QPUX Collar Strategy
QPUX (Tidal Trust II - Defiance 2X Daily Long Pure Quantum ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The fund seeks daily leveraged investment results, before fees and expenses, that correspond to two times (2X) the performance of an actively managed group of “pure quantum” company securities (the “Target Portfolio”) by employing derivatives, namely swap agreements and/or listed options contracts. It is non-diversified.
QPUX (Tidal Trust II - Defiance 2X Daily Long Pure Quantum ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $33.3M, a beta of 11.60 versus the broader market, a 52-week range of 11.3-268.83, average daily share volume of 253K, a public-listing history dating back to 2025. These structural characteristics shape how QPUX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 11.60 indicates QPUX 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 collar on QPUX?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
QPUX snapshot
As of September 29, 2026, spot at $13.02, ATM IV 124.40%, IV rank 4.05%, expected move 35.66%. The collar on QPUX 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 17-day expiry.
Why this collar structure on QPUX specifically: IV regime affects collar pricing on both sides; compressed QPUX IV at 124.40% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 35.66% (roughly $4.64 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 QPUX expiries trade a higher absolute premium for lower per-day decay. Position sizing on QPUX should anchor to the underlying notional of $13.02 per share and to the trader's directional view on QPUX etf.
QPUX collar setup
The QPUX collar 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 QPUX at $13.02 on that close, the first option leg uses a $14.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed QPUX 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 QPUX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $13.02 | long |
| Sell 1 | Call | $14.00 | $1.40 |
| Buy 1 | Put | $12.00 | $0.65 |
QPUX collar risk and reward
- Net Premium / Debit
- -$1,227.00
- Max Profit (per contract)
- $173.00
- Max Loss (per contract)
- -$27.00
- Breakeven(s)
- $12.27
- Risk / Reward Ratio
- 6.407
Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
QPUX collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on QPUX. 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% | -$27.00 |
| $2.89 | -77.8% | -$27.00 |
| $5.77 | -55.7% | -$27.00 |
| $8.64 | -33.6% | -$27.00 |
| $11.52 | -11.5% | -$27.00 |
| $14.40 | +10.6% | +$173.00 |
| $17.28 | +32.7% | +$173.00 |
| $20.15 | +54.8% | +$173.00 |
| $23.03 | +76.9% | +$173.00 |
| $25.91 | +99.0% | +$173.00 |
When traders use collar on QPUX
Collars on QPUX hedge an existing long QPUX etf position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
QPUX thesis for this collar
The market-implied 1-standard-deviation range for QPUX extends from approximately $8.38 on the downside to $17.66 on the upside. A QPUX collar hedges an existing long QPUX position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. Current QPUX IV rank near 4.05% 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 QPUX at 124.40%. As a Financial Services name, QPUX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to QPUX-specific events.
QPUX collar positions are structurally neutral (protective); 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. QPUX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move QPUX alongside the broader basket even when QPUX-specific fundamentals are unchanged. Always rebuild the position from current QPUX chain quotes before placing a trade.
Frequently asked questions
- What is a collar on QPUX?
- A collar on QPUX is the collar strategy applied to QPUX (etf). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. With QPUX etf at $13.02 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed QPUX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are QPUX collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the QPUX collar priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 124.40%), the computed maximum profit is $173.00 per contract and the computed maximum loss is -$27.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a QPUX collar?
- The breakeven for the QPUX collar priced on this page is roughly $12.27 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 QPUX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 35.66%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on QPUX?
- Collars on QPUX hedge an existing long QPUX etf position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current QPUX implied volatility affect this collar?
- QPUX ATM IV is at 124.40% with IV rank near 4.05%, 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.