CRCG Butterfly Strategy
CRCG (Leverage Shares 2x Long CRCL Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The Leverage Shares 2x Long CRCL Daily ETF (CRCG) is a 2x Daily Leveraged (Bull) ETF designed for active traders seeking to magnify short-term results. The CRCG ETF aims to achieve two times (200%) the daily performance of CRCL stock, minus fees and expenses.
CRCG (Leverage Shares 2x Long CRCL Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $17.8M, a beta of -1.96 versus the broader market, a 52-week range of 9.53-209.2, average daily share volume of 3.3M, a public-listing history dating back to 2025. These structural characteristics shape how CRCG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -1.96 indicates CRCG has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a butterfly on CRCG?
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 CRCG snapshot
As of May 15, 2026, spot at $34.33, ATM IV 176.80%, IV rank 52.59%, expected move 50.69%. The butterfly on CRCG 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 CRCG specifically: CRCG IV at 176.80% 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 50.69% (roughly $17.40 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 CRCG expiries trade a higher absolute premium for lower per-day decay. Position sizing on CRCG should anchor to the underlying notional of $34.33 per share and to the trader's directional view on CRCG etf.
CRCG butterfly setup
The CRCG 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 CRCG near $34.33, the first option leg uses a $33.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CRCG 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 CRCG shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $33.00 | $8.05 |
| Sell 2 | Call | $34.00 | $7.60 |
| Buy 1 | Call | $36.00 | $6.95 |
CRCG butterfly risk and reward
- Net Premium / Debit
- +$20.00
- Max Profit (per contract)
- $103.75
- Max Loss (per contract)
- -$80.00
- Breakeven(s)
- $35.20
- Risk / Reward Ratio
- 1.297
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.
CRCG butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on CRCG. 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% | +$20.00 |
| $7.60 | -77.9% | +$20.00 |
| $15.19 | -55.8% | +$20.00 |
| $22.78 | -33.6% | +$20.00 |
| $30.37 | -11.5% | +$20.00 |
| $37.96 | +10.6% | -$80.00 |
| $45.55 | +32.7% | -$80.00 |
| $53.14 | +54.8% | -$80.00 |
| $60.73 | +76.9% | -$80.00 |
| $68.32 | +99.0% | -$80.00 |
When traders use butterfly on CRCG
Butterflies on CRCG are pinning bets - traders use them when they expect CRCG 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.
CRCG thesis for this butterfly
The market-implied 1-standard-deviation range for CRCG extends from approximately $16.93 on the downside to $51.73 on the upside. A CRCG long call butterfly is a pinning play: it pays maximum at the middle strike if CRCG settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current CRCG IV rank near 52.59% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on CRCG should anchor more to the directional view and the expected-move geometry. As a Financial Services name, CRCG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CRCG-specific events.
CRCG 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. CRCG positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CRCG alongside the broader basket even when CRCG-specific fundamentals are unchanged. Always rebuild the position from current CRCG chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on CRCG?
- A butterfly on CRCG is the butterfly strategy applied to CRCG (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 CRCG etf trading near $34.33, the strikes shown on this page are snapped to the nearest listed CRCG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CRCG 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 CRCG butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 176.80%), the computed maximum profit is $103.75 per contract and the computed maximum loss is -$80.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CRCG butterfly?
- The breakeven for the CRCG butterfly priced on this page is roughly $35.20 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 CRCG market-implied 1-standard-deviation expected move is approximately 50.69%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on CRCG?
- Butterflies on CRCG are pinning bets - traders use them when they expect CRCG 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 CRCG implied volatility affect this butterfly?
- CRCG ATM IV is at 176.80% with IV rank near 52.59%, 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.