CSEX Long Call Strategy
CSEX (Investment Managers Series Trust II - Tradr 2x Long CLS Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
CSEX is a short-term tactical tool that aims to deliver twice (200%) the daily performance of Celestica Inc. stock (CLS), before fees and expenses. The fund primarily enters into total return swap agreements with major global financial institutions that mirror CLS daily returns. In case swaps are unavailable or less efficient, the fund may use FLEX call options or directly hold CLS stock. Purchasers holding shares for longer than a day will need to monitor and rebalance their position frequently to attempt to achieve the 2x multiple. Purchasers should conduct their own individual stock research prior to initiating a position and trade with conviction. Due to the complexities of the product, shares tend to perform as anticipated only when the underlying shares are trending, and holders are on the positive corresponding side of that trade.
CSEX (Investment Managers Series Trust II - Tradr 2x Long CLS Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $15.6M, a beta of 6.42 versus the broader market, a 52-week range of 9.21-33.66, average daily share volume of 132K, a public-listing history dating back to 2025. These structural characteristics shape how CSEX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 6.42 indicates CSEX 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 long call on CSEX?
A long call buys upside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes above the strike plus premium at expiration.
CSEX snapshot
As of September 29, 2026, spot at $15.91, ATM IV 118.60%, IV rank 12.57%, expected move 34.00%. The long call on CSEX 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 80-day expiry.
Why this long call structure on CSEX specifically: CSEX IV at 118.60% is on the cheap side of its 1-year range, which favors premium-buying structures like a CSEX long call, with a market-implied 1-standard-deviation move of approximately 34.00% (roughly $5.41 on the underlying). The 80-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CSEX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CSEX should anchor to the underlying notional of $15.91 per share and to the trader's directional view on CSEX etf.
CSEX long call setup
The CSEX long call 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 CSEX at $15.91 on that close, the first option leg uses a $16.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CSEX chain at a 80-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 CSEX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $16.00 | $3.60 |
CSEX long call risk and reward
- Net Premium / Debit
- -$360.00
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- -$360.00
- Breakeven(s)
- $19.60
- Risk / Reward Ratio
- Unbounded
Max profit is unbounded; max loss equals the premium paid times 100. Breakeven is strike plus premium.
CSEX long call payoff curve
Modeled P&L at expiration across a range of underlying prices for the long call on CSEX. 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 | -99.9% | -$360.00 |
| $3.53 | -77.8% | -$360.00 |
| $7.04 | -55.7% | -$360.00 |
| $10.56 | -33.6% | -$360.00 |
| $14.08 | -11.5% | -$360.00 |
| $17.59 | +10.6% | -$200.66 |
| $21.11 | +32.7% | +$151.01 |
| $24.63 | +54.8% | +$502.68 |
| $28.14 | +76.9% | +$854.35 |
| $31.66 | +99.0% | +$1,206.02 |
When traders use long call on CSEX
Long calls on CSEX express a bullish thesis with defined risk; traders use them ahead of CSEX catalysts (earnings, product launches, macro events) when the expected upside justifies the premium and theta decay.
CSEX thesis for this long call
The market-implied 1-standard-deviation range for CSEX extends from approximately $10.50 on the downside to $21.32 on the upside. A CSEX long call expresses a directional view that the underlying closes above the strike plus premium at expiration, ideally with implied volatility holding or expanding to preserve extrinsic value through the hold period. Current CSEX IV rank near 12.57% 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 CSEX at 118.60%. As a Financial Services name, CSEX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CSEX-specific events.
CSEX long call positions are structurally bullish; 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. CSEX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CSEX alongside the broader basket even when CSEX-specific fundamentals are unchanged. Long-premium structures like a long call on CSEX are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current CSEX chain quotes before placing a trade.
Frequently asked questions
- What is a long call on CSEX?
- A long call on CSEX is the long call strategy applied to CSEX (etf). The strategy is structurally bullish: A long call buys upside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes above the strike plus premium at expiration. With CSEX etf at $15.91 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed CSEX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CSEX long call max profit and max loss calculated?
- Max profit is unbounded; max loss equals the premium paid times 100. Breakeven is strike plus premium. For the CSEX long call priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 118.60%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$360.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CSEX long call?
- The breakeven for the CSEX long call priced on this page is roughly $19.60 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 CSEX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 34.00%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a long call on CSEX?
- Long calls on CSEX express a bullish thesis with defined risk; traders use them ahead of CSEX catalysts (earnings, product launches, macro events) when the expected upside justifies the premium and theta decay.
- How does current CSEX implied volatility affect this long call?
- CSEX ATM IV is at 118.60% with IV rank near 12.57%, 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.