CQTM Cash-Secured Put 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 cash-secured put on CQTM?
A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.
CQTM snapshot
As of November 13, 2026, spot at $16.01, ATM IV 72.20%, expected move 20.70%. The cash-secured put 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 cash-secured put 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 cash-secured put setup
The CQTM cash-secured put 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 $15.00 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) |
|---|---|---|---|
| Sell 1 | Put | $15.00 | $1.08 |
CQTM cash-secured put risk and reward
- Net Premium / Debit
- +$107.50
- Max Profit (per contract)
- $107.50
- Max Loss (per contract)
- -$1,391.50
- Breakeven(s)
- $13.93
- Risk / Reward Ratio
- 0.077
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
CQTM cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -99.9% | -$1,391.50 |
| $3.55 | -77.8% | -$1,037.62 |
| $7.09 | -55.7% | -$683.74 |
| $10.63 | -33.6% | -$329.86 |
| $14.17 | -11.5% | +$24.02 |
| $17.70 | +10.6% | +$107.50 |
| $21.24 | +32.7% | +$107.50 |
| $24.78 | +54.8% | +$107.50 |
| $28.32 | +76.9% | +$107.50 |
| $31.86 | +99.0% | +$107.50 |
When traders use cash-secured put on CQTM
Cash-secured puts on CQTM earn premium while a trader waits to acquire CQTM etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CQTM.
CQTM thesis for this cash-secured put
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 cash-secured put lets a trader earn premium while waiting to acquire CQTM at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. 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 cash-secured put positions are structurally neutral to slightly 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. 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. Short-premium structures like a cash-secured put on CQTM carry tail risk when realized volatility exceeds the implied move; review historical CQTM earnings reactions and macro stress periods before sizing. Always rebuild the position from current CQTM chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on CQTM?
- A cash-secured put on CQTM is the cash-secured put strategy applied to CQTM (etf). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. 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 cash-secured put max profit and max loss calculated?
- Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the CQTM cash-secured put priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 72.20%), the computed maximum profit is $107.50 per contract and the computed maximum loss is -$1,391.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CQTM cash-secured put?
- The breakeven for the CQTM cash-secured put priced on this page is roughly $13.93 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 cash-secured put on CQTM?
- Cash-secured puts on CQTM earn premium while a trader waits to acquire CQTM etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning CQTM.
- How does current CQTM implied volatility affect this cash-secured put?
- Current CQTM ATM IV is 72.20%; IV rank context is unavailable in the current snapshot.