How are EUV 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 EUV butterfly priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 47.90%), the computed maximum profit is $83.67 per contract and the computed maximum loss is -$7.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a EUV butterfly?

The breakeven for the EUV butterfly priced on this page is roughly $24.07 and $25.98 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 EUV market-implied 1-standard-deviation expected move in the same options snapshot is approximately 13.73%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current EUV implied volatility affect this butterfly?

Current EUV ATM IV is 47.90%; IV rank context is unavailable in the current snapshot.

EUV Butterfly Strategy

EUV (Corgi Lithography & Semiconductor Photonics ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

EUV seeks capital appreciation by actively managing a portfolio of companies significantly involved in photonics and light-based technologies. The fund considers companies deriving significant revenue from the theme, spanning photonics-enabled semiconductor manufacturing and inspection, lasers and laser systems, fiber-optic and optical networking equipment, imaging, sensing, and lidar technologies, and enabling software, control electronics, and specialty materials. The fund invests in US and non-US companies of any market cap, using a bottom-up process combining fundamental analysis with thematic and quantitative screening. Other factors include supply chain positioning, growth potential, and valuation. Up to 15% may be allocated to illiquid investments, including passive minority interests in special purpose vehicles (SPVs). The fund may hold cash, cash equivalents, or short-term US Treasuries for liquidity and portfolio management.

EUV (Corgi Lithography & Semiconductor Photonics ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $431.8M, a beta of -1.39 versus the broader market, a 52-week range of 20.61-32, average daily share volume of 1.2M, a public-listing history dating back to 2026. These structural characteristics shape how EUV stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -1.39 indicates EUV 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 EUV?

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.

EUV snapshot

As of September 29, 2026, spot at $25.21, ATM IV 47.90%, expected move 13.73%. The butterfly on EUV 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 17-day expiry.

Why this butterfly structure on EUV specifically: IV rank is unavailable in the current snapshot, so regime-based timing for EUV is inferred from ATM IV at 47.90% alone, with a market-implied 1-standard-deviation move of approximately 13.73% (roughly $3.46 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated EUV expiries trade a higher absolute premium for lower per-day decay. Position sizing on EUV should anchor to the underlying notional of $25.21 per share and to the trader's directional view on EUV stock.

EUV butterfly setup

The EUV 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 EUV at $25.21 on that close, the first option leg uses a $24.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed EUV chain at a 17-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 EUV shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$24.00	$1.70
Sell 2	Call	$25.00	$1.13
Buy 1	Call	$26.00	$0.63

EUV butterfly risk and reward

Net Premium / Debit: -$7.50
Max Profit (per contract): $83.67
Max Loss (per contract): -$7.50
Breakeven(s): $24.07, $25.98
Risk / Reward Ratio: 11.155

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.

EUV butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on EUV. 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%	-$7.50
$5.58	-77.9%	-$7.50
$11.16	-55.7%	-$7.50
$16.73	-33.6%	-$7.50
$22.30	-11.5%	-$7.50
$27.87	+10.6%	-$7.50
$33.45	+32.7%	-$7.50
$39.02	+54.8%	-$7.50
$44.59	+76.9%	-$7.50
$50.17	+99.0%	-$7.50

When traders use butterfly on EUV

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

EUV thesis for this butterfly

The market-implied 1-standard-deviation range for EUV extends from approximately $21.75 on the downside to $28.67 on the upside. A EUV long call butterfly is a pinning play: it pays maximum at the middle strike if EUV 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, EUV options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to EUV-specific events.

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

Frequently asked questions

What is a butterfly on EUV?: A butterfly on EUV is the butterfly strategy applied to EUV (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 EUV stock at $25.21 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed EUV chain strike and the premiums come straight from that session's bid/ask midpoint.
How are EUV 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 EUV butterfly priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 47.90%), the computed maximum profit is $83.67 per contract and the computed maximum loss is -$7.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a EUV butterfly?: The breakeven for the EUV butterfly priced on this page is roughly $24.07 and $25.98 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 EUV market-implied 1-standard-deviation expected move in the same options snapshot is approximately 13.73%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on EUV?: Butterflies on EUV are pinning bets - traders use them when they expect EUV 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 EUV implied volatility affect this butterfly?: Current EUV ATM IV is 47.90%; IV rank context is unavailable in the current snapshot.