How are SPCI 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 SPCI butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 71.60%), the computed maximum profit is $83.18 per contract and the computed maximum loss is -$6.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SPCI butterfly?

The breakeven for the SPCI butterfly priced on this page is roughly $24.00 and $26.01 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 SPCI market-implied 1-standard-deviation expected move in the same options snapshot is approximately 20.53%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current SPCI implied volatility affect this butterfly?

Current SPCI ATM IV is 71.60%; IV rank context is unavailable in the current snapshot.

SPCI Butterfly Strategy

SPCI (Tuttle Capital Space Industry Income Blast ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

SPCI is an actively managed ETF that seeks to provide exposure to the price performance of the constituents of the Syntax Space Index through equity positions, call options, and synthetic long positions. The equally-weighted index is typically comprised of 10 to 50 companies with significant space-related business activities. The objective of the fund is to achieve approximately 100% economic exposure of the indexs upside performance. To reach the targeted exposure, SPCI will utilize exchange-traded call options on the index, including deep in-the-money calls, along with synthetic long positions that combine long call options and sold put options with the same strike price and expiration date. The fund will also employ a systematic put credit spread strategy for income by selling near-the-money puts to collect premiums and simultaneously buying out-of-the-money puts to cap downside risk on each company. Weekly income distributions are targeted.

SPCI (Tuttle Capital Space Industry Income Blast ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $15.9M, a beta of 6.24 versus the broader market, a 52-week range of 19.42-52.9, average daily share volume of 20K, a public-listing history dating back to 2026. These structural characteristics shape how SPCI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 6.24 indicates SPCI has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. SPCI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on SPCI?

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.

SPCI snapshot

As of August 14, 2026, spot at $25.23, ATM IV 71.60%, expected move 20.53%. The butterfly on SPCI 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 SPCI specifically: IV rank is unavailable in the current snapshot, so regime-based timing for SPCI is inferred from ATM IV at 71.60% alone, with a market-implied 1-standard-deviation move of approximately 20.53% (roughly $5.18 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 SPCI expiries trade a higher absolute premium for lower per-day decay. Position sizing on SPCI should anchor to the underlying notional of $25.23 per share and to the trader's directional view on SPCI stock.

SPCI butterfly setup

The SPCI 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 SPCI at $25.23 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 SPCI 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 SPCI shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$24.00	$3.01
Sell 2	Call	$25.00	$2.51
Buy 1	Call	$26.00	$2.07

SPCI butterfly risk and reward

Net Premium / Debit: -$6.00
Max Profit (per contract): $83.18
Max Loss (per contract): -$6.00
Breakeven(s): $24.00, $26.01
Risk / Reward Ratio: 13.863

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.

SPCI butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on SPCI. 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%	-$6.00
$5.59	-77.9%	-$6.00
$11.16	-55.7%	-$6.00
$16.74	-33.6%	-$6.00
$22.32	-11.5%	-$6.00
$27.90	+10.6%	-$6.00
$33.47	+32.7%	-$6.00
$39.05	+54.8%	-$6.00
$44.63	+76.9%	-$6.00
$50.21	+99.0%	-$6.00

When traders use butterfly on SPCI

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

SPCI thesis for this butterfly

The market-implied 1-standard-deviation range for SPCI extends from approximately $20.05 on the downside to $30.41 on the upside. A SPCI long call butterfly is a pinning play: it pays maximum at the middle strike if SPCI 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, SPCI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SPCI-specific events.

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

Frequently asked questions

What is a butterfly on SPCI?: A butterfly on SPCI is the butterfly strategy applied to SPCI (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 SPCI stock at $25.23 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed SPCI chain strike and the premiums come straight from that session's bid/ask midpoint.
How are SPCI 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 SPCI butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 71.60%), the computed maximum profit is $83.18 per contract and the computed maximum loss is -$6.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SPCI butterfly?: The breakeven for the SPCI butterfly priced on this page is roughly $24.00 and $26.01 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 SPCI market-implied 1-standard-deviation expected move in the same options snapshot is approximately 20.53%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on SPCI?: Butterflies on SPCI are pinning bets - traders use them when they expect SPCI 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 SPCI implied volatility affect this butterfly?: Current SPCI ATM IV is 71.60%; IV rank context is unavailable in the current snapshot.