CRSH Butterfly Strategy
CRSH (YieldMax Short TSLA Option Income Strategy ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.
The YieldMax Short TSLA Option Income Strategy ETF (CRSH) is an actively managed exchanged fund that seeks to generate weekly income through a synthetic covered put strategy on Tesla Inc (TSLA). The strategy is designed to capture option premiums while providing inverse (short) exposure to the share price movements of TSLA, with risk management through purchased call options.
CRSH (YieldMax Short TSLA Option Income Strategy ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $18.3M, a beta of -1.22 versus the broader market, a 52-week range of 20.32-54, average daily share volume of 30K, a public-listing history dating back to 2024. These structural characteristics shape how CRSH etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -1.22 indicates CRSH has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. CRSH pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a butterfly on CRSH?
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 CRSH snapshot
As of May 15, 2026, spot at $20.95, ATM IV 16.20%, IV rank 4.32%, expected move 4.64%. The butterfly on CRSH 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 63-day expiry.
Why this butterfly structure on CRSH specifically: CRSH IV at 16.20% is on the cheap side of its 1-year range, which favors premium-buying structures like a CRSH butterfly, with a market-implied 1-standard-deviation move of approximately 4.64% (roughly $0.97 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CRSH expiries trade a higher absolute premium for lower per-day decay. Position sizing on CRSH should anchor to the underlying notional of $20.95 per share and to the trader's directional view on CRSH etf.
CRSH butterfly setup
The CRSH 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 CRSH near $20.95, the first option leg uses a $20.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CRSH chain at a 63-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 CRSH shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $20.00 | $1.35 |
| Sell 2 | Call | $21.00 | $0.80 |
| Buy 1 | Call | $22.00 | $0.43 |
CRSH butterfly risk and reward
- Net Premium / Debit
- -$18.00
- Max Profit (per contract)
- $75.97
- Max Loss (per contract)
- -$18.00
- Breakeven(s)
- $20.18, $21.82
- Risk / Reward Ratio
- 4.221
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.
CRSH butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on CRSH. 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% | -$18.00 |
| $4.64 | -77.8% | -$18.00 |
| $9.27 | -55.7% | -$18.00 |
| $13.90 | -33.6% | -$18.00 |
| $18.53 | -11.5% | -$18.00 |
| $23.17 | +10.6% | -$18.00 |
| $27.80 | +32.7% | -$18.00 |
| $32.43 | +54.8% | -$18.00 |
| $37.06 | +76.9% | -$18.00 |
| $41.69 | +99.0% | -$18.00 |
When traders use butterfly on CRSH
Butterflies on CRSH are pinning bets - traders use them when they expect CRSH 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.
CRSH thesis for this butterfly
The market-implied 1-standard-deviation range for CRSH extends from approximately $19.98 on the downside to $21.92 on the upside. A CRSH long call butterfly is a pinning play: it pays maximum at the middle strike if CRSH settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current CRSH IV rank near 4.32% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on CRSH at 16.20%. As a Financial Services name, CRSH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CRSH-specific events.
CRSH 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. CRSH positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CRSH alongside the broader basket even when CRSH-specific fundamentals are unchanged. Always rebuild the position from current CRSH chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on CRSH?
- A butterfly on CRSH is the butterfly strategy applied to CRSH (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 CRSH etf trading near $20.95, the strikes shown on this page are snapped to the nearest listed CRSH chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CRSH 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 CRSH butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 16.20%), the computed maximum profit is $75.97 per contract and the computed maximum loss is -$18.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CRSH butterfly?
- The breakeven for the CRSH butterfly priced on this page is roughly $20.18 and $21.82 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 CRSH market-implied 1-standard-deviation expected move is approximately 4.64%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on CRSH?
- Butterflies on CRSH are pinning bets - traders use them when they expect CRSH 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 CRSH implied volatility affect this butterfly?
- CRSH ATM IV is at 16.20% with IV rank near 4.32%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.