How are NASA 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 NASA butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 63.76%), the computed maximum profit is $125.75 per contract and the computed maximum loss is -$22.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a NASA butterfly?

The breakeven for the NASA butterfly priced on this page is roughly $29.22 and $31.78 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 NASA market-implied 1-standard-deviation expected move is approximately 18.28%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current NASA implied volatility affect this butterfly?

Current NASA ATM IV is 63.76%; IV rank context is unavailable in the current snapshot.

NASA Butterfly Strategy

NASA (Tema Space Innovators ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

The Tema Space Innovators ETF is a dynamically managed exchange-traded fund (ETF) that seeks to invest in publicly traded companies poised to profit from the ongoing commercialization and expansion of the global space industry. Its investment portfolio spans a diverse range of businesses, including those involved in manufacturing and operating satellites, offering launch services, facilitating space-based communication and internet, gathering earth observation and geospatial information, building in-orbit infrastructure, and applying space technology for defense. The Tema investment professionals utilize in-depth fundamental research to select firms that demonstrate robust competitive strengths and derive substantial revenue from the space value chain. This ETF is available on NYSE Arca, identified by the ticker NASA.

NASA (Tema Space Innovators ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $41.7M, a beta of 0.00 versus the broader market, a 52-week range of 24.04-42.68, average daily share volume of 6.2M, a public-listing history dating back to 2026. These structural characteristics shape how NASA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.00 indicates NASA 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 NASA?

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 NASA snapshot

As of June 30, 2026, spot at $30.36, ATM IV 63.76%, expected move 18.28%. The butterfly on NASA 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 31-day expiry.

Why this butterfly structure on NASA specifically: IV rank is unavailable in the current snapshot, so regime-based timing for NASA is inferred from ATM IV at 63.76% alone, with a market-implied 1-standard-deviation move of approximately 18.28% (roughly $5.55 on the underlying). The 31-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated NASA expiries trade a higher absolute premium for lower per-day decay. Position sizing on NASA should anchor to the underlying notional of $30.36 per share and to the trader's directional view on NASA stock.

NASA butterfly setup

The NASA 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 NASA near $30.36, the first option leg uses a $29.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NASA chain at a 31-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 NASA shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$29.00	$2.83
Sell 2	Call	$30.50	$2.03
Buy 1	Call	$32.00	$1.45

NASA butterfly risk and reward

Net Premium / Debit: -$22.50
Max Profit (per contract): $125.75
Max Loss (per contract): -$22.50
Breakeven(s): $29.22, $31.78
Risk / Reward Ratio: 5.589

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.

NASA butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on NASA. 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%	-$22.50
$6.72	-77.9%	-$22.50
$13.43	-55.8%	-$22.50
$20.14	-33.6%	-$22.50
$26.86	-11.5%	-$22.50
$33.57	+10.6%	-$22.50
$40.28	+32.7%	-$22.50
$46.99	+54.8%	-$22.50
$53.70	+76.9%	-$22.50
$60.41	+99.0%	-$22.50

When traders use butterfly on NASA

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

NASA thesis for this butterfly

The market-implied 1-standard-deviation range for NASA extends from approximately $24.81 on the downside to $35.91 on the upside. A NASA long call butterfly is a pinning play: it pays maximum at the middle strike if NASA 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, NASA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NASA-specific events.

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

Frequently asked questions

What is a butterfly on NASA?: A butterfly on NASA is the butterfly strategy applied to NASA (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 NASA stock trading near $30.36, the strikes shown on this page are snapped to the nearest listed NASA chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are NASA 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 NASA butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 63.76%), the computed maximum profit is $125.75 per contract and the computed maximum loss is -$22.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a NASA butterfly?: The breakeven for the NASA butterfly priced on this page is roughly $29.22 and $31.78 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 NASA market-implied 1-standard-deviation expected move is approximately 18.28%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on NASA?: Butterflies on NASA are pinning bets - traders use them when they expect NASA 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 NASA implied volatility affect this butterfly?: Current NASA ATM IV is 63.76%; IV rank context is unavailable in the current snapshot.