QNTU Butterfly Strategy
QNTU (Investment Managers Series Trust II - Tradr 2X Long QNT Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
QNTU uses swap agreements and listed call options to make bullish bets on the share price of Quantinuum Inc. (NASDAQ: QNT). The fund may also invest directly in QNT. The company develops and manufactures a full-stack quantum technology platform, combining high-fidelity trapped-ion hardware with advanced middleware and software libraries to scale quantum computing and deploy real-world enterprise applications across cybersecurity, materials science, and artificial intelligence. The fund seeks to maintain daily leveraged exposure equivalent to 200% of the daily percentage change in QNT price through daily rebalancing. Returns may deviate from the expected 200% if held for longer than a single day due to factors such as volatility and compounding. The fund expects to invest in US Government securities, money market funds, short-term bond ETFs, and corporate debt as collateral.
QNTU (Investment Managers Series Trust II - Tradr 2X Long QNT Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.5M, a beta of 0.00 versus the broader market, a 52-week range of 6.61-27.3, average daily share volume of 47K, a public-listing history dating back to 2026. These structural characteristics shape how QNTU etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.00 indicates QNTU has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a butterfly on QNTU?
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.
QNTU snapshot
As of September 29, 2026, spot at $7.00, ATM IV 143.80%, expected move 41.23%. The butterfly on QNTU 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 butterfly structure on QNTU specifically: IV rank is unavailable in the current snapshot, so regime-based timing for QNTU is inferred from ATM IV at 143.80% alone, with a market-implied 1-standard-deviation move of approximately 41.23% (roughly $2.89 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 QNTU expiries trade a higher absolute premium for lower per-day decay. Position sizing on QNTU should anchor to the underlying notional of $7.00 per share and to the trader's directional view on QNTU etf.
QNTU butterfly setup
The QNTU butterfly 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 QNTU at $7.00 on that close, the first option leg uses a $6.65 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed QNTU 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 QNTU shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $6.65 | N/A |
| Sell 2 | Call | $7.00 | N/A |
| Buy 1 | Call | $7.35 | N/A |
QNTU butterfly risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
QNTU butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on QNTU. 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.
When traders use butterfly on QNTU
Butterflies on QNTU are pinning bets - traders use them when they expect QNTU 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.
QNTU thesis for this butterfly
The market-implied 1-standard-deviation range for QNTU extends from approximately $4.11 on the downside to $9.89 on the upside. A QNTU long call butterfly is a pinning play: it pays maximum at the middle strike if QNTU settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. As a Financial Services name, QNTU options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to QNTU-specific events.
QNTU 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. QNTU positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move QNTU alongside the broader basket even when QNTU-specific fundamentals are unchanged. Always rebuild the position from current QNTU chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on QNTU?
- A butterfly on QNTU is the butterfly strategy applied to QNTU (etf). 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 QNTU etf at $7.00 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed QNTU chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are QNTU 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 QNTU butterfly priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 143.80%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a QNTU butterfly?
- The breakeven for the QNTU butterfly 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 QNTU market-implied 1-standard-deviation expected move in the same options snapshot is approximately 41.23%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on QNTU?
- Butterflies on QNTU are pinning bets - traders use them when they expect QNTU 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 QNTU implied volatility affect this butterfly?
- Current QNTU ATM IV is 143.80%; IV rank context is unavailable in the current snapshot.