EET Butterfly Strategy
EET (ProShares - Ultra MSCI Emerging Markets), in the Financial Services sector, (Asset Management industry), listed on AMEX.
ProShares Ultra MSCI Emerging Markets seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the MSCI Emerging Markets Index.
EET (ProShares - Ultra MSCI Emerging Markets) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $52.2M, a beta of 1.62 versus the broader market, a 52-week range of 56-120.31, average daily share volume of 14K, a public-listing history dating back to 2009. These structural characteristics shape how EET etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.62 indicates EET has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. EET pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a butterfly on EET?
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 EET snapshot
As of May 15, 2026, spot at $107.89, ATM IV 57.20%, IV rank 55.62%, expected move 16.40%. The butterfly on EET 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 EET specifically: EET IV at 57.20% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 16.40% (roughly $17.69 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 EET expiries trade a higher absolute premium for lower per-day decay. Position sizing on EET should anchor to the underlying notional of $107.89 per share and to the trader's directional view on EET etf.
EET butterfly setup
The EET 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 EET near $107.89, the first option leg uses a $102.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed EET 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 EET shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $102.00 | $11.00 |
| Sell 2 | Call | $108.00 | $7.50 |
| Buy 1 | Call | $115.00 | $4.50 |
EET butterfly risk and reward
- Net Premium / Debit
- -$50.00
- Max Profit (per contract)
- $506.29
- Max Loss (per contract)
- -$150.00
- Breakeven(s)
- $102.47, $113.50
- Risk / Reward Ratio
- 3.375
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.
EET butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on EET. 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% | -$50.00 |
| $23.86 | -77.9% | -$50.00 |
| $47.72 | -55.8% | -$50.00 |
| $71.57 | -33.7% | -$50.00 |
| $95.43 | -11.6% | -$50.00 |
| $119.28 | +10.6% | -$150.00 |
| $143.13 | +32.7% | -$150.00 |
| $166.99 | +54.8% | -$150.00 |
| $190.84 | +76.9% | -$150.00 |
| $214.70 | +99.0% | -$150.00 |
When traders use butterfly on EET
Butterflies on EET are pinning bets - traders use them when they expect EET 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.
EET thesis for this butterfly
The market-implied 1-standard-deviation range for EET extends from approximately $90.20 on the downside to $125.58 on the upside. A EET long call butterfly is a pinning play: it pays maximum at the middle strike if EET settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current EET IV rank near 55.62% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on EET should anchor more to the directional view and the expected-move geometry. As a Financial Services name, EET options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to EET-specific events.
EET 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. EET positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move EET alongside the broader basket even when EET-specific fundamentals are unchanged. Always rebuild the position from current EET chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on EET?
- A butterfly on EET is the butterfly strategy applied to EET (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 EET etf trading near $107.89, the strikes shown on this page are snapped to the nearest listed EET chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are EET 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 EET butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 57.20%), the computed maximum profit is $506.29 per contract and the computed maximum loss is -$150.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a EET butterfly?
- The breakeven for the EET butterfly priced on this page is roughly $102.47 and $113.50 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 EET market-implied 1-standard-deviation expected move is approximately 16.40%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on EET?
- Butterflies on EET are pinning bets - traders use them when they expect EET 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 EET implied volatility affect this butterfly?
- EET ATM IV is at 57.20% with IV rank near 55.62%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.