HYNX Butterfly Strategy
HYNX (T-REX 2X Long SK Hynix Daily Target ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.
The T-REX 2X Long SK Hynix Daily Target ETF is a leveraged exchange-traded fund designed to seek 200% of the daily performance of SK Hynix (or its US-traded ADRs). Managed by Tuttle Capital Management, it uses derivatives like swaps to amplify daily returns, carrying significant compounding and market volatility risks.
HYNX (T-REX 2X Long SK Hynix Daily Target ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $18.1M, a beta of 0.00 versus the broader market, a 52-week range of 14.69-38.83, average daily share volume of 1.5M, a public-listing history dating back to 2026. These structural characteristics shape how HYNX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.00 indicates HYNX 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 HYNX?
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.
HYNX snapshot
As of August 14, 2026, spot at $24.10, ATM IV 147.80%, expected move 42.37%. The butterfly on HYNX 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 HYNX specifically: IV rank is unavailable in the current snapshot, so regime-based timing for HYNX is inferred from ATM IV at 147.80% alone, with a market-implied 1-standard-deviation move of approximately 42.37% (roughly $10.21 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 HYNX expiries trade a higher absolute premium for lower per-day decay. Position sizing on HYNX should anchor to the underlying notional of $24.10 per share and to the trader's directional view on HYNX stock.
HYNX butterfly setup
The HYNX 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 HYNX at $24.10 on that close, the first option leg uses a $23.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HYNX 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 HYNX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $23.00 | $4.90 |
| Sell 2 | Call | $24.00 | $4.45 |
| Buy 1 | Call | $25.00 | $4.15 |
HYNX butterfly risk and reward
- Net Premium / Debit
- -$15.00
- Max Profit (per contract)
- $83.39
- Max Loss (per contract)
- -$15.00
- Breakeven(s)
- $23.15, $24.85
- Risk / Reward Ratio
- 5.559
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.
HYNX butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on HYNX. 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% | -$15.00 |
| $5.34 | -77.9% | -$15.00 |
| $10.67 | -55.7% | -$15.00 |
| $15.99 | -33.6% | -$15.00 |
| $21.32 | -11.5% | -$15.00 |
| $26.65 | +10.6% | -$15.00 |
| $31.98 | +32.7% | -$15.00 |
| $37.30 | +54.8% | -$15.00 |
| $42.63 | +76.9% | -$15.00 |
| $47.96 | +99.0% | -$15.00 |
When traders use butterfly on HYNX
Butterflies on HYNX are pinning bets - traders use them when they expect HYNX 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.
HYNX thesis for this butterfly
The market-implied 1-standard-deviation range for HYNX extends from approximately $13.89 on the downside to $34.31 on the upside. A HYNX long call butterfly is a pinning play: it pays maximum at the middle strike if HYNX 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, HYNX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HYNX-specific events.
HYNX 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. HYNX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move HYNX alongside the broader basket even when HYNX-specific fundamentals are unchanged. Always rebuild the position from current HYNX chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on HYNX?
- A butterfly on HYNX is the butterfly strategy applied to HYNX (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 HYNX stock at $24.10 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed HYNX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are HYNX 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 HYNX butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 147.80%), the computed maximum profit is $83.39 per contract and the computed maximum loss is -$15.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a HYNX butterfly?
- The breakeven for the HYNX butterfly priced on this page is roughly $23.15 and $24.85 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 HYNX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 42.37%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on HYNX?
- Butterflies on HYNX are pinning bets - traders use them when they expect HYNX 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 HYNX implied volatility affect this butterfly?
- Current HYNX ATM IV is 147.80%; IV rank context is unavailable in the current snapshot.