CNCG Butterfly Strategy
CNCG (Leverage Shares 2x Long CNC Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The Leverage Shares 2x Long CNC Daily ETF (CNCG) is a 2x Daily Leveraged (Bull) ETF designed for active traders seeking to magnify short-term results. The CNCG ETF aims to achieve two times (200%) the daily performance of CNC stock, minus fees and expenses.
CNCG (Leverage Shares 2x Long CNC Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $734,435, a beta of 9.36 versus the broader market, a 52-week range of 8.835-29.27, average daily share volume of 4K, a public-listing history dating back to 2025. These structural characteristics shape how CNCG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 9.36 indicates CNCG 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 CNCG?
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.
Current CNCG snapshot
As of May 15, 2026, spot at $27.84, ATM IV 78.80%, expected move 22.59%. The butterfly on CNCG below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this butterfly structure on CNCG specifically: IV rank is unavailable in the current snapshot, so regime-based timing for CNCG is inferred from ATM IV at 78.80% alone, with a market-implied 1-standard-deviation move of approximately 22.59% (roughly $6.29 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CNCG expiries trade a higher absolute premium for lower per-day decay. Position sizing on CNCG should anchor to the underlying notional of $27.84 per share and to the trader's directional view on CNCG etf.
CNCG butterfly setup
The CNCG butterfly below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CNCG near $27.84, the first option leg uses a $26.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CNCG chain at a 34-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 CNCG shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $26.00 | $3.65 |
| Sell 2 | Call | $28.00 | $2.63 |
| Buy 1 | Call | $29.00 | $2.18 |
CNCG butterfly risk and reward
- Net Premium / Debit
- -$57.50
- Max Profit (per contract)
- $140.99
- Max Loss (per contract)
- -$57.50
- Breakeven(s)
- $26.58
- Risk / Reward Ratio
- 2.452
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.
CNCG butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on CNCG. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$57.50 |
| $6.16 | -77.9% | -$57.50 |
| $12.32 | -55.8% | -$57.50 |
| $18.47 | -33.6% | -$57.50 |
| $24.63 | -11.5% | -$57.50 |
| $30.78 | +10.6% | +$42.50 |
| $36.94 | +32.7% | +$42.50 |
| $43.09 | +54.8% | +$42.50 |
| $49.25 | +76.9% | +$42.50 |
| $55.40 | +99.0% | +$42.50 |
When traders use butterfly on CNCG
Butterflies on CNCG are pinning bets - traders use them when they expect CNCG 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.
CNCG thesis for this butterfly
The market-implied 1-standard-deviation range for CNCG extends from approximately $21.55 on the downside to $34.13 on the upside. A CNCG long call butterfly is a pinning play: it pays maximum at the middle strike if CNCG 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, CNCG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CNCG-specific events.
CNCG 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. CNCG positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CNCG alongside the broader basket even when CNCG-specific fundamentals are unchanged. Always rebuild the position from current CNCG chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on CNCG?
- A butterfly on CNCG is the butterfly strategy applied to CNCG (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 CNCG etf trading near $27.84, the strikes shown on this page are snapped to the nearest listed CNCG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CNCG 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 CNCG butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 78.80%), the computed maximum profit is $140.99 per contract and the computed maximum loss is -$57.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CNCG butterfly?
- The breakeven for the CNCG butterfly priced on this page is roughly $26.58 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current CNCG market-implied 1-standard-deviation expected move is approximately 22.59%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on CNCG?
- Butterflies on CNCG are pinning bets - traders use them when they expect CNCG 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 CNCG implied volatility affect this butterfly?
- Current CNCG ATM IV is 78.80%; IV rank context is unavailable in the current snapshot.