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This is a low probability trade, but we use this strategy when implied volatility is high, as the butterfly spread then trades cheaper. The spread trades cheaper in 

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See all ETFs tracking the Russell 1000 Value Index, including the cheapest and the The index measures the performance of the large capitalization value sector of the VONV · Vanguard Russell 1000 Value ETF, Equity, $1,741,834, - 31.7% ETF Stock Exposure Tool · ETF Performance Visualizer · ETFdb.com Model 

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