How are QTUM 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 QTUM collar priced from the end-of-day chain at a 30-day expiry (ATM IV 41.30%), the computed maximum profit is $814.50 per contract and the computed maximum loss is -$685.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a QTUM collar?

The breakeven for the QTUM collar priced on this page is roughly $161.86 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current QTUM market-implied 1-standard-deviation expected move is approximately 11.84%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current QTUM implied volatility affect this collar?

QTUM ATM IV is at 41.30% with IV rank near 79.08%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

QTUM Collar Strategy

QTUM (Defiance Quantum ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

QTUM seeks out companies involved in the development of quantum computing and machine learning technology. Quantum computing refers to hardware and software designed to harness extremely fast computers that leverage the field of quantum mechanics, a branch of physics dealing with particles and their natural behavior. Covered technologies include the development of quantum computers, application of quantum computers, interaction between quantum and traditional computers, hardware and software for machine learning, specialized machinery for semiconductor and integrated circuit packaging, and production/processing of raw materials for quantum computing. Selected constituents are initially weighted equally, with possible downward adjustments for securities with low liquidity. QTUM is rebalanced semi-annually. Effective December 18 2020, The underlying index name changed to BlueStar Machine Learning and Quantum Computing Index with no change in investment strategies.

QTUM (Defiance Quantum ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $4.11B, a beta of 1.64 versus the broader market, a 52-week range of 89.23-170, average daily share volume of 686K, a public-listing history dating back to 2018. These structural characteristics shape how QTUM etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.64 indicates QTUM has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. QTUM pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a collar on QTUM?

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.

Current QTUM snapshot

As of June 29, 2026, spot at $160.58, ATM IV 41.30%, IV rank 79.08%, expected move 11.84%. The collar on QTUM below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 18-day expiry.

Why this collar structure on QTUM specifically: IV regime affects collar pricing on both sides; elevated QTUM IV at 41.30% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 11.84% (roughly $19.01 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated QTUM expiries trade a higher absolute premium for lower per-day decay. Position sizing on QTUM should anchor to the underlying notional of $160.58 per share and to the trader's directional view on QTUM etf.

QTUM collar setup

The QTUM collar below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With QTUM near $160.58, the first option leg uses a $170.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed QTUM chain at a 18-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 QTUM shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$160.58	long
Sell 1	Call	$170.00	$2.33
Buy 1	Put	$155.00	$3.60

QTUM collar risk and reward

Net Premium / Debit: -$16,185.50
Max Profit (per contract): $814.50
Max Loss (per contract): -$685.50
Breakeven(s): $161.86
Risk / Reward Ratio: 1.188

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.

QTUM collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on QTUM. 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	-100.0%	-$685.50
$35.51	-77.9%	-$685.50
$71.02	-55.8%	-$685.50
$106.52	-33.7%	-$685.50
$142.03	-11.6%	-$685.50
$177.53	+10.6%	+$814.50
$213.03	+32.7%	+$814.50
$248.54	+54.8%	+$814.50
$284.04	+76.9%	+$814.50
$319.55	+99.0%	+$814.50

When traders use collar on QTUM

Collars on QTUM hedge an existing long QTUM 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.

QTUM thesis for this collar

The market-implied 1-standard-deviation range for QTUM extends from approximately $141.57 on the downside to $179.59 on the upside. A QTUM collar hedges an existing long QTUM 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 QTUM IV rank near 79.08% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on QTUM at 41.30%. As a Financial Services name, QTUM options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to QTUM-specific events.

QTUM 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. QTUM positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move QTUM alongside the broader basket even when QTUM-specific fundamentals are unchanged. Always rebuild the position from current QTUM chain quotes before placing a trade.

Frequently asked questions

What is a collar on QTUM?: A collar on QTUM is the collar strategy applied to QTUM (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 QTUM etf trading near $160.58, the strikes shown on this page are snapped to the nearest listed QTUM chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are QTUM 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 QTUM collar priced from the end-of-day chain at a 30-day expiry (ATM IV 41.30%), the computed maximum profit is $814.50 per contract and the computed maximum loss is -$685.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a QTUM collar?: The breakeven for the QTUM collar priced on this page is roughly $161.86 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current QTUM market-implied 1-standard-deviation expected move is approximately 11.84%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on QTUM?: Collars on QTUM hedge an existing long QTUM 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 QTUM implied volatility affect this collar?: QTUM ATM IV is at 41.30% with IV rank near 79.08%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.