First Trust BuyWrite Income ETF (FTHI) Straddle

Trading a FTHI straddle lets you take a pure volatility position on First Trust BuyWrite Income ETF without committing to a direction. First Trust BuyWrite Income ETF's straddle involves buying (or selling) a call and a put at the same strike and expiration, profiting when the stock moves more (or less) than the combined premium implies. Use our scanner to evaluate FTHI straddle pricing in real time and find the moments when expected moves are mispriced.

A long straddle on FTHI profits from large moves in either direction and is a classic play into binary events like earnings, product announcements, or macro releases. A short straddle profits when First Trust BuyWrite Income ETF stays range-bound and implied volatility contracts. The breakeven points are simple: strike plus total premium on the upside, strike minus total premium on the downside. Comparing the FTHI straddle price to historical realized moves helps you judge whether the market is overpaying or underpaying for volatility.

The Fund's primary investment objective is to provide current income. The Fund's secondary investment objective is to provide capital appreciation. The Fund will pursue its objectives by investing in equity securities listed on U.S. exchanges of all market capitalizations and by utilizing an "option strategy" consisting of writing (selling) U.S. exchange-traded covered call options on the Standard & Poor's 500 Index (the "Index"). Under normal market conditions, the Fund invests primarily in equity securities listed on U.S. exchanges of all market capitalizations. The Fund will also employ an option strategy in which it will write U.S.

exchange-traded covered call options on the Index in order to seek additional cash flow in the form of premiums on the options that may be distributed to shareholders on a monthly basis. A premium is the income received by an investor who sells or writes an option contract to another party. The market value of the option strategy may be up to 20% of the Fund's overall net asset value.

Earnings, product cycles, macro prints — any time volatility itself is the trade, the FTHI straddle is the cleanest expression of that view. Our scanner prices every FTHI straddle against historical realized moves, flags expirations where the market is overpaying or underpaying for vol, and ranks setups by breakeven width and IV rank. Whether you're long a FTHI straddle into a catalyst or short a FTHI straddle to harvest decay, the options straddle setups that matter are all in one place.