CBRG Butterfly Strategy
CBRG (Leverage Shares 2X Long CBRS Daily ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on CBOE.
This ETF allocates a minimum of 80% of its total assets to the designated Underlying Security and a range of financial instruments. These holdings are strategically combined to deliver a daily return that is double the price movement of the underlying asset, thereby achieving 200% daily leveraged exposure, in line with the fund's primary investment goal. It is important to note that this fund maintains a non-diversified portfolio.
CBRG (Leverage Shares 2X Long CBRS Daily ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $3.7M, a beta of 1.75 versus the broader market, a 52-week range of 0.44-17.15, average daily share volume of 14.4M, a public-listing history dating back to 2026. These structural characteristics shape how CBRG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.75 indicates CBRG has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a butterfly on CBRG?
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.
CBRG snapshot
As of November 13, 2026, spot at $0.84, ATM IV 181.20%, expected move 51.95%. The butterfly on CBRG below is built from the November 13, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this butterfly structure on CBRG specifically: IV rank is unavailable in the current snapshot, so regime-based timing for CBRG is inferred from ATM IV at 181.20% alone, with a market-implied 1-standard-deviation move of approximately 51.95% (roughly $0.44 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CBRG expiries trade a higher absolute premium for lower per-day decay. Position sizing on CBRG should anchor to the underlying notional of $0.84 per share and to the trader's directional view on CBRG etf.
CBRG butterfly setup
The CBRG butterfly below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CBRG at $0.84 on that close, the first option leg uses a $0.80 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CBRG chain at a 35-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 CBRG shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $0.80 | N/A |
| Sell 2 | Call | $0.84 | N/A |
| Buy 1 | Call | $0.88 | N/A |
CBRG butterfly risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
CBRG butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on CBRG. 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.
When traders use butterfly on CBRG
Butterflies on CBRG are pinning bets - traders use them when they expect CBRG 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.
CBRG thesis for this butterfly
The market-implied 1-standard-deviation range for CBRG extends from approximately $0.40 on the downside to $1.28 on the upside. A CBRG long call butterfly is a pinning play: it pays maximum at the middle strike if CBRG settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. As a Financial Services name, CBRG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CBRG-specific events.
CBRG 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. CBRG positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CBRG alongside the broader basket even when CBRG-specific fundamentals are unchanged. Always rebuild the position from current CBRG chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on CBRG?
- A butterfly on CBRG is the butterfly strategy applied to CBRG (etf). 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 CBRG etf at $0.84 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed CBRG chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CBRG 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 CBRG butterfly priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 181.20%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CBRG butterfly?
- The breakeven for the CBRG butterfly priced on this page is no defined breakeven on the modeled curve at expiration, derived from the November 13, 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 CBRG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 51.95%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on CBRG?
- Butterflies on CBRG are pinning bets - traders use them when they expect CBRG 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 CBRG implied volatility affect this butterfly?
- Current CBRG ATM IV is 181.20%; IV rank context is unavailable in the current snapshot.