CBRG Bull Call Spread Strategy
CBRG (Leverage Shares 2X Long CBRS Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
This ETF allocates a minimum of 80% of its total assets to the designated Underlying Security and a range of financial instruments. These holdings are strategically combined to deliver a daily return that is double the price movement of the underlying asset, thereby achieving 200% daily leveraged exposure, in line with the fund's primary investment goal. It is important to note that this fund maintains a non-diversified portfolio.
CBRG (Leverage Shares 2X Long CBRS Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $29.9M, a beta of 0.00 versus the broader market, a 52-week range of 2.93-17.15, average daily share volume of 7.9M, a public-listing history dating back to 2026. These structural characteristics shape how CBRG stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.00 indicates CBRG 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 bull call spread on CBRG?
A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width.
CBRG snapshot
As of August 14, 2026, spot at $4.59, ATM IV 192.20%, expected move 55.10%. The bull call spread on CBRG below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this bull call spread structure on CBRG specifically: IV rank is unavailable in the current snapshot, so regime-based timing for CBRG is inferred from ATM IV at 192.20% alone, with a market-implied 1-standard-deviation move of approximately 55.10% (roughly $2.53 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CBRG expiries trade a higher absolute premium for lower per-day decay. Position sizing on CBRG should anchor to the underlying notional of $4.59 per share and to the trader's directional view on CBRG stock.
CBRG bull call spread setup
The CBRG bull call spread below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CBRG at $4.59 on that close, the first option leg uses a $4.59 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CBRG chain at a 35-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 CBRG shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $4.59 | N/A |
| Sell 1 | Call | $4.82 | N/A |
CBRG bull call spread risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit.
CBRG bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on CBRG. 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.
When traders use bull call spread on CBRG
Bull call spreads on CBRG reduce the cost of a bullish CBRG stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
CBRG thesis for this bull call spread
The market-implied 1-standard-deviation range for CBRG extends from approximately $2.06 on the downside to $7.12 on the upside. A CBRG bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on CBRG, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Financial Services name, CBRG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CBRG-specific events.
CBRG bull call spread positions are structurally moderately 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. CBRG positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CBRG alongside the broader basket even when CBRG-specific fundamentals are unchanged. Long-premium structures like a bull call spread on CBRG 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 CBRG chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on CBRG?
- A bull call spread on CBRG is the bull call spread strategy applied to CBRG (stock). The strategy is structurally moderately bullish: A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width. With CBRG stock at $4.59 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed CBRG chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CBRG bull call spread max profit and max loss calculated?
- Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit. For the CBRG bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 192.20%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CBRG bull call spread?
- The breakeven for the CBRG bull call spread priced on this page is no defined breakeven on the modeled curve at expiration, derived from the August 14, 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 CBRG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 55.10%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bull call spread on CBRG?
- Bull call spreads on CBRG reduce the cost of a bullish CBRG stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
- How does current CBRG implied volatility affect this bull call spread?
- Current CBRG ATM IV is 192.20%; IV rank context is unavailable in the current snapshot.