TUR Butterfly Strategy
TUR (iShares MSCI Turkey ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The iShares MSCI Turkey ETF seeks to track the investment results of a broad-based index composed of Turkish equities.
TUR (iShares MSCI Turkey ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $191.2M, a beta of 0.42 versus the broader market, a 52-week range of 29.64-43.98, average daily share volume of 384K, a public-listing history dating back to 2008. These structural characteristics shape how TUR etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.42 indicates TUR has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. TUR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a butterfly on TUR?
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 TUR snapshot
As of May 15, 2026, spot at $41.40, ATM IV 35.80%, IV rank 31.10%, expected move 10.26%. The butterfly on TUR 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 TUR specifically: TUR IV at 35.80% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 10.26% (roughly $4.25 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 TUR expiries trade a higher absolute premium for lower per-day decay. Position sizing on TUR should anchor to the underlying notional of $41.40 per share and to the trader's directional view on TUR etf.
TUR butterfly setup
The TUR 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 TUR near $41.40, 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 TUR 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 TUR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $39.00 | $3.25 |
| Sell 2 | Call | $41.00 | $2.25 |
| Buy 1 | Call | $43.00 | $0.70 |
TUR butterfly risk and reward
- Net Premium / Debit
- +$55.00
- Max Profit (per contract)
- $235.30
- Max Loss (per contract)
- $55.00
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- 4.278
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.
TUR butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on TUR. 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% | +$55.00 |
| $9.16 | -77.9% | +$55.00 |
| $18.32 | -55.8% | +$55.00 |
| $27.47 | -33.7% | +$55.00 |
| $36.62 | -11.5% | +$55.00 |
| $45.77 | +10.6% | +$55.00 |
| $54.93 | +32.7% | +$55.00 |
| $64.08 | +54.8% | +$55.00 |
| $73.23 | +76.9% | +$55.00 |
| $82.38 | +99.0% | +$55.00 |
When traders use butterfly on TUR
Butterflies on TUR are pinning bets - traders use them when they expect TUR 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.
TUR thesis for this butterfly
The market-implied 1-standard-deviation range for TUR extends from approximately $37.15 on the downside to $45.65 on the upside. A TUR long call butterfly is a pinning play: it pays maximum at the middle strike if TUR settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current TUR IV rank near 31.10% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on TUR should anchor more to the directional view and the expected-move geometry. As a Financial Services name, TUR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TUR-specific events.
TUR 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. TUR positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TUR alongside the broader basket even when TUR-specific fundamentals are unchanged. Always rebuild the position from current TUR chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on TUR?
- A butterfly on TUR is the butterfly strategy applied to TUR (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 TUR etf trading near $41.40, the strikes shown on this page are snapped to the nearest listed TUR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TUR 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 TUR butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 35.80%), the computed maximum profit is $235.30 per contract and the computed maximum loss is $55.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a TUR butterfly?
- The breakeven for the TUR 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 TUR market-implied 1-standard-deviation expected move is approximately 10.26%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on TUR?
- Butterflies on TUR are pinning bets - traders use them when they expect TUR 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 TUR implied volatility affect this butterfly?
- TUR ATM IV is at 35.80% with IV rank near 31.10%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.