AMYY Butterfly Strategy
AMYY (GraniteShares YieldBOOST AMD ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The Fund’s primary investment objective is to achieve 2 times (200%) the income generated from selling options on Advanced Micro Devices, Inc.. ( AMD) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 2 times (200%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
AMYY (GraniteShares YieldBOOST AMD ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.7M, a beta of 1.22 versus the broader market, a 52-week range of 15.08-26.53, average daily share volume of 20K, a public-listing history dating back to 2025. These structural characteristics shape how AMYY etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.22 places AMYY roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. AMYY pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a butterfly on AMYY?
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 AMYY snapshot
As of May 15, 2026, spot at $16.45, ATM IV 85.20%, IV rank 17.31%, expected move 24.43%. The butterfly on AMYY 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 34-day expiry.
Why this butterfly structure on AMYY specifically: AMYY IV at 85.20% is on the cheap side of its 1-year range, which favors premium-buying structures like a AMYY butterfly, with a market-implied 1-standard-deviation move of approximately 24.43% (roughly $4.02 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated AMYY expiries trade a higher absolute premium for lower per-day decay. Position sizing on AMYY should anchor to the underlying notional of $16.45 per share and to the trader's directional view on AMYY etf.
AMYY butterfly setup
The AMYY 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 AMYY near $16.45, the first option leg uses a $16.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AMYY chain at a 34-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 AMYY shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $16.00 | $1.92 |
| Sell 2 | Call | $16.00 | $1.92 |
| Buy 1 | Call | $17.00 | $1.48 |
AMYY butterfly risk and reward
- Net Premium / Debit
- +$44.00
- Max Profit (per contract)
- $44.00
- Max Loss (per contract)
- -$56.00
- Breakeven(s)
- $16.44
- Risk / Reward Ratio
- 0.786
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.
AMYY butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on AMYY. 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% | +$44.00 |
| $3.65 | -77.8% | +$44.00 |
| $7.28 | -55.7% | +$44.00 |
| $10.92 | -33.6% | +$44.00 |
| $14.55 | -11.5% | +$44.00 |
| $18.19 | +10.6% | -$56.00 |
| $21.83 | +32.7% | -$56.00 |
| $25.46 | +54.8% | -$56.00 |
| $29.10 | +76.9% | -$56.00 |
| $32.73 | +99.0% | -$56.00 |
When traders use butterfly on AMYY
Butterflies on AMYY are pinning bets - traders use them when they expect AMYY 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.
AMYY thesis for this butterfly
The market-implied 1-standard-deviation range for AMYY extends from approximately $12.43 on the downside to $20.47 on the upside. A AMYY long call butterfly is a pinning play: it pays maximum at the middle strike if AMYY settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current AMYY IV rank near 17.31% 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 AMYY at 85.20%. As a Financial Services name, AMYY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AMYY-specific events.
AMYY 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. AMYY positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AMYY alongside the broader basket even when AMYY-specific fundamentals are unchanged. Always rebuild the position from current AMYY chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on AMYY?
- A butterfly on AMYY is the butterfly strategy applied to AMYY (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 AMYY etf trading near $16.45, the strikes shown on this page are snapped to the nearest listed AMYY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are AMYY 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 AMYY butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 85.20%), the computed maximum profit is $44.00 per contract and the computed maximum loss is -$56.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a AMYY butterfly?
- The breakeven for the AMYY butterfly priced on this page is roughly $16.44 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 AMYY market-implied 1-standard-deviation expected move is approximately 24.43%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on AMYY?
- Butterflies on AMYY are pinning bets - traders use them when they expect AMYY 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 AMYY implied volatility affect this butterfly?
- AMYY ATM IV is at 85.20% with IV rank near 17.31%, 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.