How are SKHA 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 SKHA butterfly priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 110.00%), the computed maximum profit is $188.70 per contract and the computed maximum loss is -$7.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SKHA butterfly?

The breakeven for the SKHA butterfly priced on this page is roughly $34.96 and $38.98 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 SKHA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 31.54%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current SKHA implied volatility affect this butterfly?

Current SKHA ATM IV is 110.00%; IV rank context is unavailable in the current snapshot.

SKHA Butterfly Strategy

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

SKHA uses swap agreements and listed call options to make bullish bets on the share price of SK hynix, Inc. (Nasdaq: SKHY). The fund may also invest directly in SKHY. SK hynix, Inc. engages in the design, manufacture, and sale of semiconductor products. Its products include dynamic random access memory, not-AND flash memory, and multi-chip package. The fund seeks to maintain daily leveraged exposure equivalent to 200% of the daily percentage change in SKHY price through daily rebalancing. Returns may deviate from the expected 2x if held for longer than a single day due to factors such as volatility and compounding effects.

SKHA (Investment Managers Series Trust II - Tradr 2X Long SK Hynix Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $723,889, a beta of 0.00 versus the broader market, a 52-week range of 19.25-43.62, average daily share volume of 8K, a public-listing history dating back to 2026. These structural characteristics shape how SKHA etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.00 indicates SKHA 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 SKHA?

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.

SKHA snapshot

As of September 29, 2026, spot at $37.22, ATM IV 110.00%, expected move 31.54%. The butterfly on SKHA 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 SKHA specifically: IV rank is unavailable in the current snapshot, so regime-based timing for SKHA is inferred from ATM IV at 110.00% alone, with a market-implied 1-standard-deviation move of approximately 31.54% (roughly $11.74 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 SKHA expiries trade a higher absolute premium for lower per-day decay. Position sizing on SKHA should anchor to the underlying notional of $37.22 per share and to the trader's directional view on SKHA etf.

SKHA butterfly setup

The SKHA 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 SKHA at $37.22 on that close, the first option leg uses a $35.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SKHA 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 SKHA shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$35.00	$4.70
Sell 2	Call	$37.00	$3.75
Buy 1	Call	$39.00	$2.88

SKHA butterfly risk and reward

Net Premium / Debit: -$7.50
Max Profit (per contract): $188.70
Max Loss (per contract): -$7.50
Breakeven(s): $34.96, $38.98
Risk / Reward Ratio: 25.160

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.

SKHA butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on SKHA. 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%	-$7.50
$8.24	-77.9%	-$7.50
$16.47	-55.8%	-$7.50
$24.70	-33.7%	-$7.50
$32.92	-11.5%	-$7.50
$41.15	+10.6%	-$7.50
$49.38	+32.7%	-$7.50
$57.61	+54.8%	-$7.50
$65.84	+76.9%	-$7.50
$74.07	+99.0%	-$7.50

When traders use butterfly on SKHA

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

SKHA thesis for this butterfly

The market-implied 1-standard-deviation range for SKHA extends from approximately $25.48 on the downside to $48.96 on the upside. A SKHA long call butterfly is a pinning play: it pays maximum at the middle strike if SKHA 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, SKHA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SKHA-specific events.

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

Frequently asked questions

What is a butterfly on SKHA?: A butterfly on SKHA is the butterfly strategy applied to SKHA (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 SKHA etf at $37.22 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed SKHA chain strike and the premiums come straight from that session's bid/ask midpoint.
How are SKHA 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 SKHA butterfly priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 110.00%), the computed maximum profit is $188.70 per contract and the computed maximum loss is -$7.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SKHA butterfly?: The breakeven for the SKHA butterfly priced on this page is roughly $34.96 and $38.98 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 SKHA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 31.54%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on SKHA?: Butterflies on SKHA are pinning bets - traders use them when they expect SKHA 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 SKHA implied volatility affect this butterfly?: Current SKHA ATM IV is 110.00%; IV rank context is unavailable in the current snapshot.