How are CRBG 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 CRBG butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 33.00%), the computed maximum profit is $95.43 per contract and the computed maximum loss is -$92.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CRBG butterfly?

The breakeven for the CRBG butterfly priced on this page is roughly $27.93 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 CRBG market-implied 1-standard-deviation expected move is approximately 9.46%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CRBG implied volatility affect this butterfly?

CRBG ATM IV is at 33.00% with IV rank near 22.37%, 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.

CRBG Butterfly Strategy

CRBG (Corebridge Financial, Inc.), in the Financial Services sector, (Asset Management industry), listed on NYSE.

Corebridge Financial, Inc. is a prominent financial services company primarily operating within the United States, dedicated to offering a broad spectrum of retirement and insurance solutions. Its business operations are strategically organized across four key segments: Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets. Within the Individual Retirement division, customers can access a variety of offerings, including fixed, fixed-indexed, and variable annuities, alongside retail mutual funds. The Group Retirement segment caters to employer-sponsored defined contribution plans and their participants, providing essential services such as record-keeping, plan administration, and compliance management. Additionally, it furnishes financial planning and advisory solutions, complemented by a selection of proprietary and third-party annuities, advisory services, and brokerage products. Globally, the Life Insurance segment extends its reach.

CRBG (Corebridge Financial, Inc.) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $12.89B, a trailing P/E of 55.29, a beta of 1.07 versus the broader market, a 52-week range of 22.19-36.57, average daily share volume of 6.4M, a public-listing history dating back to 2022, approximately 5K full-time employees. These structural characteristics shape how CRBG stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.07 places CRBG roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 55.29 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple. CRBG pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on CRBG?

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 CRBG snapshot

As of June 30, 2026, spot at $28.73, ATM IV 33.00%, IV rank 22.37%, expected move 9.46%. The butterfly on CRBG 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 17-day expiry.

Why this butterfly structure on CRBG specifically: CRBG IV at 33.00% is on the cheap side of its 1-year range, which favors premium-buying structures like a CRBG butterfly, with a market-implied 1-standard-deviation move of approximately 9.46% (roughly $2.72 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CRBG expiries trade a higher absolute premium for lower per-day decay. Position sizing on CRBG should anchor to the underlying notional of $28.73 per share and to the trader's directional view on CRBG stock.

CRBG butterfly setup

The CRBG 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 CRBG near $28.73, the first option leg uses a $27.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CRBG chain at a 17-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 CRBG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$27.00	$2.03
Sell 2	Call	$29.00	$0.73
Buy 1	Call	$30.00	$0.35

CRBG butterfly risk and reward

Net Premium / Debit: -$92.50
Max Profit (per contract): $95.43
Max Loss (per contract): -$92.50
Breakeven(s): $27.93
Risk / Reward Ratio: 1.032

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.

CRBG butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on CRBG. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$92.50
$6.36	-77.9%	-$92.50
$12.71	-55.8%	-$92.50
$19.06	-33.6%	-$92.50
$25.42	-11.5%	-$92.50
$31.77	+10.6%	+$7.50
$38.12	+32.7%	+$7.50
$44.47	+54.8%	+$7.50
$50.82	+76.9%	+$7.50
$57.17	+99.0%	+$7.50

When traders use butterfly on CRBG

Butterflies on CRBG are pinning bets - traders use them when they expect CRBG 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.

CRBG thesis for this butterfly

The market-implied 1-standard-deviation range for CRBG extends from approximately $26.01 on the downside to $31.45 on the upside. A CRBG long call butterfly is a pinning play: it pays maximum at the middle strike if CRBG settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current CRBG IV rank near 22.37% 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 CRBG at 33.00%. As a Financial Services name, CRBG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CRBG-specific events.

CRBG 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. CRBG positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CRBG alongside the broader basket even when CRBG-specific fundamentals are unchanged. Always rebuild the position from current CRBG chain quotes before placing a trade.

Frequently asked questions

What is a butterfly on CRBG?: A butterfly on CRBG is the butterfly strategy applied to CRBG (stock). 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 CRBG stock trading near $28.73, the strikes shown on this page are snapped to the nearest listed CRBG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CRBG 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 CRBG butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 33.00%), the computed maximum profit is $95.43 per contract and the computed maximum loss is -$92.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CRBG butterfly?: The breakeven for the CRBG butterfly priced on this page is roughly $27.93 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 CRBG market-implied 1-standard-deviation expected move is approximately 9.46%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on CRBG?: Butterflies on CRBG are pinning bets - traders use them when they expect CRBG 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 CRBG implied volatility affect this butterfly?: CRBG ATM IV is at 33.00% with IV rank near 22.37%, 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.