[Verse 1] Picture three bonds dancing on a curve Short-term, mid-term, long-term swerve Buy the wings and sell the body tight Butterfly spreads catch curvature's flight When rates go flat or steep extreme This strategy captures yield regime [Chorus] Butterfly, butterfly, wings spread wide Short and long positions side by side Sell the middle, buy the ends Curvature changes, profit ascends Body-wing ratio, two-to-one Butterfly magic has begun [Verse 2] Duration neutral, that's the key design Parallel shifts won't cross the line But when the belly bows or straightens out That's when butterflies remove all doubt Convexity captured in the net Maximum profit where curves are set [Chorus] Butterfly, butterfly, wings spread wide Short and long positions side by side Sell the middle, buy the ends Curvature changes, profit ascends Body-wing ratio, two-to-one Butterfly magic has begun [Bridge] Steepening curves make money flow Flattening bends help profits grow Two-year, ten-year, thirty span Execute the butterfly plan Risk is limited, upside sweet When curve assumptions match the beat [Verse 3] Positive butterfly means curves bend down Negative spread when peaks are found Monitor theta as time decays Gamma exposure in volatile days Close positions when targets hit Butterfly wisdom, piece by piece [Chorus] Butterfly, butterfly, wings spread wide Short and long positions side by side Sell the middle, buy the ends Curvature changes, profit ascends Body-wing ratio, two-to-one Butterfly magic has begun [Outro] Yield curve sculptor's favorite tool Butterfly strategies, advanced and cool Remember the wings, remember the core Curvature betting, nothing more
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