CQTM Straddle 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 $7.9M, a beta of 0.00 versus the broader market, a 52-week range of 21.14-35.04, average daily share volume of 38K, 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 0.00 indicates CQTM 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 straddle on CQTM?
A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the strike at expiration.
CQTM snapshot
As of August 14, 2026, spot at $27.38, ATM IV 76.20%, expected move 21.85%. The straddle on CQTM below is built from the August 14, 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 straddle structure on CQTM specifically: IV rank is unavailable in the current snapshot, so regime-based timing for CQTM is inferred from ATM IV at 76.20% alone, with a market-implied 1-standard-deviation move of approximately 21.85% (roughly $5.98 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 $27.38 per share and to the trader's directional view on CQTM stock.
CQTM straddle setup
The CQTM straddle below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CQTM at $27.38 on that close, the first option leg uses a $27.00 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 1 | Call | $27.00 | $2.68 |
| Buy 1 | Put | $27.00 | $2.45 |
CQTM straddle risk and reward
- Net Premium / Debit
- -$512.50
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- -$509.73
- Breakeven(s)
- $21.88, $32.13
- Risk / Reward Ratio
- Unbounded
Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit.
CQTM straddle payoff curve
Modeled P&L at expiration across a range of underlying prices for the straddle 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% | +$2,186.50 |
| $6.06 | -77.9% | +$1,581.22 |
| $12.12 | -55.8% | +$975.95 |
| $18.17 | -33.6% | +$370.67 |
| $24.22 | -11.5% | -$234.61 |
| $30.27 | +10.6% | -$185.12 |
| $36.33 | +32.7% | +$420.16 |
| $42.38 | +54.8% | +$1,025.43 |
| $48.43 | +76.9% | +$1,630.71 |
| $54.48 | +99.0% | +$2,235.99 |
When traders use straddle on CQTM
Straddles on CQTM are pure-volatility plays that profit from large moves in either direction; traders typically buy CQTM straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
CQTM thesis for this straddle
The market-implied 1-standard-deviation range for CQTM extends from approximately $21.40 on the downside to $33.36 on the upside. A CQTM long straddle is a pure-volatility play: it profits when the underlying moves far enough from the strike in either direction to overcome the combined call plus put debit, regardless of direction. 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 straddle positions are structurally neutral / high-volatility (long premium); 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. Always rebuild the position from current CQTM chain quotes before placing a trade.
Frequently asked questions
- What is a straddle on CQTM?
- A straddle on CQTM is the straddle strategy applied to CQTM (stock). The strategy is structurally neutral / high-volatility (long premium): A long straddle buys an ATM call and an ATM put at the same strike, profiting from a large move in either direction; max loss equals the combined debit when the underlying pins to the strike at expiration. With CQTM stock at $27.38 on the August 14, 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 straddle max profit and max loss calculated?
- Upside max profit is unbounded; downside max profit is bounded at the strike minus the combined call plus put debit (reached at zero). Max loss equals the combined debit times 100 (reached when the underlying pins to the strike). Two breakevens at strike plus debit and strike minus debit. For the CQTM straddle priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 76.20%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$509.73 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CQTM straddle?
- The breakeven for the CQTM straddle priced on this page is roughly $21.88 and $32.13 at expiration, derived from the August 14, 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 21.85%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a straddle on CQTM?
- Straddles on CQTM are pure-volatility plays that profit from large moves in either direction; traders typically buy CQTM straddles ahead of earnings, FDA decisions, or other catalysts where the realized move is expected to exceed the implied move priced into the chain.
- How does current CQTM implied volatility affect this straddle?
- Current CQTM ATM IV is 76.20%; IV rank context is unavailable in the current snapshot.