UNHG Collar Strategy
UNHG (Leverage Shares 2x Long UNH Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
The Fund seeks daily leveraged investment results and is very different from most other exchange-traded funds. The fund is an exchange traded fund that seeks daily levered investment results, before fees and expenses, of two times (200%) of the daily percentage change in the price of the common stock of UNH.
UNHG (Leverage Shares 2x Long UNH Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $115.4M, a beta of 5.63 versus the broader market, a 52-week range of 9.145-27.59, average daily share volume of 1.0M, a public-listing history dating back to 2025. These structural characteristics shape how UNHG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 5.63 indicates UNHG 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 collar on UNHG?
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.
UNHG snapshot
As of August 14, 2026, spot at $20.83, ATM IV 51.00%, IV rank 0.47%, expected move 14.62%. The collar on UNHG 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 collar structure on UNHG specifically: IV regime affects collar pricing on both sides; compressed UNHG IV at 51.00% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 14.62% (roughly $3.05 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 UNHG expiries trade a higher absolute premium for lower per-day decay. Position sizing on UNHG should anchor to the underlying notional of $20.83 per share and to the trader's directional view on UNHG etf.
UNHG collar setup
The UNHG collar 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 UNHG at $20.83 on that close, the first option leg uses a $22.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed UNHG 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 UNHG shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $20.83 | long |
| Sell 1 | Call | $22.00 | $0.80 |
| Buy 1 | Put | $20.00 | $0.90 |
UNHG collar risk and reward
- Net Premium / Debit
- -$2,093.00
- Max Profit (per contract)
- $107.00
- Max Loss (per contract)
- -$93.00
- Breakeven(s)
- $20.93
- Risk / Reward Ratio
- 1.151
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.
UNHG collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on UNHG. 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% | -$93.00 |
| $4.61 | -77.8% | -$93.00 |
| $9.22 | -55.7% | -$93.00 |
| $13.82 | -33.6% | -$93.00 |
| $18.43 | -11.5% | -$93.00 |
| $23.03 | +10.6% | +$107.00 |
| $27.64 | +32.7% | +$107.00 |
| $32.24 | +54.8% | +$107.00 |
| $36.85 | +76.9% | +$107.00 |
| $41.45 | +99.0% | +$107.00 |
When traders use collar on UNHG
Collars on UNHG hedge an existing long UNHG 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.
UNHG thesis for this collar
The market-implied 1-standard-deviation range for UNHG extends from approximately $17.78 on the downside to $23.88 on the upside. A UNHG collar hedges an existing long UNHG 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 UNHG IV rank near 0.47% 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 UNHG at 51.00%. As a Financial Services name, UNHG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to UNHG-specific events.
UNHG 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. UNHG positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move UNHG alongside the broader basket even when UNHG-specific fundamentals are unchanged. Always rebuild the position from current UNHG chain quotes before placing a trade.
Frequently asked questions
- What is a collar on UNHG?
- A collar on UNHG is the collar strategy applied to UNHG (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 UNHG etf at $20.83 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed UNHG chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are UNHG 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 UNHG collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 51.00%), the computed maximum profit is $107.00 per contract and the computed maximum loss is -$93.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a UNHG collar?
- The breakeven for the UNHG collar priced on this page is roughly $20.93 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 UNHG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 14.62%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on UNHG?
- Collars on UNHG hedge an existing long UNHG 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 UNHG implied volatility affect this collar?
- UNHG ATM IV is at 51.00% with IV rank near 0.47%, 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.