How are VIOG 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 VIOG butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 308.20%), the computed maximum profit is $280.65 per contract and the computed maximum loss is -$650.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a VIOG butterfly?

The breakeven for the VIOG butterfly priced on this page is roughly $151.50 and $158.50 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 VIOG market-implied 1-standard-deviation expected move is approximately 88.36%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current VIOG implied volatility affect this butterfly?

VIOG ATM IV is at 308.20% with IV rank near 100.00%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

VIOG Butterfly Strategy

VIOG (Vanguard S&P Small-Cap 600 Growth ETF), in the Financial Services sector, (Asset Management - Global industry), listed on AMEX.

This fund primarily invests in the equity securities of companies found within the S&P Small-Cap 600 Growth Index. This benchmark is composed of growth-oriented smaller U.S. companies and is widely regarded as a barometer for the performance of domestic small-capitalization growth stocks. The ETF's primary objective is to mirror the returns of this underlying index as closely as possible. While offering substantial potential for capital appreciation, the value of its shares typically experiences greater volatility than funds holding fixed-income instruments. Consequently, it is most appropriate for investors with long-term financial goals where maximizing growth is a key priority. On March 14, 2023, a 2-for-1 share split was executed, which led to a reduced price per share and a proportional rise in the number of outstanding shares.

VIOG (Vanguard S&P Small-Cap 600 Growth ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $1.01B, a beta of 1.15 versus the broader market, a 52-week range of 111.66-151.73, average daily share volume of 30K, a public-listing history dating back to 2010. These structural characteristics shape how VIOG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.15 places VIOG roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. VIOG pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on VIOG?

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 VIOG snapshot

As of June 30, 2026, spot at $153.53, ATM IV 308.20%, IV rank 100.00%, expected move 88.36%. The butterfly on VIOG 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 17-day expiry.

Why this butterfly structure on VIOG specifically: VIOG IV at 308.20% is rich versus its 1-year range, which makes a premium-buying VIOG butterfly relatively expensive in absolute-cost terms, with a market-implied 1-standard-deviation move of approximately 88.36% (roughly $135.66 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated VIOG expiries trade a higher absolute premium for lower per-day decay. Position sizing on VIOG should anchor to the underlying notional of $153.53 per share and to the trader's directional view on VIOG etf.

VIOG butterfly setup

The VIOG 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 VIOG near $153.53, the first option leg uses a $145.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed VIOG chain at a 17-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 VIOG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$145.00	$9.40
Sell 2	Call	$155.00	$1.60
Buy 1	Call	$160.00	$0.30

VIOG butterfly risk and reward

Net Premium / Debit: -$650.00
Max Profit (per contract): $280.65
Max Loss (per contract): -$650.00
Breakeven(s): $151.50, $158.50
Risk / Reward Ratio: 0.432

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.

VIOG butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on VIOG. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$650.00
$33.96	-77.9%	-$650.00
$67.90	-55.8%	-$650.00
$101.85	-33.7%	-$650.00
$135.79	-11.6%	-$650.00
$169.74	+10.6%	-$150.00
$203.68	+32.7%	-$150.00
$237.63	+54.8%	-$150.00
$271.57	+76.9%	-$150.00
$305.52	+99.0%	-$150.00

When traders use butterfly on VIOG

Butterflies on VIOG are pinning bets - traders use them when they expect VIOG 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.

VIOG thesis for this butterfly

The market-implied 1-standard-deviation range for VIOG extends from approximately $17.87 on the downside to $289.19 on the upside. A VIOG long call butterfly is a pinning play: it pays maximum at the middle strike if VIOG settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current VIOG IV rank near 100.00% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on VIOG at 308.20%. As a Financial Services name, VIOG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to VIOG-specific events.

VIOG 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. VIOG positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move VIOG alongside the broader basket even when VIOG-specific fundamentals are unchanged. Always rebuild the position from current VIOG chain quotes before placing a trade.

Frequently asked questions

What is a butterfly on VIOG?: A butterfly on VIOG is the butterfly strategy applied to VIOG (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 VIOG etf trading near $153.53, the strikes shown on this page are snapped to the nearest listed VIOG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are VIOG 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 VIOG butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 308.20%), the computed maximum profit is $280.65 per contract and the computed maximum loss is -$650.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a VIOG butterfly?: The breakeven for the VIOG butterfly priced on this page is roughly $151.50 and $158.50 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 VIOG market-implied 1-standard-deviation expected move is approximately 88.36%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on VIOG?: Butterflies on VIOG are pinning bets - traders use them when they expect VIOG 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 VIOG implied volatility affect this butterfly?: VIOG ATM IV is at 308.20% with IV rank near 100.00%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.