How are NXPX 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 NXPX butterfly priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 98.50%), the computed maximum profit is $55.00 per contract and the computed maximum loss is -$45.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a NXPX butterfly?

The breakeven for the NXPX butterfly priced on this page is roughly $11.45 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 NXPX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 28.24%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current NXPX implied volatility affect this butterfly?

Current NXPX ATM IV is 98.50%; IV rank context is unavailable in the current snapshot.

NXPX Butterfly Strategy

NXPX (Investment Managers Series Trust II - Tradr 2X Long NXPI Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

NXPX is a short-term tactical tool that aims to deliver twice (200%) the daily performance of NXP Semiconductors N.V. (Nasdaq: NXPI), before fees and expenses. The fund primarily enters into total return swap agreements with major global financial institutions that mirror NXPIs daily returns. In case swaps are unavailable or less efficient, the fund may use FLEX call options or directly hold NXPI stock. Purchasers holding shares for longer than a day will need to monitor and rebalance their position frequently to attempt to achieve the 2x multiple. Purchasers should conduct their own individual stock research prior to initiating a position and trade with conviction. Due to the complexities of the product, shares tend to perform as anticipated only when the underlying shares are trending and holders are on the positive corresponding side of that trade.

NXPX (Investment Managers Series Trust II - Tradr 2X Long NXPI Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $299,977, a beta of 5.50 versus the broader market, a 52-week range of 9.96-25.55, average daily share volume of 2K, a public-listing history dating back to 2026. These structural characteristics shape how NXPX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 5.50 indicates NXPX 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 NXPX?

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.

NXPX snapshot

As of September 29, 2026, spot at $11.73, ATM IV 98.50%, expected move 28.24%. The butterfly on NXPX 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 80-day expiry.

Why this butterfly structure on NXPX specifically: IV rank is unavailable in the current snapshot, so regime-based timing for NXPX is inferred from ATM IV at 98.50% alone, with a market-implied 1-standard-deviation move of approximately 28.24% (roughly $3.31 on the underlying). The 80-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated NXPX expiries trade a higher absolute premium for lower per-day decay. Position sizing on NXPX should anchor to the underlying notional of $11.73 per share and to the trader's directional view on NXPX etf.

NXPX butterfly setup

The NXPX 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 NXPX at $11.73 on that close, the first option leg uses a $11.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NXPX chain at a 80-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 NXPX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$11.00	$2.35
Sell 2	Call	$12.00	$1.90
Buy 1	Call	$12.00	$1.90

NXPX butterfly risk and reward

Net Premium / Debit: -$45.00
Max Profit (per contract): $55.00
Max Loss (per contract): -$45.00
Breakeven(s): $11.45
Risk / Reward Ratio: 1.222

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.

NXPX butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on NXPX. 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	-99.9%	-$45.00
$2.60	-77.8%	-$45.00
$5.19	-55.7%	-$45.00
$7.79	-33.6%	-$45.00
$10.38	-11.5%	-$45.00
$12.97	+10.6%	+$55.00
$15.56	+32.7%	+$55.00
$18.16	+54.8%	+$55.00
$20.75	+76.9%	+$55.00
$23.34	+99.0%	+$55.00

When traders use butterfly on NXPX

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

NXPX thesis for this butterfly

The market-implied 1-standard-deviation range for NXPX extends from approximately $8.42 on the downside to $15.04 on the upside. A NXPX long call butterfly is a pinning play: it pays maximum at the middle strike if NXPX 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, NXPX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NXPX-specific events.

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

Frequently asked questions

What is a butterfly on NXPX?: A butterfly on NXPX is the butterfly strategy applied to NXPX (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 NXPX etf at $11.73 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed NXPX chain strike and the premiums come straight from that session's bid/ask midpoint.
How are NXPX 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 NXPX butterfly priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 98.50%), the computed maximum profit is $55.00 per contract and the computed maximum loss is -$45.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a NXPX butterfly?: The breakeven for the NXPX butterfly priced on this page is roughly $11.45 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 NXPX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 28.24%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on NXPX?: Butterflies on NXPX are pinning bets - traders use them when they expect NXPX 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 NXPX implied volatility affect this butterfly?: Current NXPX ATM IV is 98.50%; IV rank context is unavailable in the current snapshot.