UNHW Cash-Secured Put Strategy
UNHW (Roundhill UNH WeeklyPay ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
UNHW aims to combine weekly income and modest enhanced exposure to the weekly price performance of UnitedHealth Group Inc. (UNH) stock. UnitedHealth Group provides healthcare insurance and technology-based health services across its UnitedHealthcare and Optum platforms. The fund invests in total return swap agreements and UNH common stock that in aggregate will return approximately 120% of the calendar week return of UNH shares. Aside from providing 1.2x leveraged single-stock exposure, the fund will make weekly distribution payments to shareholders. It also invests in short-term US Treasurys and money market funds for collateral. Unlike traditional ETFs, UNHW introduces added volatility due to its lack of diversification and use of leverage.
UNHW (Roundhill UNH WeeklyPay ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $50.5M, a beta of 2.87 versus the broader market, a 52-week range of 33.3-58.88, average daily share volume of 6K, a public-listing history dating back to 2025, approximately 135 full-time employees. These structural characteristics shape how UNHW etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.87 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 cash-secured put on UNHW?
A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.
UNHW snapshot
As of August 14, 2026, spot at $49.42, ATM IV 31.10%, IV rank 1.53%, expected move 8.92%. The cash-secured put on UNHW 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 cash-secured put structure on UNHW specifically: UNHW IV at 31.10% is on the cheap side of its 1-year range, which means a premium-selling UNHW cash-secured put collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 8.92% (roughly $4.41 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 UNHW expiries trade a higher absolute premium for lower per-day decay. Position sizing on UNHW should anchor to the underlying notional of $49.42 per share and to the trader's directional view on UNHW etf.
UNHW cash-secured put setup
The UNHW cash-secured put 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 UNHW at $49.42 on that close, the first option leg uses a $47.00 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 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 UNHW shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $47.00 | $1.38 |
UNHW cash-secured put risk and reward
- Net Premium / Debit
- +$137.50
- Max Profit (per contract)
- $137.50
- Max Loss (per contract)
- -$4,561.50
- Breakeven(s)
- $45.63
- Risk / Reward Ratio
- 0.030
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
UNHW cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put 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% | -$4,561.50 |
| $10.94 | -77.9% | -$3,468.91 |
| $21.86 | -55.8% | -$2,376.31 |
| $32.79 | -33.7% | -$1,283.72 |
| $43.71 | -11.5% | -$191.13 |
| $54.64 | +10.6% | +$137.50 |
| $65.57 | +32.7% | +$137.50 |
| $76.49 | +54.8% | +$137.50 |
| $87.42 | +76.9% | +$137.50 |
| $98.34 | +99.0% | +$137.50 |
When traders use cash-secured put on UNHW
Cash-secured puts on UNHW earn premium while a trader waits to acquire UNHW etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning UNHW.
UNHW thesis for this cash-secured put
The market-implied 1-standard-deviation range for UNHW extends from approximately $45.01 on the downside to $53.83 on the upside. A UNHW cash-secured put lets a trader earn premium while waiting to acquire UNHW at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current UNHW IV rank near 1.53% 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 UNHW at 31.10%. 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 cash-secured put positions are structurally neutral to slightly bullish; 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. Short-premium structures like a cash-secured put on UNHW carry tail risk when realized volatility exceeds the implied move; review historical UNHW earnings reactions and macro stress periods before sizing. Always rebuild the position from current UNHW chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on UNHW?
- A cash-secured put on UNHW is the cash-secured put strategy applied to UNHW (etf). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With UNHW etf at $49.42 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed UNHW chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are UNHW cash-secured put max profit and max loss calculated?
- Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the UNHW cash-secured put priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 31.10%), the computed maximum profit is $137.50 per contract and the computed maximum loss is -$4,561.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a UNHW cash-secured put?
- The breakeven for the UNHW cash-secured put priced on this page is roughly $45.63 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 UNHW market-implied 1-standard-deviation expected move in the same options snapshot is approximately 8.92%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a cash-secured put on UNHW?
- Cash-secured puts on UNHW earn premium while a trader waits to acquire UNHW etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning UNHW.
- How does current UNHW implied volatility affect this cash-secured put?
- UNHW ATM IV is at 31.10% with IV rank near 1.53%, 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.