TINT Butterfly Strategy
TINT (ProShares - Smart Materials ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
The index selects companies focused on making or applying industrial innovations which allow for improved products, processes, or techniques through advanced, responsive, or intelligent materials. The fund adviser seeks to remain fully invested at all times in securities and/or financial instruments that, in combination, provide exposure to the returns of the index without regard to market conditions, trends or direction. The fund is non-diversified.
TINT (ProShares - Smart Materials ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $2.0M, a beta of 1.38 versus the broader market, a 52-week range of 28.369-41.95, average daily share volume of 1K, a public-listing history dating back to 2021. These structural characteristics shape how TINT etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.38 indicates TINT has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. TINT pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a butterfly on TINT?
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 TINT snapshot
As of May 15, 2026, spot at $40.77, ATM IV 26.20%, IV rank 3.28%, expected move 7.51%. The butterfly on TINT 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 TINT specifically: TINT IV at 26.20% is on the cheap side of its 1-year range, which favors premium-buying structures like a TINT butterfly, with a market-implied 1-standard-deviation move of approximately 7.51% (roughly $3.06 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 TINT expiries trade a higher absolute premium for lower per-day decay. Position sizing on TINT should anchor to the underlying notional of $40.77 per share and to the trader's directional view on TINT etf.
TINT butterfly setup
The TINT 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 TINT near $40.77, the first option leg uses a $39.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TINT 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 TINT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $39.00 | $2.55 |
| Sell 2 | Call | $41.00 | $1.28 |
| Buy 1 | Call | $43.00 | $0.52 |
TINT butterfly risk and reward
- Net Premium / Debit
- -$52.00
- Max Profit (per contract)
- $145.98
- Max Loss (per contract)
- -$52.00
- Breakeven(s)
- $39.52, $42.48
- Risk / Reward Ratio
- 2.807
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.
TINT butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on TINT. 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% | -$52.00 |
| $9.02 | -77.9% | -$52.00 |
| $18.04 | -55.8% | -$52.00 |
| $27.05 | -33.7% | -$52.00 |
| $36.06 | -11.5% | -$52.00 |
| $45.08 | +10.6% | -$52.00 |
| $54.09 | +32.7% | -$52.00 |
| $63.10 | +54.8% | -$52.00 |
| $72.12 | +76.9% | -$52.00 |
| $81.13 | +99.0% | -$52.00 |
When traders use butterfly on TINT
Butterflies on TINT are pinning bets - traders use them when they expect TINT 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.
TINT thesis for this butterfly
The market-implied 1-standard-deviation range for TINT extends from approximately $37.71 on the downside to $43.83 on the upside. A TINT long call butterfly is a pinning play: it pays maximum at the middle strike if TINT settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current TINT IV rank near 3.28% 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 TINT at 26.20%. As a Financial Services name, TINT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TINT-specific events.
TINT 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. TINT positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TINT alongside the broader basket even when TINT-specific fundamentals are unchanged. Always rebuild the position from current TINT chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on TINT?
- A butterfly on TINT is the butterfly strategy applied to TINT (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 TINT etf trading near $40.77, the strikes shown on this page are snapped to the nearest listed TINT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TINT 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 TINT butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 26.20%), the computed maximum profit is $145.98 per contract and the computed maximum loss is -$52.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a TINT butterfly?
- The breakeven for the TINT butterfly priced on this page is roughly $39.52 and $42.48 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 TINT market-implied 1-standard-deviation expected move is approximately 7.51%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on TINT?
- Butterflies on TINT are pinning bets - traders use them when they expect TINT 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 TINT implied volatility affect this butterfly?
- TINT ATM IV is at 26.20% with IV rank near 3.28%, 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.