GPT Butterfly Strategy
GPT (Intelligent Alpha Atlas ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The fund uses Intelligent Alpha, LLC’s proprietary artificial intelligence-powered stock selection strategy to create an intelligent equal weight portfolio of global large cap stocks with over $1 billion in market capitalization. The securities selected will be based on the major trading trends inspired by the greatest traders in the world. The fund is non-diversified.
GPT (Intelligent Alpha Atlas ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $24.5M, a trailing P/E of 132.54, a beta of 0.81 versus the broader market, a 52-week range of 27.64-34.785, average daily share volume of 2K, a public-listing history dating back to 2024, approximately 488 full-time employees. These structural characteristics shape how GPT etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.81 places GPT roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 132.54 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple. GPT pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a butterfly on GPT?
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.
GPT snapshot
As of August 14, 2026, spot at $34.66, ATM IV 372.50%, IV rank 78.68%, expected move 4.85%. The butterfly on GPT 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 GPT specifically: GPT IV at 372.50% is rich versus its 1-year range, which makes a premium-buying GPT butterfly relatively expensive in absolute-cost terms, with a market-implied 1-standard-deviation move of approximately 4.85% (roughly $1.68 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 GPT expiries trade a higher absolute premium for lower per-day decay. Position sizing on GPT should anchor to the underlying notional of $34.66 per share and to the trader's directional view on GPT etf.
GPT butterfly setup
The GPT 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 GPT at $34.66 on that close, the first option leg uses a $33.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GPT 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 GPT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $33.00 | $1.88 |
| Sell 2 | Call | $35.00 | $0.73 |
| Buy 1 | Call | $36.00 | $0.32 |
GPT butterfly risk and reward
- Net Premium / Debit
- -$73.50
- Max Profit (per contract)
- $110.41
- Max Loss (per contract)
- -$73.50
- Breakeven(s)
- $33.74
- Risk / Reward Ratio
- 1.502
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.
GPT butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on GPT. 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% | -$73.50 |
| $7.67 | -77.9% | -$73.50 |
| $15.33 | -55.8% | -$73.50 |
| $23.00 | -33.6% | -$73.50 |
| $30.66 | -11.5% | -$73.50 |
| $38.32 | +10.6% | +$26.50 |
| $45.98 | +32.7% | +$26.50 |
| $53.65 | +54.8% | +$26.50 |
| $61.31 | +76.9% | +$26.50 |
| $68.97 | +99.0% | +$26.50 |
When traders use butterfly on GPT
Butterflies on GPT are pinning bets - traders use them when they expect GPT 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.
GPT thesis for this butterfly
The market-implied 1-standard-deviation range for GPT extends from approximately $32.98 on the downside to $36.34 on the upside. A GPT long call butterfly is a pinning play: it pays maximum at the middle strike if GPT settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current GPT IV rank near 78.68% 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 GPT at 372.50%. As a Financial Services name, GPT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GPT-specific events.
GPT 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. GPT positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move GPT alongside the broader basket even when GPT-specific fundamentals are unchanged. Always rebuild the position from current GPT chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on GPT?
- A butterfly on GPT is the butterfly strategy applied to GPT (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 GPT etf at $34.66 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed GPT chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are GPT 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 GPT butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 372.50%), the computed maximum profit is $110.41 per contract and the computed maximum loss is -$73.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a GPT butterfly?
- The breakeven for the GPT butterfly priced on this page is roughly $33.74 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 GPT market-implied 1-standard-deviation expected move in the same options snapshot is approximately 4.85%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on GPT?
- Butterflies on GPT are pinning bets - traders use them when they expect GPT 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 GPT implied volatility affect this butterfly?
- GPT ATM IV is at 372.50% with IV rank near 78.68%, 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.