CQTM Bear Put Spread 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 $7.1M, a beta of 4.26 versus the broader market, a 52-week range of 21.14-35.04, average daily share volume of 31K, a public-listing history dating back to 2026. These structural characteristics shape how CQTM stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 4.26 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 bear put spread on CQTM?
A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width.
CQTM snapshot
As of September 29, 2026, spot at $23.50, ATM IV 64.90%, expected move 18.61%. The bear put spread on CQTM 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 bear put spread structure on CQTM specifically: IV rank is unavailable in the current snapshot, so regime-based timing for CQTM is inferred from ATM IV at 64.90% alone, with a market-implied 1-standard-deviation move of approximately 18.61% (roughly $4.37 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 CQTM expiries trade a higher absolute premium for lower per-day decay. Position sizing on CQTM should anchor to the underlying notional of $23.50 per share and to the trader's directional view on CQTM stock.
CQTM bear put spread setup
The CQTM bear put spread 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 CQTM at $23.50 on that close, the first option leg uses a $23.00 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 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 CQTM shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $23.00 | $2.15 |
| Sell 1 | Put | $22.00 | $1.93 |
CQTM bear put spread risk and reward
- Net Premium / Debit
- -$22.50
- Max Profit (per contract)
- $77.50
- Max Loss (per contract)
- -$22.50
- Breakeven(s)
- $22.78
- Risk / Reward Ratio
- 3.444
Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit.
CQTM bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread 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 | -100.0% | +$77.50 |
| $5.20 | -77.9% | +$77.50 |
| $10.40 | -55.7% | +$77.50 |
| $15.59 | -33.6% | +$77.50 |
| $20.79 | -11.5% | +$77.50 |
| $25.98 | +10.6% | -$22.50 |
| $31.18 | +32.7% | -$22.50 |
| $36.37 | +54.8% | -$22.50 |
| $41.57 | +76.9% | -$22.50 |
| $46.76 | +99.0% | -$22.50 |
When traders use bear put spread on CQTM
Bear put spreads on CQTM reduce the cost of a bearish CQTM stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
CQTM thesis for this bear put spread
The market-implied 1-standard-deviation range for CQTM extends from approximately $19.13 on the downside to $27.87 on the upside. A CQTM bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on CQTM, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. 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 bear put spread positions are structurally moderately bearish; 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. Long-premium structures like a bear put spread on CQTM are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current CQTM chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on CQTM?
- A bear put spread on CQTM is the bear put spread strategy applied to CQTM (stock). The strategy is structurally moderately bearish: A bear put spread buys an at-the-money put and sells an out-of-the-money put at a lower strike for defined risk and defined reward bounded by the strike width. With CQTM stock at $23.50 on the September 29, 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 bear put spread max profit and max loss calculated?
- Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-put strike minus net debit. For the CQTM bear put spread priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 64.90%), the computed maximum profit is $77.50 per contract and the computed maximum loss is -$22.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CQTM bear put spread?
- The breakeven for the CQTM bear put spread priced on this page is roughly $22.78 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 CQTM market-implied 1-standard-deviation expected move in the same options snapshot is approximately 18.61%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bear put spread on CQTM?
- Bear put spreads on CQTM reduce the cost of a bearish CQTM stock position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
- How does current CQTM implied volatility affect this bear put spread?
- Current CQTM ATM IV is 64.90%; IV rank context is unavailable in the current snapshot.