ARGT Butterfly Strategy
ARGT (Global X - MSCI Argentina ETF), in the Financial Services sector, (Asset Management - Global industry), listed on AMEX.
The Global X MSCI Argentina ETF (ARGT) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Argentina 25/50 Index.
ARGT (Global X - MSCI Argentina ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $875.5M, a beta of 0.49 versus the broader market, a 52-week range of 66.49-103.97, average daily share volume of 285K, a public-listing history dating back to 2011. These structural characteristics shape how ARGT etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.49 indicates ARGT has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. ARGT pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a butterfly on ARGT?
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 ARGT snapshot
As of May 15, 2026, spot at $86.69, ATM IV 31.60%, IV rank 18.79%, expected move 9.06%. The butterfly on ARGT 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 ARGT specifically: ARGT IV at 31.60% is on the cheap side of its 1-year range, which favors premium-buying structures like a ARGT butterfly, with a market-implied 1-standard-deviation move of approximately 9.06% (roughly $7.85 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 ARGT expiries trade a higher absolute premium for lower per-day decay. Position sizing on ARGT should anchor to the underlying notional of $86.69 per share and to the trader's directional view on ARGT etf.
ARGT butterfly setup
The ARGT 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 ARGT near $86.69, the first option leg uses a $82.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ARGT 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 ARGT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $82.00 | $7.00 |
| Sell 2 | Call | $87.00 | $3.80 |
| Buy 1 | Call | $91.00 | $1.98 |
ARGT butterfly risk and reward
- Net Premium / Debit
- -$137.50
- Max Profit (per contract)
- $349.44
- Max Loss (per contract)
- -$137.50
- Breakeven(s)
- $83.38, $90.64
- Risk / Reward Ratio
- 2.541
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.
ARGT butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on ARGT. 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% | -$137.50 |
| $19.18 | -77.9% | -$137.50 |
| $38.34 | -55.8% | -$137.50 |
| $57.51 | -33.7% | -$137.50 |
| $76.68 | -11.6% | -$137.50 |
| $95.84 | +10.6% | -$37.50 |
| $115.01 | +32.7% | -$37.50 |
| $134.18 | +54.8% | -$37.50 |
| $153.34 | +76.9% | -$37.50 |
| $172.51 | +99.0% | -$37.50 |
When traders use butterfly on ARGT
Butterflies on ARGT are pinning bets - traders use them when they expect ARGT 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.
ARGT thesis for this butterfly
The market-implied 1-standard-deviation range for ARGT extends from approximately $78.84 on the downside to $94.54 on the upside. A ARGT long call butterfly is a pinning play: it pays maximum at the middle strike if ARGT settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current ARGT IV rank near 18.79% 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 ARGT at 31.60%. As a Financial Services name, ARGT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ARGT-specific events.
ARGT 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. ARGT positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ARGT alongside the broader basket even when ARGT-specific fundamentals are unchanged. Always rebuild the position from current ARGT chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on ARGT?
- A butterfly on ARGT is the butterfly strategy applied to ARGT (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 ARGT etf trading near $86.69, the strikes shown on this page are snapped to the nearest listed ARGT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ARGT 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 ARGT butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 31.60%), the computed maximum profit is $349.44 per contract and the computed maximum loss is -$137.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ARGT butterfly?
- The breakeven for the ARGT butterfly priced on this page is roughly $83.38 and $90.64 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 ARGT market-implied 1-standard-deviation expected move is approximately 9.06%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on ARGT?
- Butterflies on ARGT are pinning bets - traders use them when they expect ARGT 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 ARGT implied volatility affect this butterfly?
- ARGT ATM IV is at 31.60% with IV rank near 18.79%, 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.