How are GNMX 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 GNMX butterfly priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 37.10%), the computed maximum profit is $157.76 per contract and the computed maximum loss is -$28.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a GNMX butterfly?

The breakeven for the GNMX butterfly priced on this page is roughly $36.28 and $39.73 at expiration, derived from the September 29, 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 GNMX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.64%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current GNMX implied volatility affect this butterfly?

GNMX ATM IV is at 37.10% with IV rank near 9.02%, 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.

GNMX Butterfly Strategy

GNMX (Corgi ETF Trust I - Corgi Genomics & Precision Medicine ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

GNMXtargets pure-play or the top 10 companies materially involved ingenomics and precision medicine, including those focused on gene sequencing, molecular diagnostics, gene editing and therapy, targeted treatments, and related healthcare technologies.The fund considers companies deriving significant revenue from this theme, spanningthose thatsupport personalized medicine through bioinformatics, clinical data platforms, laboratory tools, and services that improve disease detection, patient stratification, and treatment development.Using a bottom-up approach that combines fundamental analysis with thematic and quantitative screening, the fund invests in US and international stocks of any market capitalization. Otherfactors include supply chain positioning, growth potential, and valuation. Up to 15% may beallocatedto illiquid investments, including passive minority interests in SPVs. Holdings may include cash, cash equivalents, or short-term US treasuries for liquidity or portfolio management.

GNMX (Corgi ETF Trust I - Corgi Genomics & Precision Medicine ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $2.1M, a beta of 2.45 versus the broader market, a 52-week range of 23.88-38.7, average daily share volume of 1K, a public-listing history dating back to 2026. These structural characteristics shape how GNMX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.45 indicates GNMX 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 GNMX?

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.

GNMX snapshot

As of September 29, 2026, spot at $38.33, ATM IV 37.10%, IV rank 9.02%, expected move 10.64%. The butterfly on GNMX below is built from the September 29, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 80-day expiry.

Why this butterfly structure on GNMX specifically: GNMX IV at 37.10% is on the cheap side of its 1-year range, which favors premium-buying structures like a GNMX butterfly, with a market-implied 1-standard-deviation move of approximately 10.64% (roughly $4.08 on the underlying). The 80-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated GNMX expiries trade a higher absolute premium for lower per-day decay. Position sizing on GNMX should anchor to the underlying notional of $38.33 per share and to the trader's directional view on GNMX etf.

GNMX butterfly setup

The GNMX butterfly below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With GNMX at $38.33 on that close, the first option leg uses a $36.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GNMX chain at a 80-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 GNMX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$36.00	$3.50
Sell 2	Call	$38.00	$2.33
Buy 1	Call	$40.00	$1.43

GNMX butterfly risk and reward

Net Premium / Debit: -$28.00
Max Profit (per contract): $157.76
Max Loss (per contract): -$28.00
Breakeven(s): $36.28, $39.73
Risk / Reward Ratio: 5.634

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.

GNMX butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on GNMX. 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%	-$28.00
$8.48	-77.9%	-$28.00
$16.96	-55.8%	-$28.00
$25.43	-33.7%	-$28.00
$33.91	-11.5%	-$28.00
$42.38	+10.6%	-$28.00
$50.85	+32.7%	-$28.00
$59.33	+54.8%	-$28.00
$67.80	+76.9%	-$28.00
$76.27	+99.0%	-$28.00

When traders use butterfly on GNMX

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

GNMX thesis for this butterfly

The market-implied 1-standard-deviation range for GNMX extends from approximately $34.25 on the downside to $42.41 on the upside. A GNMX long call butterfly is a pinning play: it pays maximum at the middle strike if GNMX settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current GNMX IV rank near 9.02% 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 GNMX at 37.10%. As a Financial Services name, GNMX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GNMX-specific events.

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

Frequently asked questions

What is a butterfly on GNMX?: A butterfly on GNMX is the butterfly strategy applied to GNMX (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 GNMX etf at $38.33 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed GNMX chain strike and the premiums come straight from that session's bid/ask midpoint.
How are GNMX 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 GNMX butterfly priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 37.10%), the computed maximum profit is $157.76 per contract and the computed maximum loss is -$28.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a GNMX butterfly?: The breakeven for the GNMX butterfly priced on this page is roughly $36.28 and $39.73 at expiration, derived from the September 29, 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 GNMX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.64%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on GNMX?: Butterflies on GNMX are pinning bets - traders use them when they expect GNMX 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 GNMX implied volatility affect this butterfly?: GNMX ATM IV is at 37.10% with IV rank near 9.02%, 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.