SATG Butterfly Strategy
SATG (Leverage Shares 2x Long SATS Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The Leverage Shares 2x Long SATS Daily ETF (SATG) is a 2x Daily Leveraged (Bull) ETF designed for active traders seeking to magnify short-term results. The SATG ETF aims to achieve two times (200%) the daily performance of SATS stock, minus fees and expenses.
SATG (Leverage Shares 2x Long SATS Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $7.5M, a beta of 0.46 versus the broader market, a 52-week range of 13.475-23.55, average daily share volume of 100K, a public-listing history dating back to 2025. These structural characteristics shape how SATG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.46 indicates SATG has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a butterfly on SATG?
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 SATG snapshot
As of May 15, 2026, spot at $21.94, ATM IV 143.20%, expected move 41.05%. The butterfly on SATG 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 SATG specifically: IV rank is unavailable in the current snapshot, so regime-based timing for SATG is inferred from ATM IV at 143.20% alone, with a market-implied 1-standard-deviation move of approximately 41.05% (roughly $9.01 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 SATG expiries trade a higher absolute premium for lower per-day decay. Position sizing on SATG should anchor to the underlying notional of $21.94 per share and to the trader's directional view on SATG etf.
SATG butterfly setup
The SATG 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 SATG near $21.94, the first option leg uses a $21.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SATG 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 SATG shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $21.00 | $3.88 |
| Sell 2 | Call | $22.00 | $3.75 |
| Buy 1 | Call | $23.00 | $3.08 |
SATG butterfly risk and reward
- Net Premium / Debit
- +$55.00
- Max Profit (per contract)
- $149.48
- Max Loss (per contract)
- $55.00
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- 2.718
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.
SATG butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on SATG. 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% | +$55.00 |
| $4.86 | -77.8% | +$55.00 |
| $9.71 | -55.7% | +$55.00 |
| $14.56 | -33.6% | +$55.00 |
| $19.41 | -11.5% | +$55.00 |
| $24.26 | +10.6% | +$55.00 |
| $29.11 | +32.7% | +$55.00 |
| $33.96 | +54.8% | +$55.00 |
| $38.81 | +76.9% | +$55.00 |
| $43.66 | +99.0% | +$55.00 |
When traders use butterfly on SATG
Butterflies on SATG are pinning bets - traders use them when they expect SATG 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.
SATG thesis for this butterfly
The market-implied 1-standard-deviation range for SATG extends from approximately $12.93 on the downside to $30.95 on the upside. A SATG long call butterfly is a pinning play: it pays maximum at the middle strike if SATG 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, SATG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SATG-specific events.
SATG 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. SATG positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SATG alongside the broader basket even when SATG-specific fundamentals are unchanged. Always rebuild the position from current SATG chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on SATG?
- A butterfly on SATG is the butterfly strategy applied to SATG (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 SATG etf trading near $21.94, the strikes shown on this page are snapped to the nearest listed SATG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SATG 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 SATG butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 143.20%), the computed maximum profit is $149.48 per contract and the computed maximum loss is $55.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SATG butterfly?
- The breakeven for the SATG butterfly priced on this page is no defined breakeven on the modeled curve 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 SATG market-implied 1-standard-deviation expected move is approximately 41.05%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on SATG?
- Butterflies on SATG are pinning bets - traders use them when they expect SATG 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 SATG implied volatility affect this butterfly?
- Current SATG ATM IV is 143.20%; IV rank context is unavailable in the current snapshot.