GUNR Long Put 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 long put on GUNR?
A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration.
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 long put 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 long put 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 long put, 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 long put setup
The GUNR long put 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 |
GUNR long put risk and reward
- Net Premium / Debit
- -$170.00
- Max Profit (per contract)
- $5,329.00
- Max Loss (per contract)
- -$170.00
- Breakeven(s)
- $53.30
- Risk / Reward Ratio
- 31.347
Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.
GUNR long put payoff curve
Modeled P&L at expiration across a range of underlying prices for the long put 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% | +$5,329.00 |
| $12.07 | -77.9% | +$4,123.42 |
| $24.12 | -55.8% | +$2,917.84 |
| $36.18 | -33.7% | +$1,712.27 |
| $48.23 | -11.5% | +$506.69 |
| $60.29 | +10.6% | -$170.00 |
| $72.34 | +32.7% | -$170.00 |
| $84.40 | +54.8% | -$170.00 |
| $96.46 | +76.9% | -$170.00 |
| $108.51 | +99.0% | -$170.00 |
When traders use long put on GUNR
Long puts on GUNR hedge an existing long GUNR etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying GUNR exposure being hedged.
GUNR thesis for this long put
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 long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long GUNR position with one put per 100 shares held. 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 long put positions are structurally 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 long put 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 long put on GUNR?
- A long put on GUNR is the long put strategy applied to GUNR (etf). The strategy is structurally bearish: A long put buys downside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes below the strike minus premium at expiration. 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 long put max profit and max loss calculated?
- Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium. For the GUNR long put priced from the end-of-day chain at a 30-day expiry (ATM IV 19.30%), the computed maximum profit is $5,329.00 per contract and the computed maximum loss is -$170.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a GUNR long put?
- The breakeven for the GUNR long put priced on this page is roughly $53.30 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 long put on GUNR?
- Long puts on GUNR hedge an existing long GUNR etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying GUNR exposure being hedged.
- How does current GUNR implied volatility affect this long put?
- 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.