How are WDIV 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 WDIV butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 17.10%), the computed maximum profit is $292.98 per contract and the computed maximum loss is -$102.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a WDIV butterfly?

The breakeven for the WDIV butterfly priced on this page is roughly $78.02 and $83.98 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 WDIV market-implied 1-standard-deviation expected move is approximately 4.90%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current WDIV implied volatility affect this butterfly?

WDIV ATM IV is at 17.10% with IV rank near 34.01%, 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.

WDIV Butterfly Strategy

WDIV (State Street SPDR S&P Global Dividend ETF), in the Financial Services sector, (Asset Management - Global industry), listed on AMEX.

The State Street SPDR S&P Global Dividend ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return of the S&P Global Dividend Aristocrats Index (the "Index")Seeks to offer exposure to high dividend yielding global firms that follow a managed-dividends policy of having increasing or stable dividends for at least ten consecutive yearsThe Index includes the top 100 qualified stocks with highest indicated dividend yield, with no more than 20 stocks selected from each country and 35 stocks from each GICS sectorThe weight of each Index constituent is capped at 3%, and no single country or GICS sector can be more than 25% of the Index

WDIV (State Street SPDR S&P Global Dividend ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $265.2M, a beta of 0.75 versus the broader market, a 52-week range of 67.01-82.67, average daily share volume of 15K, a public-listing history dating back to 2013. These structural characteristics shape how WDIV etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.75 places WDIV roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. WDIV pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on WDIV?

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 WDIV snapshot

As of May 15, 2026, spot at $80.64, ATM IV 17.10%, IV rank 34.01%, expected move 4.90%. The butterfly on WDIV 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 WDIV specifically: WDIV IV at 17.10% 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 4.90% (roughly $3.95 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 WDIV expiries trade a higher absolute premium for lower per-day decay. Position sizing on WDIV should anchor to the underlying notional of $80.64 per share and to the trader's directional view on WDIV etf.

WDIV butterfly setup

The WDIV 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 WDIV near $80.64, the first option leg uses a $77.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed WDIV 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 WDIV shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$77.00	$4.00
Sell 2	Call	$81.00	$1.71
Buy 1	Call	$85.00	$0.44

WDIV butterfly risk and reward

Net Premium / Debit: -$102.00
Max Profit (per contract): $292.98
Max Loss (per contract): -$102.00
Breakeven(s): $78.02, $83.98
Risk / Reward Ratio: 2.872

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.

WDIV butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on WDIV. 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%	-$102.00
$17.84	-77.9%	-$102.00
$35.67	-55.8%	-$102.00
$53.50	-33.7%	-$102.00
$71.33	-11.6%	-$102.00
$89.15	+10.6%	-$102.00
$106.98	+32.7%	-$102.00
$124.81	+54.8%	-$102.00
$142.64	+76.9%	-$102.00
$160.47	+99.0%	-$102.00

When traders use butterfly on WDIV

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

WDIV thesis for this butterfly

The market-implied 1-standard-deviation range for WDIV extends from approximately $76.69 on the downside to $84.59 on the upside. A WDIV long call butterfly is a pinning play: it pays maximum at the middle strike if WDIV settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current WDIV IV rank near 34.01% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on WDIV should anchor more to the directional view and the expected-move geometry. As a Financial Services name, WDIV options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to WDIV-specific events.

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

Frequently asked questions

What is a butterfly on WDIV?: A butterfly on WDIV is the butterfly strategy applied to WDIV (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 WDIV etf trading near $80.64, the strikes shown on this page are snapped to the nearest listed WDIV chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are WDIV 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 WDIV butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 17.10%), the computed maximum profit is $292.98 per contract and the computed maximum loss is -$102.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a WDIV butterfly?: The breakeven for the WDIV butterfly priced on this page is roughly $78.02 and $83.98 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 WDIV market-implied 1-standard-deviation expected move is approximately 4.90%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on WDIV?: Butterflies on WDIV are pinning bets - traders use them when they expect WDIV 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 WDIV implied volatility affect this butterfly?: WDIV ATM IV is at 17.10% with IV rank near 34.01%, 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.