| Sell 2 | Call | $7.24 | N/A |
| Buy 1 | Call | $7.60 | N/A |
AMAU butterfly 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 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.
AMAU butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on AMAU. 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 butterfly on AMAU
Butterflies on AMAU are pinning bets - traders use them when they expect AMAU 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.
AMAU thesis for this butterfly
The market-implied 1-standard-deviation range for AMAU extends from approximately $4.16 on the downside to $10.32 on the upside. A AMAU long call butterfly is a pinning play: it pays maximum at the middle strike if AMAU 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, AMAU options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AMAU-specific events.
AMAU 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. AMAU positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AMAU alongside the broader basket even when AMAU-specific fundamentals are unchanged. Always rebuild the position from current AMAU chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on AMAU?
- A butterfly on AMAU is the butterfly strategy applied to AMAU (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 AMAU etf at $7.24 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed AMAU chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are AMAU 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 AMAU butterfly priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 148.50%), 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 AMAU butterfly?
- The breakeven for the AMAU butterfly priced on this page is no defined breakeven on the modeled curve at expiration, derived from the November 13, 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 AMAU market-implied 1-standard-deviation expected move in the same options snapshot is approximately 42.57%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on AMAU?
- Butterflies on AMAU are pinning bets - traders use them when they expect AMAU 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 AMAU implied volatility affect this butterfly?
- Current AMAU ATM IV is 148.50%; IV rank context is unavailable in the current snapshot.