How are RPG 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 RPG butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 26.80%), the computed maximum profit is $214.77 per contract and the computed maximum loss is -$75.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a RPG butterfly?

The breakeven for the RPG butterfly priced on this page is roughly $54.75 and $59.25 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 RPG market-implied 1-standard-deviation expected move is approximately 7.68%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current RPG implied volatility affect this butterfly?

RPG ATM IV is at 26.80% with IV rank near 28.18%, 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.

RPG Butterfly Strategy

RPG (Invesco S&P 500 Pure Growth ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

The Invesco S&P 500 Pure Growth ETF (Fund) is based on the S&P 500 Pure Growth Index (Index). The Fund will invest at least 90% of its total assets in securities that comprise the Index. The Index measures the performance of securities that exhibit strong growth characteristics in the S&P 500 Index. First, each security in the S&P 500 is assigned two “style scores” – one for value and one for growth – based on the characteristics of the issuer. The “value score” is measured using three factors: book-value-to-price ratio, earnings-to-price ratio, and sales-to-price ratio. The “growth score” is measured using three other factors: three-year sales per share growth, the three-year ratio of earnings per share change to price per share, and momentum (the 12-month percentage change in price).

RPG (Invesco S&P 500 Pure Growth ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.58B, a beta of 1.23 versus the broader market, a 52-week range of 41.69-58.48, average daily share volume of 605K, a public-listing history dating back to 2006. These structural characteristics shape how RPG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.23 places RPG roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. RPG pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on RPG?

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 RPG snapshot

As of May 15, 2026, spot at $57.18, ATM IV 26.80%, IV rank 28.18%, expected move 7.68%. The butterfly on RPG 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 63-day expiry.

Why this butterfly structure on RPG specifically: RPG IV at 26.80% is on the cheap side of its 1-year range, which favors premium-buying structures like a RPG butterfly, with a market-implied 1-standard-deviation move of approximately 7.68% (roughly $4.39 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated RPG expiries trade a higher absolute premium for lower per-day decay. Position sizing on RPG should anchor to the underlying notional of $57.18 per share and to the trader's directional view on RPG etf.

RPG butterfly setup

The RPG 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 RPG near $57.18, the first option leg uses a $54.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RPG chain at a 63-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 RPG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$54.00	$4.65
Sell 2	Call	$57.00	$2.60
Buy 1	Call	$60.00	$1.30

RPG butterfly risk and reward

Net Premium / Debit: -$75.00
Max Profit (per contract): $214.77
Max Loss (per contract): -$75.00
Breakeven(s): $54.75, $59.25
Risk / Reward Ratio: 2.864

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.

RPG butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on RPG. 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%	-$75.00
$12.65	-77.9%	-$75.00
$25.29	-55.8%	-$75.00
$37.94	-33.7%	-$75.00
$50.58	-11.5%	-$75.00
$63.22	+10.6%	-$75.00
$75.86	+32.7%	-$75.00
$88.50	+54.8%	-$75.00
$101.14	+76.9%	-$75.00
$113.79	+99.0%	-$75.00

When traders use butterfly on RPG

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

RPG thesis for this butterfly

The market-implied 1-standard-deviation range for RPG extends from approximately $52.79 on the downside to $61.57 on the upside. A RPG long call butterfly is a pinning play: it pays maximum at the middle strike if RPG settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current RPG IV rank near 28.18% 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 RPG at 26.80%. As a Financial Services name, RPG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RPG-specific events.

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

Frequently asked questions

What is a butterfly on RPG?: A butterfly on RPG is the butterfly strategy applied to RPG (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 RPG etf trading near $57.18, the strikes shown on this page are snapped to the nearest listed RPG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are RPG 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 RPG butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 26.80%), the computed maximum profit is $214.77 per contract and the computed maximum loss is -$75.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a RPG butterfly?: The breakeven for the RPG butterfly priced on this page is roughly $54.75 and $59.25 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 RPG market-implied 1-standard-deviation expected move is approximately 7.68%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on RPG?: Butterflies on RPG are pinning bets - traders use them when they expect RPG 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 RPG implied volatility affect this butterfly?: RPG ATM IV is at 26.80% with IV rank near 28.18%, 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.