How are EWUS 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 EWUS butterfly priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV the current ATM IV), the computed maximum profit is $140.95 per contract and the computed maximum loss is -$151.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a EWUS butterfly?

The breakeven for the EWUS butterfly priced on this page is roughly $43.51 and $46.49 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.

How does current EWUS implied volatility affect this butterfly?

Current EWUS ATM IV is the current ATM IV; IV rank context is unavailable in the current snapshot.

EWUS Butterfly Strategy

EWUS (iShares MSCI United Kingdom Small-Cap ETF), in the Financial Services sector, (Asset Management - Global industry), listed on CBOE.

This ETF aims to replicate the financial performance of a specific benchmark. That benchmark exclusively comprises shares of smaller companies based in the United Kingdom.

EWUS (iShares MSCI United Kingdom Small-Cap ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $40.2M, a beta of 1.16 versus the broader market, a 52-week range of 38.02-46.45, average daily share volume of 3K, a public-listing history dating back to 2012. These structural characteristics shape how EWUS etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.16 places EWUS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. EWUS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on EWUS?

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.

EWUS snapshot

As of November 13, 2026, spot at $44.69. The butterfly on EWUS 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 EWUS specifically: IV rank is unavailable in the current snapshot, so regime-based timing for EWUS is inferred from ATM IV alone. The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated EWUS expiries trade a higher absolute premium for lower per-day decay. Position sizing on EWUS should anchor to the underlying notional of $44.69 per share and to the trader's directional view on EWUS etf.

EWUS butterfly setup

The EWUS 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 EWUS at $44.69 on that close, the first option leg uses a $42.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed EWUS 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 EWUS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$42.00	$3.15
Sell 2	Call	$45.00	$1.03
Buy 1	Call	$47.00	$0.42

EWUS butterfly risk and reward

Net Premium / Debit: -$151.00
Max Profit (per contract): $140.95
Max Loss (per contract): -$151.00
Breakeven(s): $43.51, $46.49
Risk / Reward Ratio: 0.933

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.

EWUS butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on EWUS. 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%	-$151.00
$9.89	-77.9%	-$151.00
$19.77	-55.8%	-$151.00
$29.65	-33.7%	-$151.00
$39.53	-11.5%	-$151.00
$49.41	+10.6%	-$51.00
$59.29	+32.7%	-$51.00
$69.17	+54.8%	-$51.00
$79.05	+76.9%	-$51.00
$88.93	+99.0%	-$51.00

When traders use butterfly on EWUS

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

EWUS thesis for this butterfly

A EWUS long call butterfly is a pinning play: it pays maximum at the middle strike if EWUS 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, EWUS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to EWUS-specific events.

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

Frequently asked questions

What is a butterfly on EWUS?: A butterfly on EWUS is the butterfly strategy applied to EWUS (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 EWUS etf at $44.69 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed EWUS chain strike and the premiums come straight from that session's bid/ask midpoint.
How are EWUS 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 EWUS butterfly priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV the current ATM IV), the computed maximum profit is $140.95 per contract and the computed maximum loss is -$151.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a EWUS butterfly?: The breakeven for the EWUS butterfly priced on this page is roughly $43.51 and $46.49 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.
When should you consider a butterfly on EWUS?: Butterflies on EWUS are pinning bets - traders use them when they expect EWUS 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 EWUS implied volatility affect this butterfly?: Current EWUS ATM IV is the current ATM IV; IV rank context is unavailable in the current snapshot.