How are VOOG 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 VOOG butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 16.50%), the computed maximum profit is $229.64 per contract and the computed maximum loss is -$175.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a VOOG butterfly?

The breakeven for the VOOG butterfly priced on this page is roughly $82.58 and $87.42 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The VOOG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 4.73%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current VOOG implied volatility affect this butterfly?

VOOG ATM IV is at 16.50% with IV rank near 17.16%, 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.

VOOG Butterfly Strategy

VOOG (Vanguard S&P 500 Growth ETF), in the Financial Services sector, (Asset Management - Global industry), listed on AMEX.

The Vanguard S&P 500 Growth ETF aims to replicate the performance of the Standard & Poor's 500 Growth Index. This index is composed of companies within the broader S&P 500 that exhibit strong growth characteristics, acting as a key benchmark for the overall U.S. growth stock market. While offering significant potential for capital appreciation, its share value typically experiences greater fluctuations compared to funds focused on bonds. Consequently, it is best suited for long-term investors whose primary objective is substantial capital growth over an extended period. To ensure diversification, for three-quarters of its total assets, the fund adheres to specific limitations: it generally cannot acquire more than 10% of the voting shares of any single issuer, nor can it invest more than 5% of its total assets in the securities of any one company. These restrictions may only be relaxed if essential for accurately matching the composition of its target index.

VOOG (Vanguard S&P 500 Growth ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $27.54B, a beta of 1.18 versus the broader market, a 52-week range of 64.99-86.14, average daily share volume of 1.6M, a public-listing history dating back to 2010. These structural characteristics shape how VOOG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.18 places VOOG roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. VOOG pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on VOOG?

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.

VOOG snapshot

As of August 14, 2026, spot at $85.30, ATM IV 16.50%, IV rank 17.16%, expected move 4.73%. The butterfly on VOOG below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.

Why this butterfly structure on VOOG specifically: VOOG IV at 16.50% is on the cheap side of its 1-year range, which favors premium-buying structures like a VOOG butterfly, with a market-implied 1-standard-deviation move of approximately 4.73% (roughly $4.04 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated VOOG expiries trade a higher absolute premium for lower per-day decay. Position sizing on VOOG should anchor to the underlying notional of $85.30 per share and to the trader's directional view on VOOG etf.

VOOG butterfly setup

The VOOG butterfly below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With VOOG at $85.30 on that close, the first option leg uses a $80.83 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed VOOG chain at a 35-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 VOOG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$80.83	$5.45
Sell 2	Call	$85.00	$2.18
Buy 1	Call	$89.17	$0.65

VOOG butterfly risk and reward

Net Premium / Debit: -$175.00
Max Profit (per contract): $229.64
Max Loss (per contract): -$175.00
Breakeven(s): $82.58, $87.42
Risk / Reward Ratio: 1.312

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.

VOOG butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on VOOG. 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%	-$175.00
$18.87	-77.9%	-$175.00
$37.73	-55.8%	-$175.00
$56.59	-33.7%	-$175.00
$75.45	-11.6%	-$175.00
$94.31	+10.6%	-$175.00
$113.17	+32.7%	-$175.00
$132.02	+54.8%	-$175.00
$150.88	+76.9%	-$175.00
$169.74	+99.0%	-$175.00

When traders use butterfly on VOOG

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

VOOG thesis for this butterfly

The market-implied 1-standard-deviation range for VOOG extends from approximately $81.26 on the downside to $89.34 on the upside. A VOOG long call butterfly is a pinning play: it pays maximum at the middle strike if VOOG settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current VOOG IV rank near 17.16% 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 VOOG at 16.50%. As a Financial Services name, VOOG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to VOOG-specific events.

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

Frequently asked questions

What is a butterfly on VOOG?: A butterfly on VOOG is the butterfly strategy applied to VOOG (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 VOOG etf at $85.30 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed VOOG chain strike and the premiums come straight from that session's bid/ask midpoint.
How are VOOG 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 VOOG butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 16.50%), the computed maximum profit is $229.64 per contract and the computed maximum loss is -$175.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a VOOG butterfly?: The breakeven for the VOOG butterfly priced on this page is roughly $82.58 and $87.42 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The VOOG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 4.73%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on VOOG?: Butterflies on VOOG are pinning bets - traders use them when they expect VOOG 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 VOOG implied volatility affect this butterfly?: VOOG ATM IV is at 16.50% with IV rank near 17.16%, 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.