GUNR Bear Put Spread Strategy
GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund), in the Financial Services sector, (Asset Management - Global industry), listed on AMEX.
For investors seeking the potential of an expanded definition of global real assets.FlexShares Morningstar Global Upstream Natural Resources Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Morningstar Global Upstream Natural Resources Index (Underlying Index).
GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $7.56B, a beta of 0.52 versus the broader market, a 52-week range of 38.53-56.35, average daily share volume of 544K, a public-listing history dating back to 2011. These structural characteristics shape how GUNR etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.52 indicates GUNR has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. GUNR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a bear put spread on GUNR?
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.
Current GUNR snapshot
As of May 15, 2026, spot at $54.53, ATM IV 19.30%, IV rank 1.24%, expected move 5.53%. The bear put spread on GUNR 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 34-day expiry.
Why this bear put spread structure on GUNR specifically: GUNR IV at 19.30% is on the cheap side of its 1-year range, which favors premium-buying structures like a GUNR bear put spread, with a market-implied 1-standard-deviation move of approximately 5.53% (roughly $3.02 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated GUNR expiries trade a higher absolute premium for lower per-day decay. Position sizing on GUNR should anchor to the underlying notional of $54.53 per share and to the trader's directional view on GUNR etf.
GUNR bear put spread setup
The GUNR bear put spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With GUNR near $54.53, the first option leg uses a $55.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GUNR chain at a 34-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 GUNR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $55.00 | $1.70 |
| Sell 1 | Put | $52.00 | $0.27 |
GUNR bear put spread risk and reward
- Net Premium / Debit
- -$143.00
- Max Profit (per contract)
- $157.00
- Max Loss (per contract)
- -$143.00
- Breakeven(s)
- $53.57
- Risk / Reward Ratio
- 1.098
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.
GUNR bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on GUNR. 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% | +$157.00 |
| $12.07 | -77.9% | +$157.00 |
| $24.12 | -55.8% | +$157.00 |
| $36.18 | -33.7% | +$157.00 |
| $48.23 | -11.5% | +$157.00 |
| $60.29 | +10.6% | -$143.00 |
| $72.34 | +32.7% | -$143.00 |
| $84.40 | +54.8% | -$143.00 |
| $96.46 | +76.9% | -$143.00 |
| $108.51 | +99.0% | -$143.00 |
When traders use bear put spread on GUNR
Bear put spreads on GUNR reduce the cost of a bearish GUNR etf position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
GUNR thesis for this bear put spread
The market-implied 1-standard-deviation range for GUNR extends from approximately $51.51 on the downside to $57.55 on the upside. A GUNR bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on GUNR, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current GUNR IV rank near 1.24% 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 GUNR at 19.30%. As a Financial Services name, GUNR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GUNR-specific events.
GUNR 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. GUNR positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move GUNR alongside the broader basket even when GUNR-specific fundamentals are unchanged. Long-premium structures like a bear put spread on GUNR 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 GUNR chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on GUNR?
- A bear put spread on GUNR is the bear put spread strategy applied to GUNR (etf). 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 GUNR etf trading near $54.53, the strikes shown on this page are snapped to the nearest listed GUNR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are GUNR 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 GUNR bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 19.30%), the computed maximum profit is $157.00 per contract and the computed maximum loss is -$143.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a GUNR bear put spread?
- The breakeven for the GUNR bear put spread priced on this page is roughly $53.57 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 GUNR market-implied 1-standard-deviation expected move is approximately 5.53%; 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 GUNR?
- Bear put spreads on GUNR reduce the cost of a bearish GUNR etf 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 GUNR implied volatility affect this bear put spread?
- GUNR ATM IV is at 19.30% with IV rank near 1.24%, 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.