How are SPAL 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 SPAL butterfly priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 90.30%), the computed maximum profit is $86.21 per contract and the computed maximum loss is -$12.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SPAL butterfly?

The breakeven for the SPAL butterfly priced on this page is roughly $16.12 and $17.88 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 SPAL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 25.89%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current SPAL implied volatility affect this butterfly?

Current SPAL ATM IV is 90.30%; IV rank context is unavailable in the current snapshot.

SPAL Butterfly Strategy

SPAL (GraniteShares ETF Trust - GraniteShares 2x Long SpaceX Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

SPAL is a short-term tactical tool that aims to deliver 2x the price return, less fees and expenses, for a single day of Space Exploration Technologies Corp, (NASDAQ: SPCX) stock. Purchasers holding shares for longer than a day will need to monitor and rebalance their position frequently to attempt to achieve the 2x multiple. Aside from the leverage, compared to traditional ETFs, the shares take on added volatility due to the lack of diversification. Purchasers should conduct their own individual stock research prior to initiating a position and trade with conviction. Due to the complexities of the product, shares tend to perform as anticipated only when the underlying shares are trending and holders are on the positive corresponding side of that trade. However, the shares provide the advantage of capping the maximum loss to the full amount invested.

SPAL (GraniteShares ETF Trust - GraniteShares 2x Long SpaceX Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $33.9M, a beta of 0.00 versus the broader market, a 52-week range of 8.91-46.57, average daily share volume of 1.6M, a public-listing history dating back to 2026. These structural characteristics shape how SPAL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.00 indicates SPAL 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 SPAL?

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.

SPAL snapshot

As of September 29, 2026, spot at $16.73, ATM IV 90.30%, expected move 25.89%. The butterfly on SPAL 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 SPAL specifically: IV rank is unavailable in the current snapshot, so regime-based timing for SPAL is inferred from ATM IV at 90.30% alone, with a market-implied 1-standard-deviation move of approximately 25.89% (roughly $4.33 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 SPAL expiries trade a higher absolute premium for lower per-day decay. Position sizing on SPAL should anchor to the underlying notional of $16.73 per share and to the trader's directional view on SPAL etf.

SPAL butterfly setup

The SPAL 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 SPAL at $16.73 on that close, the first option leg uses a $16.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SPAL 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 SPAL shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$16.00	$1.58
Sell 2	Call	$17.00	$1.10
Buy 1	Call	$18.00	$0.75

SPAL butterfly risk and reward

Net Premium / Debit: -$12.50
Max Profit (per contract): $86.21
Max Loss (per contract): -$12.50
Breakeven(s): $16.12, $17.88
Risk / Reward Ratio: 6.897

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.

SPAL butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on SPAL. 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	-99.9%	-$12.50
$3.71	-77.8%	-$12.50
$7.41	-55.7%	-$12.50
$11.10	-33.6%	-$12.50
$14.80	-11.5%	-$12.50
$18.50	+10.6%	-$12.50
$22.20	+32.7%	-$12.50
$25.90	+54.8%	-$12.50
$29.59	+76.9%	-$12.50
$33.29	+99.0%	-$12.50

When traders use butterfly on SPAL

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

SPAL thesis for this butterfly

The market-implied 1-standard-deviation range for SPAL extends from approximately $12.40 on the downside to $21.06 on the upside. A SPAL long call butterfly is a pinning play: it pays maximum at the middle strike if SPAL 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, SPAL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SPAL-specific events.

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

Frequently asked questions

What is a butterfly on SPAL?: A butterfly on SPAL is the butterfly strategy applied to SPAL (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 SPAL etf at $16.73 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed SPAL chain strike and the premiums come straight from that session's bid/ask midpoint.
How are SPAL 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 SPAL butterfly priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 90.30%), the computed maximum profit is $86.21 per contract and the computed maximum loss is -$12.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SPAL butterfly?: The breakeven for the SPAL butterfly priced on this page is roughly $16.12 and $17.88 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 SPAL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 25.89%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on SPAL?: Butterflies on SPAL are pinning bets - traders use them when they expect SPAL 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 SPAL implied volatility affect this butterfly?: Current SPAL ATM IV is 90.30%; IV rank context is unavailable in the current snapshot.