How are QYLG 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 QYLG butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 39.60%), the computed maximum profit is $67.92 per contract and the computed maximum loss is -$117.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a QYLG butterfly?

The breakeven for the QYLG butterfly priced on this page is roughly $29.40 and $31.06 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 QYLG market-implied 1-standard-deviation expected move is approximately 11.35%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current QYLG implied volatility affect this butterfly?

QYLG ATM IV is at 39.60% with IV rank near 6.85%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.

QYLG Butterfly Strategy

QYLG (Global X Nasdaq 100 Covered Call & Growth ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

Global X Funds - Global X Nasdaq 100 Covered Call & Growth ETF is an exchange traded fund launched and managed by Global X Management Company LLC. It invests in public equity markets of global region. The fund invests directly and through derivatives in stocks of companies operating across communication services, consumer discretionary, consumer staples, energy, health care, industrials, information technology, materials, real estate and utilities sectors. It uses derivatives such as options to create its portfolio. It invests in growth and value stocks of large-cap companies. It seeks to track the performance of the Cboe Nasdaq 100 Half BuyWrite V2 Index, by using full replication technique.

QYLG (Global X Nasdaq 100 Covered Call & Growth ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $150.6M, a beta of 0.87 versus the broader market, a 52-week range of 25.01-30.725, average daily share volume of 43K, a public-listing history dating back to 2020. These structural characteristics shape how QYLG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.87 places QYLG roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. QYLG pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on QYLG?

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 QYLG snapshot

As of June 29, 2026, spot at $29.91, ATM IV 39.60%, IV rank 6.85%, expected move 11.35%. The butterfly on QYLG 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 QYLG specifically: QYLG IV at 39.60% is on the cheap side of its 1-year range, which favors premium-buying structures like a QYLG butterfly, with a market-implied 1-standard-deviation move of approximately 11.35% (roughly $3.40 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 QYLG expiries trade a higher absolute premium for lower per-day decay. Position sizing on QYLG should anchor to the underlying notional of $29.91 per share and to the trader's directional view on QYLG etf.

QYLG butterfly setup

The QYLG 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 QYLG near $29.91, the first option leg uses a $28.22 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed QYLG 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 QYLG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$28.22	$1.73
Sell 2	Call	$30.22	$0.31
Buy 1	Call	$31.22	$0.07

QYLG butterfly risk and reward

Net Premium / Debit: -$117.50
Max Profit (per contract): $67.92
Max Loss (per contract): -$117.50
Breakeven(s): $29.40, $31.06
Risk / Reward Ratio: 0.578

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.

QYLG butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on QYLG. 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%	-$117.50
$6.62	-77.9%	-$117.50
$13.23	-55.8%	-$117.50
$19.85	-33.6%	-$117.50
$26.46	-11.5%	-$117.50
$33.07	+10.6%	-$17.50
$39.68	+32.7%	-$17.50
$46.30	+54.8%	-$17.50
$52.91	+76.9%	-$17.50
$59.52	+99.0%	-$17.50

When traders use butterfly on QYLG

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

QYLG thesis for this butterfly

The market-implied 1-standard-deviation range for QYLG extends from approximately $26.51 on the downside to $33.31 on the upside. A QYLG long call butterfly is a pinning play: it pays maximum at the middle strike if QYLG settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current QYLG IV rank near 6.85% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on QYLG at 39.60%. As a Financial Services name, QYLG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to QYLG-specific events.

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

Frequently asked questions

What is a butterfly on QYLG?: A butterfly on QYLG is the butterfly strategy applied to QYLG (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 QYLG etf trading near $29.91, the strikes shown on this page are snapped to the nearest listed QYLG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are QYLG 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 QYLG butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 39.60%), the computed maximum profit is $67.92 per contract and the computed maximum loss is -$117.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a QYLG butterfly?: The breakeven for the QYLG butterfly priced on this page is roughly $29.40 and $31.06 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 QYLG market-implied 1-standard-deviation expected move is approximately 11.35%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on QYLG?: Butterflies on QYLG are pinning bets - traders use them when they expect QYLG 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 QYLG implied volatility affect this butterfly?: QYLG ATM IV is at 39.60% with IV rank near 6.85%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.