How are CQTM bear put 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-put strike minus net debit. For the CQTM bear put spread priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 72.20%), the computed maximum profit is $72.50 per contract and the computed maximum loss is -$27.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CQTM bear put spread?

The breakeven for the CQTM bear put spread priced on this page is roughly $15.73 at expiration, derived from the November 13, 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 CQTM market-implied 1-standard-deviation expected move in the same options snapshot is approximately 20.70%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CQTM implied volatility affect this bear put spread?

Current CQTM ATM IV is 72.20%; IV rank context is unavailable in the current snapshot.

CQTM Bear Put Spread Strategy

CQTM (Corgi Quantum Computing ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

The fund is an exchange-traded fund ("ETF") that seeks to meet its objective by having Corgi Strategies, LLC (the "adviser") actively manage the fund and, under ordinary market conditions, invest at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of companies materially involved in the research, development, manufacturing, and commercialization of quantum computing and quantum-enabled technologies, along with security solutions designed to protect data and communications against future quantum capabilities. It is non-diversified.

CQTM (Corgi Quantum Computing ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $4.7M, a beta of 4.43 versus the broader market, a 52-week range of 15.28-35.04, average daily share volume of 22K, a public-listing history dating back to 2026. These structural characteristics shape how CQTM etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 4.43 indicates CQTM 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 bear put spread on CQTM?

A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.

CQTM snapshot

As of November 13, 2026, spot at $16.01, ATM IV 72.20%, expected move 20.70%. The bear put spread on CQTM below is built from the November 13, 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 bear put spread structure on CQTM specifically: IV rank is unavailable in the current snapshot, so regime-based timing for CQTM is inferred from ATM IV at 72.20% alone, with a market-implied 1-standard-deviation move of approximately 20.70% (roughly $3.31 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 CQTM expiries trade a higher absolute premium for lower per-day decay. Position sizing on CQTM should anchor to the underlying notional of $16.01 per share and to the trader's directional view on CQTM etf.

CQTM bear put spread setup

The CQTM bear put spread below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CQTM at $16.01 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 CQTM 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 CQTM shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$16.00	$1.35
Sell 1	Put	$15.00	$1.08

CQTM bear put spread risk and reward

Net Premium / Debit: -$27.50
Max Profit (per contract): $72.50
Max Loss (per contract): -$27.50
Breakeven(s): $15.73
Risk / Reward Ratio: 2.636

Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.

CQTM bear put spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bear put spread on CQTM. 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	-99.9%	+$72.50
$3.55	-77.8%	+$72.50
$7.09	-55.7%	+$72.50
$10.63	-33.6%	+$72.50
$14.17	-11.5%	+$72.50
$17.70	+10.6%	-$27.50
$21.24	+32.7%	-$27.50
$24.78	+54.8%	-$27.50
$28.32	+76.9%	-$27.50
$31.86	+99.0%	-$27.50

When traders use bear put spread on CQTM

Bear put spreads on CQTM reduce the cost of a bearish CQTM etf position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.

CQTM thesis for this bear put spread

The market-implied 1-standard-deviation range for CQTM extends from approximately $12.70 on the downside to $19.32 on the upside. A CQTM bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on CQTM, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Financial Services name, CQTM options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CQTM-specific events.

CQTM bear put spread positions are structurally moderately bearish; 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. CQTM positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CQTM alongside the broader basket even when CQTM-specific fundamentals are unchanged. Long-premium structures like a bear put spread on CQTM 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 CQTM chain quotes before placing a trade.

Frequently asked questions

What is a bear put spread on CQTM?: A bear put spread on CQTM is the bear put spread strategy applied to CQTM (etf). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With CQTM etf at $16.01 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed CQTM chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CQTM bear put 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-put strike minus net debit. For the CQTM bear put spread priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 72.20%), the computed maximum profit is $72.50 per contract and the computed maximum loss is -$27.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CQTM bear put spread?: The breakeven for the CQTM bear put spread priced on this page is roughly $15.73 at expiration, derived from the November 13, 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 CQTM market-implied 1-standard-deviation expected move in the same options snapshot is approximately 20.70%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a bear put spread on CQTM?: Bear put spreads on CQTM reduce the cost of a bearish CQTM etf position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
How does current CQTM implied volatility affect this bear put spread?: Current CQTM ATM IV is 72.20%; IV rank context is unavailable in the current snapshot.