CBRG Collar 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 collar on CBRG?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
CBRG snapshot
As of August 14, 2026, spot at $4.59, ATM IV 192.20%, expected move 55.10%. The collar 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 collar 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 collar setup
The CBRG collar 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 $4.82 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 100 shares | Stock | $4.59 | long |
| Sell 1 | Call | $4.82 | N/A |
| Buy 1 | Put | $4.36 | N/A |
CBRG collar 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 roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
CBRG collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar 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 collar on CBRG
Collars on CBRG hedge an existing long CBRG stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
CBRG thesis for this collar
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 collar hedges an existing long CBRG position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. 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 collar positions are structurally neutral (protective); 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. Always rebuild the position from current CBRG chain quotes before placing a trade.
Frequently asked questions
- What is a collar on CBRG?
- A collar on CBRG is the collar strategy applied to CBRG (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. 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 collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the CBRG collar 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 collar?
- The breakeven for the CBRG collar 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 collar on CBRG?
- Collars on CBRG hedge an existing long CBRG stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current CBRG implied volatility affect this collar?
- Current CBRG ATM IV is 192.20%; IV rank context is unavailable in the current snapshot.