How are CRCA 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 CRCA butterfly priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 138.20%), the computed maximum profit is $90.96 per contract and the computed maximum loss is -$2.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CRCA butterfly?

The breakeven for the CRCA butterfly priced on this page is roughly $16.98 and $18.98 at expiration, derived from the September 29, 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 CRCA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 39.62%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CRCA implied volatility affect this butterfly?

CRCA ATM IV is at 138.20% with IV rank near 49.81%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

CRCA Butterfly Strategy

CRCA (ProShares Trust - ProShares Ultra CRCL), in the Financial Services sector, (Asset Management industry), listed on AMEX.

CRCA is a leveraged ETF, and like all geared products, is intended to be held only short periods, its not appropriate for buy-and-hold investors. CRCA provides 2x the return of Circle Internet Group (CRCL) on a daily basis. Circle Internet Group is a financial technology company that enables businesses to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Daily compounding of returns can lead to the fund's returns varying significantly from the 2x exposure to the shares over longer holding periods. CRCA is a tactical tool, so trading costs and volume matter.

CRCA (ProShares Trust - ProShares Ultra CRCL) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $120.4M, a beta of 1.32 versus the broader market, a 52-week range of 10.07-204.45, average daily share volume of 1.2M, a public-listing history dating back to 2025. These structural characteristics shape how CRCA etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.32 indicates CRCA has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. CRCA pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on CRCA?

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.

CRCA snapshot

As of September 29, 2026, spot at $17.84, ATM IV 138.20%, IV rank 49.81%, expected move 39.62%. The butterfly on CRCA below is built from the September 29, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 17-day expiry.

Why this butterfly structure on CRCA specifically: CRCA IV at 138.20% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 39.62% (roughly $7.07 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CRCA expiries trade a higher absolute premium for lower per-day decay. Position sizing on CRCA should anchor to the underlying notional of $17.84 per share and to the trader's directional view on CRCA etf.

CRCA butterfly setup

The CRCA butterfly below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CRCA at $17.84 on that close, the first option leg uses a $17.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CRCA chain at a 17-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 CRCA shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$17.00	$2.58
Sell 2	Call	$18.00	$2.18
Buy 1	Call	$19.00	$1.80

CRCA butterfly risk and reward

Net Premium / Debit: -$2.50
Max Profit (per contract): $90.96
Max Loss (per contract): -$2.50
Breakeven(s): $16.98, $18.98
Risk / Reward Ratio: 36.385

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.

CRCA butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on CRCA. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-99.9%	-$2.50
$3.95	-77.8%	-$2.50
$7.90	-55.7%	-$2.50
$11.84	-33.6%	-$2.50
$15.78	-11.5%	-$2.50
$19.73	+10.6%	-$2.50
$23.67	+32.7%	-$2.50
$27.61	+54.8%	-$2.50
$31.56	+76.9%	-$2.50
$35.50	+99.0%	-$2.50

When traders use butterfly on CRCA

Butterflies on CRCA are pinning bets - traders use them when they expect CRCA 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.

CRCA thesis for this butterfly

The market-implied 1-standard-deviation range for CRCA extends from approximately $10.77 on the downside to $24.91 on the upside. A CRCA long call butterfly is a pinning play: it pays maximum at the middle strike if CRCA settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current CRCA IV rank near 49.81% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on CRCA should anchor more to the directional view and the expected-move geometry. As a Financial Services name, CRCA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CRCA-specific events.

CRCA 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. CRCA positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CRCA alongside the broader basket even when CRCA-specific fundamentals are unchanged. Always rebuild the position from current CRCA chain quotes before placing a trade.

Frequently asked questions

What is a butterfly on CRCA?: A butterfly on CRCA is the butterfly strategy applied to CRCA (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 CRCA etf at $17.84 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed CRCA chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CRCA 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 CRCA butterfly priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 138.20%), the computed maximum profit is $90.96 per contract and the computed maximum loss is -$2.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CRCA butterfly?: The breakeven for the CRCA butterfly priced on this page is roughly $16.98 and $18.98 at expiration, derived from the September 29, 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 CRCA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 39.62%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on CRCA?: Butterflies on CRCA are pinning bets - traders use them when they expect CRCA 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 CRCA implied volatility affect this butterfly?: CRCA ATM IV is at 138.20% with IV rank near 49.81%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.