How are VCTR 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 VCTR butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 26.60%), the computed maximum profit is $492.65 per contract and the computed maximum loss is -$497.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a VCTR butterfly?

The breakeven for the VCTR butterfly priced on this page is roughly $114.98 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 VCTR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 7.63%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current VCTR implied volatility affect this butterfly?

VCTR ATM IV is at 26.60% with IV rank near 3.13%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.

VCTR Butterfly Strategy

VCTR (Victory Capital Holdings, Inc.), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

Victory Capital Holdings, Inc. operates as a global asset management enterprise, along with its various subsidiaries. The firm provides an extensive suite of services, encompassing investment advisory, fund administration, compliance, transfer agent functions, and fund distribution. It tailors sophisticated investment strategies for a wide array of clients, including institutions, financial intermediaries, retirement plan sponsors, and individual investors. By December 31, 2021, its platform of franchises and solutions oversaw 130 unique investment strategies, serving a diverse base of institutional, retail, and direct clients. Additionally, Victory Capital Holdings has formed a strategic alliance with Xavier University of Louisiana. The company was established in 2013 and is headquartered in San Antonio, Texas.

VCTR (Victory Capital Holdings, Inc.) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $7.27B, a trailing P/E of 15.67, a beta of 1.09 versus the broader market, a 52-week range of 57.03-116.28, average daily share volume of 519K, a public-listing history dating back to 2018, approximately 699 full-time employees. These structural characteristics shape how VCTR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.09 places VCTR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. VCTR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on VCTR?

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.

VCTR snapshot

As of August 14, 2026, spot at $118.31, ATM IV 26.60%, IV rank 3.13%, expected move 7.63%. The butterfly on VCTR 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 63-day expiry.

Why this butterfly structure on VCTR specifically: VCTR IV at 26.60% is on the cheap side of its 1-year range, which favors premium-buying structures like a VCTR butterfly, with a market-implied 1-standard-deviation move of approximately 7.63% (roughly $9.02 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated VCTR expiries trade a higher absolute premium for lower per-day decay. Position sizing on VCTR should anchor to the underlying notional of $118.31 per share and to the trader's directional view on VCTR stock.

VCTR butterfly setup

The VCTR 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 VCTR at $118.31 on that close, the first option leg uses a $110.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed VCTR chain at a 63-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 VCTR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$110.00	$10.20
Sell 2	Call	$120.00	$4.25
Buy 1	Call	$125.00	$3.28

VCTR butterfly risk and reward

Net Premium / Debit: -$497.50
Max Profit (per contract): $492.65
Max Loss (per contract): -$497.50
Breakeven(s): $114.98
Risk / Reward Ratio: 0.990

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.

VCTR butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on VCTR. 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%	-$497.50
$26.17	-77.9%	-$497.50
$52.33	-55.8%	-$497.50
$78.48	-33.7%	-$497.50
$104.64	-11.6%	-$497.50
$130.80	+10.6%	+$2.50
$156.96	+32.7%	+$2.50
$183.12	+54.8%	+$2.50
$209.27	+76.9%	+$2.50
$235.43	+99.0%	+$2.50

When traders use butterfly on VCTR

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

VCTR thesis for this butterfly

The market-implied 1-standard-deviation range for VCTR extends from approximately $109.29 on the downside to $127.33 on the upside. A VCTR long call butterfly is a pinning play: it pays maximum at the middle strike if VCTR settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current VCTR IV rank near 3.13% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on VCTR at 26.60%. As a Financial Services name, VCTR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to VCTR-specific events.

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

Frequently asked questions

What is a butterfly on VCTR?: A butterfly on VCTR is the butterfly strategy applied to VCTR (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 VCTR stock at $118.31 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed VCTR chain strike and the premiums come straight from that session's bid/ask midpoint.
How are VCTR 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 VCTR butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 26.60%), the computed maximum profit is $492.65 per contract and the computed maximum loss is -$497.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a VCTR butterfly?: The breakeven for the VCTR butterfly priced on this page is roughly $114.98 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 VCTR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 7.63%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on VCTR?: Butterflies on VCTR are pinning bets - traders use them when they expect VCTR 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 VCTR implied volatility affect this butterfly?: VCTR ATM IV is at 26.60% with IV rank near 3.13%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.