How are AMAU 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 AMAU butterfly priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 109.00%), the computed maximum profit is $55.00 per contract and the computed maximum loss is -$45.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a AMAU butterfly?

The breakeven for the AMAU butterfly priced on this page is roughly $15.55 at expiration, derived from the September 29, 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 AMAU market-implied 1-standard-deviation expected move in the same options snapshot is approximately 31.25%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current AMAU implied volatility affect this butterfly?

Current AMAU ATM IV is 109.00%; IV rank context is unavailable in the current snapshot.

AMAU Butterfly Strategy

AMAU (Themes ETF Trust - Leverage Shares 2X Long AMAT Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

AMAU is designedfor makingbullishbets on the stock price ofApplied Materials, Inc. (Nasdaq: AMAT), through swap agreements. Theobjectiveis to obtain daily leveraged exposure equivalent to 200% of the fund's net assets. Tomaintainthis exposure, daily rebalancing is performed tomake adjustmentsin response toAMAT's daily price movements. As a geared product, the fund is intended as a short-term tactical tool, ratherthan asa long-term investment vehicle. As a result, returns may deviate from the expected 2x if held for longer than a single day due to compounding. This strategy is high-risk and does not include a defensive position as part of its overall process.

AMAU (Themes ETF Trust - Leverage Shares 2X Long AMAT Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $22.2M, a beta of -30.15 versus the broader market, a 52-week range of 10.11-37.41, average daily share volume of 282K, a public-listing history dating back to 2026. These structural characteristics shape how AMAU stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -30.15 indicates AMAU has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a butterfly on AMAU?

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.

AMAU snapshot

As of September 29, 2026, spot at $15.27, ATM IV 109.00%, expected move 31.25%. The butterfly on AMAU below is built from the September 29, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 80-day expiry.

Why this butterfly structure on AMAU specifically: IV rank is unavailable in the current snapshot, so regime-based timing for AMAU is inferred from ATM IV at 109.00% alone, with a market-implied 1-standard-deviation move of approximately 31.25% (roughly $4.77 on the underlying). The 80-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated AMAU expiries trade a higher absolute premium for lower per-day decay. Position sizing on AMAU should anchor to the underlying notional of $15.27 per share and to the trader's directional view on AMAU stock.

AMAU butterfly setup

The AMAU butterfly below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With AMAU at $15.27 on that close, the first option leg uses a $15.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AMAU chain at a 80-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 AMAU shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$15.00	$3.40
Sell 2	Call	$15.00	$3.40
Buy 1	Call	$16.00	$2.85

AMAU butterfly risk and reward

Net Premium / Debit: +$55.00
Max Profit (per contract): $55.00
Max Loss (per contract): -$45.00
Breakeven(s): $15.55
Risk / Reward Ratio: 1.222

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.

AMAU butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on AMAU. 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	-99.9%	+$55.00
$3.39	-77.8%	+$55.00
$6.76	-55.7%	+$55.00
$10.14	-33.6%	+$55.00
$13.51	-11.5%	+$55.00
$16.89	+10.6%	-$45.00
$20.26	+32.7%	-$45.00
$23.64	+54.8%	-$45.00
$27.01	+76.9%	-$45.00
$30.39	+99.0%	-$45.00

When traders use butterfly on AMAU

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

AMAU thesis for this butterfly

The market-implied 1-standard-deviation range for AMAU extends from approximately $10.50 on the downside to $20.04 on the upside. A AMAU long call butterfly is a pinning play: it pays maximum at the middle strike if AMAU settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. As a Financial Services name, AMAU options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AMAU-specific events.

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

Frequently asked questions

What is a butterfly on AMAU?: A butterfly on AMAU is the butterfly strategy applied to AMAU (stock). 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 AMAU stock at $15.27 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed AMAU chain strike and the premiums come straight from that session's bid/ask midpoint.
How are AMAU 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 AMAU butterfly priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 109.00%), the computed maximum profit is $55.00 per contract and the computed maximum loss is -$45.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a AMAU butterfly?: The breakeven for the AMAU butterfly priced on this page is roughly $15.55 at expiration, derived from the September 29, 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 AMAU market-implied 1-standard-deviation expected move in the same options snapshot is approximately 31.25%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on AMAU?: Butterflies on AMAU are pinning bets - traders use them when they expect AMAU 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 AMAU implied volatility affect this butterfly?: Current AMAU ATM IV is 109.00%; IV rank context is unavailable in the current snapshot.