How are COPJ 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 COPJ butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 48.90%), the computed maximum profit is $145.91 per contract and the computed maximum loss is -$37.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a COPJ butterfly?

The breakeven for the COPJ butterfly priced on this page is roughly $38.38 and $41.63 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 COPJ market-implied 1-standard-deviation expected move is approximately 14.02%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current COPJ implied volatility affect this butterfly?

Current COPJ ATM IV is 48.90%; IV rank context is unavailable in the current snapshot.

COPJ Butterfly Strategy

COPJ (Sprott Junior Copper Miners ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

Under typical circumstances, the fund commits a minimum of 80% of its total assets to the securities comprising its tracking index. This index is designed to mirror the financial performance of companies that generate at least 50% of their income or hold at least 50% of their assets in activities related to copper, specifically mining, exploration, development, and production. The index generally consists of 25 to 45 component firms. It is structured as a non-diversified investment vehicle.

COPJ (Sprott Junior Copper Miners ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $22.0M, a beta of 1.30 versus the broader market, a 52-week range of 24.16-53.945, average daily share volume of 105K, a public-listing history dating back to 2023. These structural characteristics shape how COPJ etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.30 places COPJ roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. COPJ pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on COPJ?

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 COPJ snapshot

As of June 30, 2026, spot at $39.63, ATM IV 48.90%, expected move 14.02%. The butterfly on COPJ 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 17-day expiry.

Why this butterfly structure on COPJ specifically: IV rank is unavailable in the current snapshot, so regime-based timing for COPJ is inferred from ATM IV at 48.90% alone, with a market-implied 1-standard-deviation move of approximately 14.02% (roughly $5.56 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated COPJ expiries trade a higher absolute premium for lower per-day decay. Position sizing on COPJ should anchor to the underlying notional of $39.63 per share and to the trader's directional view on COPJ etf.

COPJ butterfly setup

The COPJ 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 COPJ near $39.63, the first option leg uses a $38.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed COPJ chain at a 17-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 COPJ shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$38.00	$2.35
Sell 2	Call	$40.00	$1.38
Buy 1	Call	$42.00	$0.78

COPJ butterfly risk and reward

Net Premium / Debit: -$37.50
Max Profit (per contract): $145.91
Max Loss (per contract): -$37.50
Breakeven(s): $38.38, $41.63
Risk / Reward Ratio: 3.891

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.

COPJ butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on COPJ. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$37.50
$8.77	-77.9%	-$37.50
$17.53	-55.8%	-$37.50
$26.29	-33.7%	-$37.50
$35.06	-11.5%	-$37.50
$43.82	+10.6%	-$37.50
$52.58	+32.7%	-$37.50
$61.34	+54.8%	-$37.50
$70.10	+76.9%	-$37.50
$78.86	+99.0%	-$37.50

When traders use butterfly on COPJ

Butterflies on COPJ are pinning bets - traders use them when they expect COPJ 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.

COPJ thesis for this butterfly

The market-implied 1-standard-deviation range for COPJ extends from approximately $34.07 on the downside to $45.19 on the upside. A COPJ long call butterfly is a pinning play: it pays maximum at the middle strike if COPJ 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, COPJ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to COPJ-specific events.

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

Frequently asked questions

What is a butterfly on COPJ?: A butterfly on COPJ is the butterfly strategy applied to COPJ (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 COPJ etf trading near $39.63, the strikes shown on this page are snapped to the nearest listed COPJ chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are COPJ 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 COPJ butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 48.90%), the computed maximum profit is $145.91 per contract and the computed maximum loss is -$37.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a COPJ butterfly?: The breakeven for the COPJ butterfly priced on this page is roughly $38.38 and $41.63 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 COPJ market-implied 1-standard-deviation expected move is approximately 14.02%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on COPJ?: Butterflies on COPJ are pinning bets - traders use them when they expect COPJ 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 COPJ implied volatility affect this butterfly?: Current COPJ ATM IV is 48.90%; IV rank context is unavailable in the current snapshot.