GOOX Butterfly Strategy
GOOX (T-REX 2X Long Alphabet Daily Target ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
The fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of GOOG on a daily basis. The fund is non-diversified.
GOOX (T-REX 2X Long Alphabet Daily Target ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $58.5M, a beta of 3.23 versus the broader market, a 52-week range of 16.85-105.42, average daily share volume of 188K, a public-listing history dating back to 2024. These structural characteristics shape how GOOX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 3.23 indicates GOOX has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. GOOX pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a butterfly on GOOX?
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 GOOX snapshot
As of May 15, 2026, spot at $101.79, ATM IV 64.40%, IV rank 37.77%, expected move 18.46%. The butterfly on GOOX 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 34-day expiry.
Why this butterfly structure on GOOX specifically: GOOX IV at 64.40% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 18.46% (roughly $18.79 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated GOOX expiries trade a higher absolute premium for lower per-day decay. Position sizing on GOOX should anchor to the underlying notional of $101.79 per share and to the trader's directional view on GOOX etf.
GOOX butterfly setup
The GOOX 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 GOOX near $101.79, the first option leg uses a $94.79 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GOOX chain at a 34-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 GOOX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $94.79 | $11.75 |
| Sell 2 | Call | $99.79 | $8.80 |
| Buy 1 | Call | $105.00 | $6.40 |
GOOX butterfly risk and reward
- Net Premium / Debit
- -$55.00
- Max Profit (per contract)
- $397.94
- Max Loss (per contract)
- -$76.00
- Breakeven(s)
- $95.34, $104.24
- Risk / Reward Ratio
- 5.236
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.
GOOX butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on GOOX. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$55.00 |
| $22.52 | -77.9% | -$55.00 |
| $45.02 | -55.8% | -$55.00 |
| $67.53 | -33.7% | -$55.00 |
| $90.03 | -11.6% | -$55.00 |
| $112.54 | +10.6% | -$76.00 |
| $135.04 | +32.7% | -$76.00 |
| $157.55 | +54.8% | -$76.00 |
| $180.05 | +76.9% | -$76.00 |
| $202.56 | +99.0% | -$76.00 |
When traders use butterfly on GOOX
Butterflies on GOOX are pinning bets - traders use them when they expect GOOX 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.
GOOX thesis for this butterfly
The market-implied 1-standard-deviation range for GOOX extends from approximately $83.00 on the downside to $120.58 on the upside. A GOOX long call butterfly is a pinning play: it pays maximum at the middle strike if GOOX settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current GOOX IV rank near 37.77% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on GOOX should anchor more to the directional view and the expected-move geometry. As a Financial Services name, GOOX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GOOX-specific events.
GOOX 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. GOOX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move GOOX alongside the broader basket even when GOOX-specific fundamentals are unchanged. Always rebuild the position from current GOOX chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on GOOX?
- A butterfly on GOOX is the butterfly strategy applied to GOOX (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 GOOX etf trading near $101.79, the strikes shown on this page are snapped to the nearest listed GOOX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are GOOX 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 GOOX butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 64.40%), the computed maximum profit is $397.94 per contract and the computed maximum loss is -$76.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a GOOX butterfly?
- The breakeven for the GOOX butterfly priced on this page is roughly $95.34 and $104.24 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 GOOX market-implied 1-standard-deviation expected move is approximately 18.46%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on GOOX?
- Butterflies on GOOX are pinning bets - traders use them when they expect GOOX 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 GOOX implied volatility affect this butterfly?
- GOOX ATM IV is at 64.40% with IV rank near 37.77%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.