How are IMVP 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 IMVP butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 29.10%), the computed maximum profit is $121.91 per contract and the computed maximum loss is $23.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a IMVP butterfly?

The breakeven for the IMVP butterfly priced on this page is no defined breakeven on the modeled curve 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 IMVP market-implied 1-standard-deviation expected move is approximately 8.34%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current IMVP implied volatility affect this butterfly?

Current IMVP ATM IV is 29.10%; IV rank context is unavailable in the current snapshot.

IMVP Butterfly Strategy

IMVP (Invesco India ETF), in the Financial Services sector, (Asset Management - Global industry), listed on AMEX.

Effective around February 23, 2026, the Invesco India ETF (IMVP) will adjust its core investment methodology. From this date forward, the fund intends to allocate a minimum of 90% of its total capital to securities that make up its newly adopted underlying index, including both direct equity holdings and their corresponding American or Global Depositary Receipts (ADRs/GDRs). The fund's overarching goal is to achieve extensive coverage of the Indian stock market by mirroring an index that systematically filters out underperforming companies. This index starts by considering all stocks listed on the National Stock Exchange of India. It then applies a two-step screening process: 1. Yield Filter: Stocks are ranked by their dividend yield over the preceding 12 months, and the lowest-yielding 10% are eliminated. 2.

IMVP (Invesco India ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $141.1M, a beta of 0.58 versus the broader market, a 52-week range of 19.8-27.15, average daily share volume of 44K, a public-listing history dating back to 2008. These structural characteristics shape how IMVP etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.58 indicates IMVP has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. IMVP pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on IMVP?

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 IMVP snapshot

As of June 29, 2026, spot at $20.08, ATM IV 29.10%, expected move 8.34%. The butterfly on IMVP 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 18-day expiry.

Why this butterfly structure on IMVP specifically: IV rank is unavailable in the current snapshot, so regime-based timing for IMVP is inferred from ATM IV at 29.10% alone, with a market-implied 1-standard-deviation move of approximately 8.34% (roughly $1.68 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated IMVP expiries trade a higher absolute premium for lower per-day decay. Position sizing on IMVP should anchor to the underlying notional of $20.08 per share and to the trader's directional view on IMVP etf.

IMVP butterfly setup

The IMVP 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 IMVP near $20.08, the first option leg uses a $19.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed IMVP chain at a 18-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 IMVP shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$19.00	$1.18
Sell 2	Call	$20.00	$0.95
Buy 1	Call	$21.00	$0.49

IMVP butterfly risk and reward

Net Premium / Debit: +$23.50
Max Profit (per contract): $121.91
Max Loss (per contract): $23.50
Breakeven(s): None on modeled curve
Risk / Reward Ratio: 5.188

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.

IMVP butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on IMVP. 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%	+$23.50
$4.45	-77.8%	+$23.50
$8.89	-55.7%	+$23.50
$13.33	-33.6%	+$23.50
$17.76	-11.5%	+$23.50
$22.20	+10.6%	+$23.50
$26.64	+32.7%	+$23.50
$31.08	+54.8%	+$23.50
$35.52	+76.9%	+$23.50
$39.96	+99.0%	+$23.50

When traders use butterfly on IMVP

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

IMVP thesis for this butterfly

The market-implied 1-standard-deviation range for IMVP extends from approximately $18.40 on the downside to $21.76 on the upside. A IMVP long call butterfly is a pinning play: it pays maximum at the middle strike if IMVP 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, IMVP options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to IMVP-specific events.

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

Frequently asked questions

What is a butterfly on IMVP?: A butterfly on IMVP is the butterfly strategy applied to IMVP (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 IMVP etf trading near $20.08, the strikes shown on this page are snapped to the nearest listed IMVP chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are IMVP 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 IMVP butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 29.10%), the computed maximum profit is $121.91 per contract and the computed maximum loss is $23.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a IMVP butterfly?: The breakeven for the IMVP butterfly priced on this page is no defined breakeven on the modeled curve 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 IMVP market-implied 1-standard-deviation expected move is approximately 8.34%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on IMVP?: Butterflies on IMVP are pinning bets - traders use them when they expect IMVP 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 IMVP implied volatility affect this butterfly?: Current IMVP ATM IV is 29.10%; IV rank context is unavailable in the current snapshot.