CQTM Covered Call 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 covered call on CQTM?
A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income.
CQTM snapshot
As of November 13, 2026, spot at $16.01, ATM IV 72.20%, expected move 20.70%. The covered call 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 covered call 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 covered call setup
The CQTM covered call 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 $17.00 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 100 shares | Stock | $16.01 | long |
| Sell 1 | Call | $17.00 | $1.15 |
CQTM covered call risk and reward
- Net Premium / Debit
- -$1,486.00
- Max Profit (per contract)
- $214.00
- Max Loss (per contract)
- -$1,485.00
- Breakeven(s)
- $14.86
- Risk / Reward Ratio
- 0.144
Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium.
CQTM covered call payoff curve
Modeled P&L at expiration across a range of underlying prices for the covered call 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% | -$1,485.00 |
| $3.55 | -77.8% | -$1,131.12 |
| $7.09 | -55.7% | -$777.24 |
| $10.63 | -33.6% | -$423.36 |
| $14.17 | -11.5% | -$69.48 |
| $17.70 | +10.6% | +$214.00 |
| $21.24 | +32.7% | +$214.00 |
| $24.78 | +54.8% | +$214.00 |
| $28.32 | +76.9% | +$214.00 |
| $31.86 | +99.0% | +$214.00 |
When traders use covered call on CQTM
Covered calls on CQTM are an income strategy run on existing CQTM etf positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
CQTM thesis for this covered call
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 covered call collects premium on an existing long CQTM position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether CQTM will breach that level within the expiration window. 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 covered call 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 covered call 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 covered call on CQTM?
- A covered call on CQTM is the covered call strategy applied to CQTM (etf). The strategy is structurally neutral to slightly bullish: A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income. 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 covered call max profit and max loss calculated?
- Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium. For the CQTM covered call priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 72.20%), the computed maximum profit is $214.00 per contract and the computed maximum loss is -$1,485.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CQTM covered call?
- The breakeven for the CQTM covered call priced on this page is roughly $14.86 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 covered call on CQTM?
- Covered calls on CQTM are an income strategy run on existing CQTM etf positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
- How does current CQTM implied volatility affect this covered call?
- Current CQTM ATM IV is 72.20%; IV rank context is unavailable in the current snapshot.