How are EWX 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 EWX 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 $223.45 per contract and the computed maximum loss is -$167.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a EWX butterfly?

The breakeven for the EWX butterfly priced on this page is roughly $64.68 and $69.33 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 EWX implied volatility affect this butterfly?

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

EWX Butterfly Strategy

EWX (State Street SPDR S&P Emerging Markets Small Cap ETF), in the Financial Services sector, (Asset Management - Global industry), listed on AMEX.

The State Street SPDR S&P Emerging Markets Small Cap ETF (EWX) aims to replicate the total return performance of the S&P Emerging Under USD2 Billion Index before accounting for fees and expenses. This fund offers investors focused exposure to the small-cap segment of developing economies. Its underlying index draws from emerging market equities within the broader S&P Global Broad Market Index (S&P Global BMI), specifically targeting companies with market capitalizations between $100 million and $2 billion at the time of their inclusion.

EWX (State Street SPDR S&P Emerging Markets Small Cap ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $615.9M, a beta of 0.72 versus the broader market, a 52-week range of 64.18-76.61, average daily share volume of 23K, a public-listing history dating back to 2008. These structural characteristics shape how EWX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.72 places EWX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. EWX pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on EWX?

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.

EWX snapshot

As of November 13, 2026, spot at $66.57. The butterfly on EWX 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 7-day expiry.

Why this butterfly structure on EWX specifically: IV rank is unavailable in the current snapshot, so regime-based timing for EWX is inferred from ATM IV alone. The 7-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated EWX expiries trade a higher absolute premium for lower per-day decay. Position sizing on EWX should anchor to the underlying notional of $66.57 per share and to the trader's directional view on EWX etf.

EWX butterfly setup

The EWX 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 EWX at $66.57 on that close, the first option leg uses a $63.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed EWX chain at a 7-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 EWX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$63.00	$3.33
Sell 2	Call	$67.00	$0.92
Buy 1	Call	$70.00	$0.19

EWX butterfly risk and reward

Net Premium / Debit: -$167.50
Max Profit (per contract): $223.45
Max Loss (per contract): -$167.50
Breakeven(s): $64.68, $69.33
Risk / Reward Ratio: 1.334

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.

EWX butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on EWX. 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%	-$167.50
$14.73	-77.9%	-$167.50
$29.45	-55.8%	-$167.50
$44.16	-33.7%	-$167.50
$58.88	-11.5%	-$167.50
$73.60	+10.6%	-$67.50
$88.32	+32.7%	-$67.50
$103.04	+54.8%	-$67.50
$117.75	+76.9%	-$67.50
$132.47	+99.0%	-$67.50

When traders use butterfly on EWX

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

EWX thesis for this butterfly

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

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

Frequently asked questions

What is a butterfly on EWX?: A butterfly on EWX is the butterfly strategy applied to EWX (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 EWX etf at $66.57 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed EWX chain strike and the premiums come straight from that session's bid/ask midpoint.
How are EWX 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 EWX 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 $223.45 per contract and the computed maximum loss is -$167.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a EWX butterfly?: The breakeven for the EWX butterfly priced on this page is roughly $64.68 and $69.33 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 EWX?: Butterflies on EWX are pinning bets - traders use them when they expect EWX 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 EWX implied volatility affect this butterfly?: Current EWX ATM IV is the current ATM IV; IV rank context is unavailable in the current snapshot.