How are BPRO 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 BPRO butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 20.70%), the computed maximum profit is $93.21 per contract and the computed maximum loss is $1.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a BPRO butterfly?

The breakeven for the BPRO butterfly priced on this page is no defined breakeven on the modeled curve 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 BPRO market-implied 1-standard-deviation expected move in the same options snapshot is approximately 5.93%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current BPRO implied volatility affect this butterfly?

Current BPRO ATM IV is 20.70%; IV rank context is unavailable in the current snapshot.

BPRO Butterfly Strategy

BPRO (Bitwise Proficio Currency Debasement ETF), in the Financial Services sector, (Asset Management - Cryptocurrency industry), listed on AMEX.

The Bitwise Proficio Currency Debasement ETF (BPRO) aims for capital growth by investing in assets designed to withstand the erosion of purchasing power in major global currencies. These "debasement-resistant" assets, valued for their difficulty to inflate or manipulate, encompass traditional precious metals like gold, alongside digital assets such as Bitcoin. The fund's portfolio primarily includes Exchange Traded Products (ETPs) that directly hold these assets, as well as Exchange Traded Funds (ETFs) focused on companies involved in precious metal mining. BPRO may also allocate to equity and debt instruments issued by relevant corporations, sovereign debt, various global currencies, and more complex financial vehicles like structured products or leveraged ETPs linked to these asset classes. Investment selections are dynamic, guided by macroeconomic analysis and a proprietary modeling framework, which undergoes review at least weekly. As an actively managed fund, BPRO is expected to maintain a significant allocation to gold but expressly avoids direct investments in cryptocurrencies.

BPRO (Bitwise Proficio Currency Debasement ETF) trades in the Financial Services sector, specifically Asset Management - Cryptocurrency, with a market capitalization of approximately $53.6M, a beta of 0.52 versus the broader market, a 52-week range of 18.13-30.29, average daily share volume of 11K, a public-listing history dating back to 2026. These structural characteristics shape how BPRO stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.52 indicates BPRO 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 BPRO?

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.

BPRO snapshot

As of August 14, 2026, spot at $20.76, ATM IV 20.70%, expected move 5.93%. The butterfly on BPRO 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 BPRO specifically: IV rank is unavailable in the current snapshot, so regime-based timing for BPRO is inferred from ATM IV at 20.70% alone, with a market-implied 1-standard-deviation move of approximately 5.93% (roughly $1.23 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 BPRO expiries trade a higher absolute premium for lower per-day decay. Position sizing on BPRO should anchor to the underlying notional of $20.76 per share and to the trader's directional view on BPRO stock.

BPRO butterfly setup

The BPRO 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 BPRO at $20.76 on that close, the first option leg uses a $20.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BPRO 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 BPRO shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$20.00	$1.30
Sell 2	Call	$21.00	$0.94
Buy 1	Call	$22.00	$0.57

BPRO butterfly risk and reward

Net Premium / Debit: +$1.00
Max Profit (per contract): $93.21
Max Loss (per contract): $1.00
Breakeven(s): None on modeled curve
Risk / Reward Ratio: 93.211

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.

BPRO butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on BPRO. 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%	+$1.00
$4.60	-77.8%	+$1.00
$9.19	-55.7%	+$1.00
$13.78	-33.6%	+$1.00
$18.37	-11.5%	+$1.00
$22.96	+10.6%	+$1.00
$27.54	+32.7%	+$1.00
$32.13	+54.8%	+$1.00
$36.72	+76.9%	+$1.00
$41.31	+99.0%	+$1.00

When traders use butterfly on BPRO

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

BPRO thesis for this butterfly

The market-implied 1-standard-deviation range for BPRO extends from approximately $19.53 on the downside to $21.99 on the upside. A BPRO long call butterfly is a pinning play: it pays maximum at the middle strike if BPRO 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, BPRO options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BPRO-specific events.

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

Frequently asked questions

What is a butterfly on BPRO?: A butterfly on BPRO is the butterfly strategy applied to BPRO (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 BPRO stock at $20.76 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed BPRO chain strike and the premiums come straight from that session's bid/ask midpoint.
How are BPRO 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 BPRO butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 20.70%), the computed maximum profit is $93.21 per contract and the computed maximum loss is $1.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a BPRO butterfly?: The breakeven for the BPRO butterfly priced on this page is no defined breakeven on the modeled curve 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 BPRO market-implied 1-standard-deviation expected move in the same options snapshot is approximately 5.93%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on BPRO?: Butterflies on BPRO are pinning bets - traders use them when they expect BPRO 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 BPRO implied volatility affect this butterfly?: Current BPRO ATM IV is 20.70%; IV rank context is unavailable in the current snapshot.