INTW Butterfly Strategy
INTW (GraniteShares 2x Long INTC Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The Fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Intel Corp, (NASDAQ: INTC) There is no guarantee that the Fund will meet its stated objective. The fund should not be expected to provide 2 times the cumulative return of INTC for periods greater than a day.
INTW (GraniteShares 2x Long INTC Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $522.7M, a beta of 4.26 versus the broader market, a 52-week range of 13.74-407.99, average daily share volume of 759K, a public-listing history dating back to 2025. These structural characteristics shape how INTW etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 4.26 indicates INTW has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a butterfly on INTW?
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 INTW snapshot
As of May 15, 2026, spot at $271.76, ATM IV 160.60%, IV rank 59.00%, expected move 46.04%. The butterfly on INTW 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 INTW specifically: INTW IV at 160.60% 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 46.04% (roughly $125.13 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 INTW expiries trade a higher absolute premium for lower per-day decay. Position sizing on INTW should anchor to the underlying notional of $271.76 per share and to the trader's directional view on INTW etf.
INTW butterfly setup
The INTW 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 INTW near $271.76, the first option leg uses a $260.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed INTW 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 INTW shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $260.00 | $57.60 |
| Sell 2 | Call | $270.00 | $54.00 |
| Buy 1 | Call | $285.00 | $48.90 |
INTW butterfly risk and reward
- Net Premium / Debit
- +$150.00
- Max Profit (per contract)
- $1,110.06
- Max Loss (per contract)
- -$350.00
- Breakeven(s)
- $281.50
- Risk / Reward Ratio
- 3.172
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.
INTW butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on INTW. 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% | +$150.00 |
| $60.10 | -77.9% | +$150.00 |
| $120.18 | -55.8% | +$150.00 |
| $180.27 | -33.7% | +$150.00 |
| $240.36 | -11.6% | +$150.00 |
| $300.44 | +10.6% | -$350.00 |
| $360.53 | +32.7% | -$350.00 |
| $420.62 | +54.8% | -$350.00 |
| $480.70 | +76.9% | -$350.00 |
| $540.79 | +99.0% | -$350.00 |
When traders use butterfly on INTW
Butterflies on INTW are pinning bets - traders use them when they expect INTW 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.
INTW thesis for this butterfly
The market-implied 1-standard-deviation range for INTW extends from approximately $146.63 on the downside to $396.89 on the upside. A INTW long call butterfly is a pinning play: it pays maximum at the middle strike if INTW settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current INTW IV rank near 59.00% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on INTW should anchor more to the directional view and the expected-move geometry. As a Financial Services name, INTW options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to INTW-specific events.
INTW 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. INTW positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move INTW alongside the broader basket even when INTW-specific fundamentals are unchanged. Always rebuild the position from current INTW chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on INTW?
- A butterfly on INTW is the butterfly strategy applied to INTW (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 INTW etf trading near $271.76, the strikes shown on this page are snapped to the nearest listed INTW chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are INTW 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 INTW butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 160.60%), the computed maximum profit is $1,110.06 per contract and the computed maximum loss is -$350.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a INTW butterfly?
- The breakeven for the INTW butterfly priced on this page is roughly $281.50 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 INTW market-implied 1-standard-deviation expected move is approximately 46.04%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on INTW?
- Butterflies on INTW are pinning bets - traders use them when they expect INTW 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 INTW implied volatility affect this butterfly?
- INTW ATM IV is at 160.60% with IV rank near 59.00%, 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.