VRTL Butterfly Strategy
VRTL (GraniteShares 2x Long VRT Daily ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on NASDAQ.
This Exchange Traded Fund (ETF) is designed to provide daily investment outcomes that are double (200%) the daily percentage change of Vertiv Holdings Co (NASDAQ: VRT) common stock, prior to the deduction of fees and expenses. However, there is no assurance that it will consistently achieve this stated objective. Furthermore, investors should not anticipate that the fund will consistently deliver two times the cumulative return of VRT over timeframes exceeding a single day.
VRTL (GraniteShares 2x Long VRT Daily ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $31.7M, a beta of 4.58 versus the broader market, a 52-week range of 10.34667-73, average daily share volume of 258K, a public-listing history dating back to 2025. These structural characteristics shape how VRTL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 4.58 indicates VRTL has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a butterfly on VRTL?
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.
VRTL snapshot
As of August 14, 2026, spot at $35.92, ATM IV 117.30%, IV rank 29.47%, expected move 33.63%. The butterfly on VRTL 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 VRTL specifically: VRTL IV at 117.30% is on the cheap side of its 1-year range, which favors premium-buying structures like a VRTL butterfly, with a market-implied 1-standard-deviation move of approximately 33.63% (roughly $12.08 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 VRTL expiries trade a higher absolute premium for lower per-day decay. Position sizing on VRTL should anchor to the underlying notional of $35.92 per share and to the trader's directional view on VRTL etf.
VRTL butterfly setup
The VRTL 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 VRTL at $35.92 on that close, the first option leg uses a $34.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed VRTL 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 VRTL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $34.00 | $5.95 |
| Sell 2 | Call | $36.67 | $4.70 |
| Buy 1 | Call | $38.33 | $4.05 |
VRTL butterfly risk and reward
- Net Premium / Debit
- -$60.00
- Max Profit (per contract)
- $191.26
- Max Loss (per contract)
- -$60.00
- Breakeven(s)
- $34.60
- Risk / Reward Ratio
- 3.188
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.
VRTL butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on VRTL. 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% | -$60.00 |
| $7.95 | -77.9% | -$60.00 |
| $15.89 | -55.8% | -$60.00 |
| $23.83 | -33.6% | -$60.00 |
| $31.77 | -11.5% | -$60.00 |
| $39.72 | +10.6% | +$41.00 |
| $47.66 | +32.7% | +$41.00 |
| $55.60 | +54.8% | +$41.00 |
| $63.54 | +76.9% | +$41.00 |
| $71.48 | +99.0% | +$41.00 |
When traders use butterfly on VRTL
Butterflies on VRTL are pinning bets - traders use them when they expect VRTL 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.
VRTL thesis for this butterfly
The market-implied 1-standard-deviation range for VRTL extends from approximately $23.84 on the downside to $48.00 on the upside. A VRTL long call butterfly is a pinning play: it pays maximum at the middle strike if VRTL settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current VRTL IV rank near 29.47% 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 VRTL at 117.30%. As a Financial Services name, VRTL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to VRTL-specific events.
VRTL 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. VRTL positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move VRTL alongside the broader basket even when VRTL-specific fundamentals are unchanged. Always rebuild the position from current VRTL chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on VRTL?
- A butterfly on VRTL is the butterfly strategy applied to VRTL (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 VRTL etf at $35.92 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed VRTL chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are VRTL 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 VRTL butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 117.30%), the computed maximum profit is $191.26 per contract and the computed maximum loss is -$60.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a VRTL butterfly?
- The breakeven for the VRTL butterfly priced on this page is roughly $34.60 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 VRTL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 33.63%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on VRTL?
- Butterflies on VRTL are pinning bets - traders use them when they expect VRTL 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 VRTL implied volatility affect this butterfly?
- VRTL ATM IV is at 117.30% with IV rank near 29.47%, 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.