A Butterfly spread is a step further towards lower volatility in comparison to Calendar spreads. In this case, the idea is to bet on the entire curve in a given time frame, effectively combining both a bull spreads strategy and a bear spreads strategy to create a neutral spreads strategy. In essence, it is taking opposing positions by hedging opposing spread contracts over contiguous months, and thus lowering the risk associated even further. IDAP’s butterfly spreads will be a great choice for traders who wish to limit their risks even more.