How are GXPD 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 GXPD butterfly priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 39.10%), the computed maximum profit is $69.93 per contract and the computed maximum loss is -$18.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a GXPD butterfly?

The breakeven for the GXPD butterfly priced on this page is roughly $24.18 and $25.82 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 GXPD market-implied 1-standard-deviation expected move in the same options snapshot is approximately 11.21%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current GXPD implied volatility affect this butterfly?

Current GXPD ATM IV is 39.10%; IV rank context is unavailable in the current snapshot.

GXPD Butterfly Strategy

GXPD (Global X Funds - Global X PureCap MSCI Consumer Discretionary ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

GXPD offers concentrated exposure to the US Consumer Discretionary industry. The underlying index selects companies from the MSCI USA Index that are involved in the Consumer Discretionary sector, as defined by GICS. These firms provide goods and services that consumers consider non-essential, including: i) manufacturers of automobiles and their components, household durable goods, leisure products, textiles, and apparel, ii) hotels, restaurants, and other leisure facilities, and iii) distributors and retailers of consumer discretionary products. The fund may also invest in ETFs that track the performance of Consumer Discretionary companies or firms with a similar investment profile as the index constituents. Selected securities are weighted based purely on market capitalization, without maximum weight constraints. The index rebalances and reconstitutes on a quarterly basis.

GXPD (Global X Funds - Global X PureCap MSCI Consumer Discretionary ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $53.0M, a beta of 1.15 versus the broader market, a 52-week range of 22.84-27.87, average daily share volume of 50K, a public-listing history dating back to 2025. These structural characteristics shape how GXPD etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.15 places GXPD roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. GXPD pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on GXPD?

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.

GXPD snapshot

As of September 29, 2026, spot at $24.75, ATM IV 39.10%, expected move 11.21%. The butterfly on GXPD 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 17-day expiry.

Why this butterfly structure on GXPD specifically: IV rank is unavailable in the current snapshot, so regime-based timing for GXPD is inferred from ATM IV at 39.10% alone, with a market-implied 1-standard-deviation move of approximately 11.21% (roughly $2.77 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 GXPD expiries trade a higher absolute premium for lower per-day decay. Position sizing on GXPD should anchor to the underlying notional of $24.75 per share and to the trader's directional view on GXPD etf.

GXPD butterfly setup

The GXPD 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 GXPD at $24.75 on that close, the first option leg uses a $24.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GXPD 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 GXPD shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$24.00	$1.28
Sell 2	Call	$25.00	$0.74
Buy 1	Call	$26.00	$0.38

GXPD butterfly risk and reward

Net Premium / Debit: -$18.00
Max Profit (per contract): $69.93
Max Loss (per contract): -$18.00
Breakeven(s): $24.18, $25.82
Risk / Reward Ratio: 3.885

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.

GXPD butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on GXPD. 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%	-$18.00
$5.48	-77.9%	-$18.00
$10.95	-55.7%	-$18.00
$16.42	-33.6%	-$18.00
$21.90	-11.5%	-$18.00
$27.37	+10.6%	-$18.00
$32.84	+32.7%	-$18.00
$38.31	+54.8%	-$18.00
$43.78	+76.9%	-$18.00
$49.25	+99.0%	-$18.00

When traders use butterfly on GXPD

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

GXPD thesis for this butterfly

The market-implied 1-standard-deviation range for GXPD extends from approximately $21.98 on the downside to $27.52 on the upside. A GXPD long call butterfly is a pinning play: it pays maximum at the middle strike if GXPD settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. As a Financial Services name, GXPD options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GXPD-specific events.

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

Frequently asked questions

What is a butterfly on GXPD?: A butterfly on GXPD is the butterfly strategy applied to GXPD (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 GXPD etf at $24.75 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed GXPD chain strike and the premiums come straight from that session's bid/ask midpoint.
How are GXPD 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 GXPD butterfly priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 39.10%), the computed maximum profit is $69.93 per contract and the computed maximum loss is -$18.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a GXPD butterfly?: The breakeven for the GXPD butterfly priced on this page is roughly $24.18 and $25.82 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 GXPD market-implied 1-standard-deviation expected move in the same options snapshot is approximately 11.21%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on GXPD?: Butterflies on GXPD are pinning bets - traders use them when they expect GXPD 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 GXPD implied volatility affect this butterfly?: Current GXPD ATM IV is 39.10%; IV rank context is unavailable in the current snapshot.