ROBN Butterfly Strategy
ROBN (ETF Opportunities Trust - T-Rex 2X Long HOOD Daily Target ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
ROBN is designed for making bullish bets on the stock price of Robinhood Markets Inc. through swap agreements. The objective is to obtain daily leveraged exposure equivalent to 200% of the fund's net assets. To maintain this exposure, daily rebalancing is performed to make adjustments in response to HOOD's daily price movements. As a geared product, the is intended as a short-term tactical tool, rather than as a long-term investment vehicle. As a result, returns may deviate from the expected 2x if held for longer than a single day due to compounding. This strategy is high-risk and does not include a defensive position as part of its overall process.
ROBN (ETF Opportunities Trust - T-Rex 2X Long HOOD Daily Target ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $85.9M, a beta of 6.80 versus the broader market, a 52-week range of 14.49-123.06, average daily share volume of 1.0M, a public-listing history dating back to 2025. These structural characteristics shape how ROBN etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 6.80 indicates ROBN has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. ROBN pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a butterfly on ROBN?
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.
ROBN snapshot
As of September 29, 2026, spot at $34.14, ATM IV 117.80%, IV rank 18.05%, expected move 33.77%. The butterfly on ROBN 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 17-day expiry.
Why this butterfly structure on ROBN specifically: ROBN IV at 117.80% is on the cheap side of its 1-year range, which favors premium-buying structures like a ROBN butterfly, with a market-implied 1-standard-deviation move of approximately 33.77% (roughly $11.53 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ROBN expiries trade a higher absolute premium for lower per-day decay. Position sizing on ROBN should anchor to the underlying notional of $34.14 per share and to the trader's directional view on ROBN etf.
ROBN butterfly setup
The ROBN 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 ROBN at $34.14 on that close, the first option leg uses a $32.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ROBN chain at a 17-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 ROBN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $32.00 | $4.65 |
| Sell 2 | Call | $34.00 | $3.65 |
| Buy 1 | Call | $36.00 | $2.88 |
ROBN butterfly risk and reward
- Net Premium / Debit
- -$22.50
- Max Profit (per contract)
- $174.85
- Max Loss (per contract)
- -$22.50
- Breakeven(s)
- $32.21, $35.78
- Risk / Reward Ratio
- 7.771
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.
ROBN butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on ROBN. 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% | -$22.50 |
| $7.56 | -77.9% | -$22.50 |
| $15.10 | -55.8% | -$22.50 |
| $22.65 | -33.6% | -$22.50 |
| $30.20 | -11.5% | -$22.50 |
| $37.75 | +10.6% | -$22.50 |
| $45.29 | +32.7% | -$22.50 |
| $52.84 | +54.8% | -$22.50 |
| $60.39 | +76.9% | -$22.50 |
| $67.94 | +99.0% | -$22.50 |
When traders use butterfly on ROBN
Butterflies on ROBN are pinning bets - traders use them when they expect ROBN 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.
ROBN thesis for this butterfly
The market-implied 1-standard-deviation range for ROBN extends from approximately $22.61 on the downside to $45.67 on the upside. A ROBN long call butterfly is a pinning play: it pays maximum at the middle strike if ROBN settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current ROBN IV rank near 18.05% 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 ROBN at 117.80%. As a Financial Services name, ROBN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ROBN-specific events.
ROBN 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. ROBN positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ROBN alongside the broader basket even when ROBN-specific fundamentals are unchanged. Always rebuild the position from current ROBN chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on ROBN?
- A butterfly on ROBN is the butterfly strategy applied to ROBN (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 ROBN etf at $34.14 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed ROBN chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are ROBN 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 ROBN butterfly priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 117.80%), the computed maximum profit is $174.85 per contract and the computed maximum loss is -$22.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ROBN butterfly?
- The breakeven for the ROBN butterfly priced on this page is roughly $32.21 and $35.78 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 ROBN market-implied 1-standard-deviation expected move in the same options snapshot is approximately 33.77%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on ROBN?
- Butterflies on ROBN are pinning bets - traders use them when they expect ROBN 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 ROBN implied volatility affect this butterfly?
- ROBN ATM IV is at 117.80% with IV rank near 18.05%, 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.