UNHW Bear Put Spread Strategy
UNHW (Roundhill Investments - UNH WeeklyPay ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
The Roundhill UNH WeeklyPay ETF (“UNHW”) is designed for investors seeking a combination of income and growth potential. UNHW aims to provide weekly distributions and calendar week returns, before fees and expenses, equal to 1.2 times (120%) the calendar week total return of UnitedHealth Group common shares (NYSE: UNH). UNHW is an actively-managed ETF.
UNHW (Roundhill Investments - UNH WeeklyPay ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $54.6M, a beta of 3.52 versus the broader market, a 52-week range of 33.3-54.25, average daily share volume of 8K, a public-listing history dating back to 2025. These structural characteristics shape how UNHW etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 3.52 indicates UNHW has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. UNHW 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 UNHW?
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 UNHW snapshot
As of May 15, 2026, spot at $52.39, ATM IV 43.60%, expected move 12.50%. The bear put spread on UNHW 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 UNHW specifically: IV rank is unavailable in the current snapshot, so regime-based timing for UNHW is inferred from ATM IV at 43.60% alone, with a market-implied 1-standard-deviation move of approximately 12.50% (roughly $6.55 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 UNHW expiries trade a higher absolute premium for lower per-day decay. Position sizing on UNHW should anchor to the underlying notional of $52.39 per share and to the trader's directional view on UNHW etf.
UNHW bear put spread setup
The UNHW 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 UNHW near $52.39, the first option leg uses a $52.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed UNHW 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 UNHW shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $52.00 | $2.40 |
| Sell 1 | Put | $50.00 | $1.56 |
UNHW bear put spread risk and reward
- Net Premium / Debit
- -$84.00
- Max Profit (per contract)
- $116.00
- Max Loss (per contract)
- -$84.00
- Breakeven(s)
- $51.16
- Risk / Reward Ratio
- 1.381
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.
UNHW bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on UNHW. 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% | +$116.00 |
| $11.59 | -77.9% | +$116.00 |
| $23.18 | -55.8% | +$116.00 |
| $34.76 | -33.7% | +$116.00 |
| $46.34 | -11.5% | +$116.00 |
| $57.92 | +10.6% | -$84.00 |
| $69.51 | +32.7% | -$84.00 |
| $81.09 | +54.8% | -$84.00 |
| $92.67 | +76.9% | -$84.00 |
| $104.25 | +99.0% | -$84.00 |
When traders use bear put spread on UNHW
Bear put spreads on UNHW reduce the cost of a bearish UNHW etf position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
UNHW thesis for this bear put spread
The market-implied 1-standard-deviation range for UNHW extends from approximately $45.84 on the downside to $58.94 on the upside. A UNHW bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on UNHW, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Financial Services name, UNHW options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to UNHW-specific events.
UNHW 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. UNHW positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move UNHW alongside the broader basket even when UNHW-specific fundamentals are unchanged. Long-premium structures like a bear put spread on UNHW 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 UNHW chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on UNHW?
- A bear put spread on UNHW is the bear put spread strategy applied to UNHW (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 UNHW etf trading near $52.39, the strikes shown on this page are snapped to the nearest listed UNHW chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are UNHW 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 UNHW bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 43.60%), the computed maximum profit is $116.00 per contract and the computed maximum loss is -$84.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a UNHW bear put spread?
- The breakeven for the UNHW bear put spread priced on this page is roughly $51.16 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 UNHW market-implied 1-standard-deviation expected move is approximately 12.50%; 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 UNHW?
- Bear put spreads on UNHW reduce the cost of a bearish UNHW 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 UNHW implied volatility affect this bear put spread?
- Current UNHW ATM IV is 43.60%; IV rank context is unavailable in the current snapshot.