SUPL Butterfly Strategy
SUPL (ProShares - Supply Chain Logistics ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
The fund invests in securities that ProShare Advisors believes should track the performance of the index. The index provider then selects into the index the 40 largest companies, by market capitalization, that generate 75% or more of their revenue from products or services produced or provided by one or more of the applicable RBICS Sub-Industries. The fund will invest at least 80% of its net assets in the securities that comprise the index. It is non-diversified.
SUPL (ProShares - Supply Chain Logistics ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.0M, a beta of 1.09 versus the broader market, a 52-week range of 36.689-48.69, average daily share volume of 1K, a public-listing history dating back to 2022. These structural characteristics shape how SUPL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.09 places SUPL roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. SUPL pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a butterfly on SUPL?
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 SUPL snapshot
As of May 15, 2026, spot at $44.83, ATM IV 28.10%, IV rank 1.33%, expected move 8.06%. The butterfly on SUPL 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 SUPL specifically: SUPL IV at 28.10% is on the cheap side of its 1-year range, which favors premium-buying structures like a SUPL butterfly, with a market-implied 1-standard-deviation move of approximately 8.06% (roughly $3.61 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 SUPL expiries trade a higher absolute premium for lower per-day decay. Position sizing on SUPL should anchor to the underlying notional of $44.83 per share and to the trader's directional view on SUPL etf.
SUPL butterfly setup
The SUPL 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 SUPL near $44.83, the first option leg uses a $42.59 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SUPL 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 SUPL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $42.59 | N/A |
| Sell 2 | Call | $44.83 | N/A |
| Buy 1 | Call | $47.07 | N/A |
SUPL butterfly risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
SUPL butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on SUPL. 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.
When traders use butterfly on SUPL
Butterflies on SUPL are pinning bets - traders use them when they expect SUPL 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.
SUPL thesis for this butterfly
The market-implied 1-standard-deviation range for SUPL extends from approximately $41.22 on the downside to $48.44 on the upside. A SUPL long call butterfly is a pinning play: it pays maximum at the middle strike if SUPL settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current SUPL IV rank near 1.33% 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 SUPL at 28.10%. As a Financial Services name, SUPL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SUPL-specific events.
SUPL 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. SUPL positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SUPL alongside the broader basket even when SUPL-specific fundamentals are unchanged. Always rebuild the position from current SUPL chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on SUPL?
- A butterfly on SUPL is the butterfly strategy applied to SUPL (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 SUPL etf trading near $44.83, the strikes shown on this page are snapped to the nearest listed SUPL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SUPL 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 SUPL butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 28.10%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SUPL butterfly?
- The breakeven for the SUPL 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 SUPL market-implied 1-standard-deviation expected move is approximately 8.06%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on SUPL?
- Butterflies on SUPL are pinning bets - traders use them when they expect SUPL 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 SUPL implied volatility affect this butterfly?
- SUPL ATM IV is at 28.10% with IV rank near 1.33%, 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.