FUTG Butterfly Strategy
FUTG (Leverage Shares 2x Long FUTU Daily ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on NASDAQ.
This exchange-traded fund (ETF), identified by its symbol FUTG, is a 2x daily leveraged ('bull') instrument. It caters specifically to active market participants looking to significantly boost their short-term returns. Its primary objective is to deliver two times (200%) the daily price performance of FUTU stock, net of all associated fees and operational costs.
FUTG (Leverage Shares 2x Long FUTU Daily ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $23.1M, a beta of 1.37 versus the broader market, a 52-week range of 2.3-22.9, average daily share volume of 2.7M, a public-listing history dating back to 2025. These structural characteristics shape how FUTG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.37 indicates FUTG has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a butterfly on FUTG?
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.
FUTG snapshot
As of August 14, 2026, spot at $3.84, ATM IV 47.80%, IV rank 5.52%, expected move 13.70%. The butterfly on FUTG below is built from the August 14, 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 FUTG specifically: FUTG IV at 47.80% is on the cheap side of its 1-year range, which favors premium-buying structures like a FUTG butterfly, with a market-implied 1-standard-deviation move of approximately 13.70% (roughly $0.53 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FUTG expiries trade a higher absolute premium for lower per-day decay. Position sizing on FUTG should anchor to the underlying notional of $3.84 per share and to the trader's directional view on FUTG etf.
FUTG butterfly setup
The FUTG butterfly below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With FUTG at $3.84 on that close, the first option leg uses a $3.65 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FUTG 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 FUTG shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $3.65 | N/A |
| Sell 2 | Call | $3.84 | N/A |
| Buy 1 | Call | $4.03 | N/A |
FUTG butterfly risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
FUTG butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on FUTG. 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.
When traders use butterfly on FUTG
Butterflies on FUTG are pinning bets - traders use them when they expect FUTG 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.
FUTG thesis for this butterfly
The market-implied 1-standard-deviation range for FUTG extends from approximately $3.31 on the downside to $4.37 on the upside. A FUTG long call butterfly is a pinning play: it pays maximum at the middle strike if FUTG settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current FUTG IV rank near 5.52% 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 FUTG at 47.80%. As a Financial Services name, FUTG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FUTG-specific events.
FUTG 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. FUTG positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FUTG alongside the broader basket even when FUTG-specific fundamentals are unchanged. Always rebuild the position from current FUTG chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on FUTG?
- A butterfly on FUTG is the butterfly strategy applied to FUTG (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 FUTG etf at $3.84 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed FUTG chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are FUTG 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 FUTG butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 47.80%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a FUTG butterfly?
- The breakeven for the FUTG butterfly priced on this page is no defined breakeven on the modeled curve at expiration, derived from the August 14, 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. The FUTG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 13.70%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on FUTG?
- Butterflies on FUTG are pinning bets - traders use them when they expect FUTG 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 FUTG implied volatility affect this butterfly?
- FUTG ATM IV is at 47.80% with IV rank near 5.52%, 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.