Investment Managers Series Trust II - Tradr 2X Long CPNG Daily ETF (CPNX) Options Chain
The options chain displays all available contracts with end-of-day quotes, Greeks, volume, and open interest for each strike and expiration, and streams live quotes for traders who connect a broker. It is the primary tool for options trade selection.
Investment Managers Series Trust II - Tradr 2X Long CPNG Daily ETF (CPNX) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $1.3M, listed on CBOE, carrying a beta of -4.89 to the broader market. CPNX is a short-term tactical tool that aims to deliver twice (200%) the daily performance of Coupang, Inc. public since 2026-04-24.
Snapshot as of Sep 29, 2026.
- Spot Price
- $9.57
- Total OI
- 60
- Total Volume
- 0
- Front Expiration
- 17 days
- Second Expiration
- 52 days
- ATM IV
- 386.6%
- Avg Bid/Ask Spread
- 88.15%
As of Sep 29, 2026, Investment Managers Series Trust II - Tradr 2X Long CPNG Daily ETF (CPNX) has 60 open contracts and 0 contracts traded. The nearest expiration is 17 days out, followed by 52 days. ATM implied volatility is 386.6%. Average bid/ask spread across the chain is 88.15%: wider spreads, size positions conservatively. The options chain aggregates every listed strike and expiration, letting traders evaluate skew, term structure, and liquidity in a single view.
How CPNX options chain Data Feeds Strategy Selection
Strategy selection on Investment Managers Series Trust II - Tradr 2X Long CPNG Daily ETF options does not derive from any single metric in isolation. The options chain view above sits inside a broader read: ATM IV currently sits at 386.6% and dealer gamma exposure is positive, so dealer hedging is mechanically mean-reverting. Combine the options chain data here with the volatility-skew surface, dealer-gamma exposure, max-pain level, and upcoming-events calendar to build a positioning thesis. Risk-defined structures (credit spreads, debit spreads, iron condors) are usually safer than naked positions while the regime is uncertain; the data on this page anchors the inputs but does not by itself constitute a trade thesis.
How to read the CPNX chain depth
The listed-expirations table above shows every expiration available for Investment Managers Series Trust II - Tradr 2X Long CPNG Daily ETF options with its days-to-expiration count and ATM implied volatility. Front-month expirations carry the most volume, the highest gamma, and the tightest bid-ask spreads; longer-dated tenors carry less liquidity but more vega exposure. CPNX front expiration sits at 17 days - the typical hedging horizon for monthly options. The backwardated slope of -1.950 means near-dated IV is pricing acute event risk.
CPNX chain mechanics and execution
Options are listed at standardized strike intervals (typically $1 for sub-$25 underlyings, $2.50-$5 for mid-cap, $10-$50 for large-cap), and the deltas of each listed strike are determined by where IV lies relative to the strike's moneyness. Average bid/ask spread on the CPNX chain is 88.15% - a measure of liquidity. Tighter spreads on liquid strikes mean lower transaction costs; wider spreads on long-dated or far-OTM strikes mean execution drag can dominate the math. The chain table on the SPA side shows the full per-strike, per-expiration grid; this SSR page summarizes the listed expirations and the front-month context to anchor the structural read.
Using the CPNX chain to build structures
Strategy selection starts with the chain: directional theses use single-leg calls or puts, range-bound theses use credit spreads or iron condors, vol theses use straddles or strangles, calendar theses use diagonal spreads. CPNX's current 110.83% expected move anchors wing placement - structures with wings at the implied band collect the modal-outcome premium under lognormal assumptions. Cross-reference with the gamma-exposure profile to understand where dealer hedging will reinforce or fight your position, and with the volatility-skew chart to confirm the strikes you're trading sit at the IV levels your strategy assumes.
Learn how the options chain is reported and how to read the data →
CPNX listed expirations
Per-expiration ATM implied volatility for CPNX options. Each row is one listed expiration with its days-to-expiration count and ATM IV pulled from the same term-structure feed that powers the SPA's expiration filter. Front-month expirations carry the highest gamma, the tightest bid-ask spreads, and the most volume; longer-dated tenors carry less liquidity but more vega.
| Expiration | DTE | ATM IV |
|---|---|---|
| Oct 16, 2026 | 17 | 386.6% |
| Nov 20, 2026 | 52 | 191.6% |
| Dec 18, 2026 | 80 | 162.4% |
| Mar 19, 2027 | 171 | 142.8% |
Frequently asked CPNX options chain questions
- What does the CPNX options chain show right now?
- As of Sep 29, 2026, Investment Managers Series Trust II - Tradr 2X Long CPNG Daily ETF (CPNX) has 60 contracts outstanding and 0 traded today, with ATM IV of 386.6%. The full chain spans every listed strike and expiration with bid/ask, Greeks, volume, and open interest per contract.
- What expirations are available for CPNX options?
- The nearest expiration is 17 days out, followed by 52 days. Listed expirations typically extend monthly with weeklies between, plus LEAPS one to two years out for liquid names.
- How tight are CPNX options bid/ask spreads?
- Average bid/ask spread across the chain is 88.15%. Wider spreads warrant conservative sizing; mid-market fills are unreliable for retail-size orders.