TILL Butterfly Strategy
TILL (Teucrium Agricultural Strategy No K-1 ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
Provides investors an easy way to gain long only price exposure to corn, wheat, soybeans, and sugar futures in a brokerage account. The fund seeks long term capital appreciation and maintains perpetual, long only exposure to each commodity.
TILL (Teucrium Agricultural Strategy No K-1 ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $6.4M, a beta of 0.56 versus the broader market, a 52-week range of 16.453-19.1, average daily share volume of 99K, a public-listing history dating back to 2022. These structural characteristics shape how TILL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.56 indicates TILL has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. TILL pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a butterfly on TILL?
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 TILL snapshot
As of May 15, 2026, spot at $18.30, ATM IV 40.80%, IV rank 6.06%, expected move 11.70%. The butterfly on TILL 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 TILL specifically: TILL IV at 40.80% is on the cheap side of its 1-year range, which favors premium-buying structures like a TILL butterfly, with a market-implied 1-standard-deviation move of approximately 11.70% (roughly $2.14 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 TILL expiries trade a higher absolute premium for lower per-day decay. Position sizing on TILL should anchor to the underlying notional of $18.30 per share and to the trader's directional view on TILL etf.
TILL butterfly setup
The TILL 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 TILL near $18.30, the first option leg uses a $17.39 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TILL 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 TILL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $17.39 | N/A |
| Sell 2 | Call | $18.30 | N/A |
| Buy 1 | Call | $19.22 | N/A |
TILL 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.
TILL butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on TILL. 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 TILL
Butterflies on TILL are pinning bets - traders use them when they expect TILL 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.
TILL thesis for this butterfly
The market-implied 1-standard-deviation range for TILL extends from approximately $16.16 on the downside to $20.44 on the upside. A TILL long call butterfly is a pinning play: it pays maximum at the middle strike if TILL settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current TILL IV rank near 6.06% 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 TILL at 40.80%. As a Financial Services name, TILL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TILL-specific events.
TILL 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. TILL positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TILL alongside the broader basket even when TILL-specific fundamentals are unchanged. Always rebuild the position from current TILL chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on TILL?
- A butterfly on TILL is the butterfly strategy applied to TILL (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 TILL etf trading near $18.30, the strikes shown on this page are snapped to the nearest listed TILL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TILL 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 TILL butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 40.80%), 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 TILL butterfly?
- The breakeven for the TILL 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 TILL market-implied 1-standard-deviation expected move is approximately 11.70%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on TILL?
- Butterflies on TILL are pinning bets - traders use them when they expect TILL 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 TILL implied volatility affect this butterfly?
- TILL ATM IV is at 40.80% with IV rank near 6.06%, 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.