How are GNR 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 GNR butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 465.40%), the computed maximum profit is $237.70 per contract and the computed maximum loss is -$156.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a GNR butterfly?

The breakeven for the GNR butterfly priced on this page is roughly $69.44 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 GNR market-implied 1-standard-deviation expected move is approximately 133.43%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current GNR implied volatility affect this butterfly?

GNR ATM IV is at 465.40% with IV rank near 93.60%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

GNR Butterfly Strategy

GNR (State Street SPDR S&P Global Natural Resources ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

This ETF, known as the State Street SPDR S&P Global Natural Resources ETF, aims to replicate the overall financial gains of the S&P Global Natural Resources Index. Its objective is to provide investors with exposure to some of the most significant companies by market capitalization across three vital natural resource industries: agriculture, energy, and metals and mining. A key feature of the index's construction is a diversification rule, where the weighting of any individual sub-index representing these sectors is capped at a maximum of one-third of the index's total composition. This mirroring of the index's returns is calculated prior to deducting any management fees or operational expenses.

GNR (State Street SPDR S&P Global Natural Resources ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $4.87B, a beta of 0.50 versus the broader market, a 52-week range of 53.87-76.14, average daily share volume of 286K, a public-listing history dating back to 2010. These structural characteristics shape how GNR etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.50 indicates GNR has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. GNR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on GNR?

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 GNR snapshot

As of June 30, 2026, spot at $67.27, ATM IV 465.40%, IV rank 93.60%, expected move 133.43%. The butterfly on GNR 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 17-day expiry.

Why this butterfly structure on GNR specifically: GNR IV at 465.40% is rich versus its 1-year range, which makes a premium-buying GNR butterfly relatively expensive in absolute-cost terms, with a market-implied 1-standard-deviation move of approximately 133.43% (roughly $89.76 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated GNR expiries trade a higher absolute premium for lower per-day decay. Position sizing on GNR should anchor to the underlying notional of $67.27 per share and to the trader's directional view on GNR etf.

GNR butterfly setup

The GNR 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 GNR near $67.27, the first option leg uses a $65.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GNR chain at a 17-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 GNR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$65.00	$2.60
Sell 2	Call	$67.00	$1.68
Buy 1	Call	$71.00	$0.32

GNR butterfly risk and reward

Net Premium / Debit: +$44.00
Max Profit (per contract): $237.70
Max Loss (per contract): -$156.00
Breakeven(s): $69.44
Risk / Reward Ratio: 1.524

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.

GNR butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on GNR. 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%	+$44.00
$14.88	-77.9%	+$44.00
$29.76	-55.8%	+$44.00
$44.63	-33.7%	+$44.00
$59.50	-11.5%	+$44.00
$74.37	+10.6%	-$156.00
$89.25	+32.7%	-$156.00
$104.12	+54.8%	-$156.00
$118.99	+76.9%	-$156.00
$133.86	+99.0%	-$156.00

When traders use butterfly on GNR

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

GNR thesis for this butterfly

The market-implied 1-standard-deviation range for GNR extends from approximately $-22.49 on the downside to $157.03 on the upside. A GNR long call butterfly is a pinning play: it pays maximum at the middle strike if GNR settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current GNR IV rank near 93.60% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on GNR at 465.40%. As a Financial Services name, GNR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GNR-specific events.

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

Frequently asked questions

What is a butterfly on GNR?: A butterfly on GNR is the butterfly strategy applied to GNR (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 GNR etf trading near $67.27, the strikes shown on this page are snapped to the nearest listed GNR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are GNR 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 GNR butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 465.40%), the computed maximum profit is $237.70 per contract and the computed maximum loss is -$156.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a GNR butterfly?: The breakeven for the GNR butterfly priced on this page is roughly $69.44 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 GNR market-implied 1-standard-deviation expected move is approximately 133.43%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on GNR?: Butterflies on GNR are pinning bets - traders use them when they expect GNR 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 GNR implied volatility affect this butterfly?: GNR ATM IV is at 465.40% with IV rank near 93.60%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.