How are NVYY 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 NVYY butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 75.70%), the computed maximum profit is $85.57 per contract and the computed maximum loss is -$14.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a NVYY butterfly?

The breakeven for the NVYY butterfly priced on this page is roughly $13.14 and $14.86 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 NVYY market-implied 1-standard-deviation expected move is approximately 21.70%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current NVYY implied volatility affect this butterfly?

NVYY ATM IV is at 75.70% with IV rank near 36.05%, 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.

NVYY Butterfly Strategy

NVYY (GraniteShares YieldBOOST NVDA ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

The Fund’s primary investment objective is to achieve 2 times (200%) the income generated from selling options on NVIDIA Corp. (NASDAQ NVDA) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 2 times (200%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.

NVYY (GraniteShares YieldBOOST NVDA ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $57.3M, a beta of 0.88 versus the broader market, a 52-week range of 13.58-28.3, average daily share volume of 106K, a public-listing history dating back to 2025. These structural characteristics shape how NVYY etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.88 places NVYY roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. NVYY pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on NVYY?

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 NVYY snapshot

As of May 15, 2026, spot at $14.07, ATM IV 75.70%, IV rank 36.05%, expected move 21.70%. The butterfly on NVYY 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 NVYY specifically: NVYY IV at 75.70% 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 21.70% (roughly $3.05 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 NVYY expiries trade a higher absolute premium for lower per-day decay. Position sizing on NVYY should anchor to the underlying notional of $14.07 per share and to the trader's directional view on NVYY etf.

NVYY butterfly setup

The NVYY 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 NVYY near $14.07, the first option leg uses a $13.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NVYY 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 NVYY shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$13.00	$1.88
Sell 2	Call	$14.00	$1.35
Buy 1	Call	$15.00	$0.96

NVYY butterfly risk and reward

Net Premium / Debit: -$14.00
Max Profit (per contract): $85.57
Max Loss (per contract): -$14.00
Breakeven(s): $13.14, $14.86
Risk / Reward Ratio: 6.112

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.

NVYY butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on NVYY. 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	-99.9%	-$14.00
$3.12	-77.8%	-$14.00
$6.23	-55.7%	-$14.00
$9.34	-33.6%	-$14.00
$12.45	-11.5%	-$14.00
$15.56	+10.6%	-$14.00
$18.67	+32.7%	-$14.00
$21.78	+54.8%	-$14.00
$24.89	+76.9%	-$14.00
$28.00	+99.0%	-$14.00

When traders use butterfly on NVYY

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

NVYY thesis for this butterfly

The market-implied 1-standard-deviation range for NVYY extends from approximately $11.02 on the downside to $17.12 on the upside. A NVYY long call butterfly is a pinning play: it pays maximum at the middle strike if NVYY settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current NVYY IV rank near 36.05% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on NVYY should anchor more to the directional view and the expected-move geometry. As a Financial Services name, NVYY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NVYY-specific events.

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

Frequently asked questions

What is a butterfly on NVYY?: A butterfly on NVYY is the butterfly strategy applied to NVYY (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 NVYY etf trading near $14.07, the strikes shown on this page are snapped to the nearest listed NVYY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are NVYY 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 NVYY butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 75.70%), the computed maximum profit is $85.57 per contract and the computed maximum loss is -$14.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a NVYY butterfly?: The breakeven for the NVYY butterfly priced on this page is roughly $13.14 and $14.86 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 NVYY market-implied 1-standard-deviation expected move is approximately 21.70%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on NVYY?: Butterflies on NVYY are pinning bets - traders use them when they expect NVYY 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 NVYY implied volatility affect this butterfly?: NVYY ATM IV is at 75.70% with IV rank near 36.05%, 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.