CBRX Bull Call Spread Strategy
CBRX (Investment Managers Series Trust II - Tradr 2X Long CBRS Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
CBRX is a short-term tactical tool that aims to deliver twice (200%) the daily performance of Cerebras Systems Inc. (CBRS), before fees and expenses. The fund primarily enters into total return swap agreements with major global financial institutions that mirror CBRS daily returns. In case swaps are unavailable or less efficient, the fund may use FLEX call options or directly hold CBRS 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.
CBRX (Investment Managers Series Trust II - Tradr 2X Long CBRS Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $12.7M, a beta of 1.47 versus the broader market, a 52-week range of 7.63-26.11, average daily share volume of 316K, a public-listing history dating back to 2026. These structural characteristics shape how CBRX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.47 indicates CBRX 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 bull call spread on CBRX?
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.
CBRX snapshot
As of September 29, 2026, spot at $9.69, ATM IV 153.40%, IV rank 38.98%, expected move 43.98%. The bull call spread on CBRX 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 bull call spread structure on CBRX specifically: CBRX IV at 153.40% 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 43.98% (roughly $4.26 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 CBRX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CBRX should anchor to the underlying notional of $9.69 per share and to the trader's directional view on CBRX stock.
CBRX bull call spread setup
The CBRX bull call spread 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 CBRX at $9.69 on that close, the first option leg uses a $10.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CBRX 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 CBRX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $10.00 | $3.28 |
| Sell 1 | Call | $10.00 | $3.28 |
CBRX bull call spread risk and reward
- Net Premium / Debit
- $0.00
- Max Profit (per contract)
- $0.00
- Max Loss (per contract)
- $0.00
- 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.
CBRX bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on CBRX. 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% | $0.00 |
| $2.15 | -77.8% | $0.00 |
| $4.29 | -55.7% | $0.00 |
| $6.43 | -33.6% | $0.00 |
| $8.58 | -11.5% | $0.00 |
| $10.72 | +10.6% | $0.00 |
| $12.86 | +32.7% | $0.00 |
| $15.00 | +54.8% | $0.00 |
| $17.14 | +76.9% | $0.00 |
| $19.28 | +99.0% | $0.00 |
When traders use bull call spread on CBRX
Bull call spreads on CBRX reduce the cost of a bullish CBRX stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
CBRX thesis for this bull call spread
The market-implied 1-standard-deviation range for CBRX extends from approximately $5.43 on the downside to $13.95 on the upside. A CBRX bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on CBRX, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current CBRX IV rank near 38.98% is mid-range against its 1-year distribution, so the IV signal is neutral; the bull call spread thesis on CBRX should anchor more to the directional view and the expected-move geometry. As a Financial Services name, CBRX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CBRX-specific events.
CBRX 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. CBRX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CBRX alongside the broader basket even when CBRX-specific fundamentals are unchanged. Long-premium structures like a bull call spread on CBRX 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 CBRX chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on CBRX?
- A bull call spread on CBRX is the bull call spread strategy applied to CBRX (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 CBRX stock at $9.69 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed CBRX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are CBRX 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 CBRX bull call spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 153.40%), the computed maximum profit is $0.00 per contract and the computed maximum loss is $0.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CBRX bull call spread?
- The breakeven for the CBRX bull call spread priced on this page is no defined breakeven on the modeled curve 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 CBRX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 43.98%; 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 CBRX?
- Bull call spreads on CBRX reduce the cost of a bullish CBRX 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 CBRX implied volatility affect this bull call spread?
- CBRX ATM IV is at 153.40% with IV rank near 38.98%, 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.