TSYY Butterfly Strategy
TSYY (GraniteShares YieldBOOST TSLA ETF), in the Financial Services sector, (Asset Management - Income industry), listed on NASDAQ.
The Fund’s primary investment objective is to achieve 2 times (200%) the income generated from selling options on Tesla Inc. (NASDAQ TSLA) (the “Underlying Stock”) by selling options on leveraged exchange-traded funds designed to deliver 2 times (200%) the daily performance of the Underlying Stock (the “Underlying Leveraged ETF”). The Fund’s secondary investment objective is to gain exposure to the performance of the Underlying Leveraged ETF, subject to a cap on potential investment gains. A downside protection may be implemented which could affect the net income level.
TSYY (GraniteShares YieldBOOST TSLA ETF) trades in the Financial Services sector, specifically Asset Management - Income, with a market capitalization of approximately $127.5M, a beta of 1.48 versus the broader market, a 52-week range of 3.1-13.06, average daily share volume of 1.1M, a public-listing history dating back to 2024. These structural characteristics shape how TSYY etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.48 indicates TSYY has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. TSYY pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a butterfly on TSYY?
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 TSYY snapshot
As of May 15, 2026, spot at $3.13, ATM IV 218.40%, expected move 62.61%. The butterfly on TSYY 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 TSYY specifically: IV rank is unavailable in the current snapshot, so regime-based timing for TSYY is inferred from ATM IV at 218.40% alone, with a market-implied 1-standard-deviation move of approximately 62.61% (roughly $1.96 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 TSYY expiries trade a higher absolute premium for lower per-day decay. Position sizing on TSYY should anchor to the underlying notional of $3.13 per share and to the trader's directional view on TSYY etf.
TSYY butterfly setup
The TSYY 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 TSYY near $3.13, the first option leg uses a $2.97 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TSYY 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 TSYY shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $2.97 | N/A |
| Sell 2 | Call | $3.13 | N/A |
| Buy 1 | Call | $3.29 | N/A |
TSYY 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.
TSYY butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on TSYY. 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 TSYY
Butterflies on TSYY are pinning bets - traders use them when they expect TSYY 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.
TSYY thesis for this butterfly
The market-implied 1-standard-deviation range for TSYY extends from approximately $1.17 on the downside to $5.09 on the upside. A TSYY long call butterfly is a pinning play: it pays maximum at the middle strike if TSYY 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, TSYY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TSYY-specific events.
TSYY 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. TSYY positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TSYY alongside the broader basket even when TSYY-specific fundamentals are unchanged. Always rebuild the position from current TSYY chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on TSYY?
- A butterfly on TSYY is the butterfly strategy applied to TSYY (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 TSYY etf trading near $3.13, the strikes shown on this page are snapped to the nearest listed TSYY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TSYY 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 TSYY butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 218.40%), 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 TSYY butterfly?
- The breakeven for the TSYY 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 TSYY market-implied 1-standard-deviation expected move is approximately 62.61%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on TSYY?
- Butterflies on TSYY are pinning bets - traders use them when they expect TSYY 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 TSYY implied volatility affect this butterfly?
- Current TSYY ATM IV is 218.40%; IV rank context is unavailable in the current snapshot.