How are UNHW 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 UNHW collar priced from the end-of-day chain at a 30-day expiry (ATM IV 48.80%), the computed maximum profit is $260.50 per contract and the computed maximum loss is -$239.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a UNHW collar?

The breakeven for the UNHW collar priced on this page is roughly $53.39 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 13.99%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current UNHW implied volatility affect this collar?

UNHW ATM IV is at 48.80% with IV rank near 34.58%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

UNHW Collar 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 $56.6M, a beta of 3.18 versus the broader market, a 52-week range of 33.3-55.98, average daily share volume of 5K, 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 3.18 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 collar on UNHW?

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.

Current UNHW snapshot

As of June 30, 2026, spot at $53.68, ATM IV 48.80%, IV rank 34.58%, expected move 13.99%. The collar 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 80-day expiry.

Why this collar structure on UNHW specifically: IV regime affects collar pricing on both sides; mid-range UNHW IV at 48.80% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 13.99% (roughly $7.51 on the underlying). The 80-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 $53.68 per share and to the trader's directional view on UNHW etf.

UNHW collar setup

The UNHW collar 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 $53.68, the first option leg uses a $56.00 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 80-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 100 shares	Stock	$53.68	long
Sell 1	Call	$56.00	$3.81
Buy 1	Put	$51.00	$3.53

UNHW collar risk and reward

Net Premium / Debit: -$5,339.50
Max Profit (per contract): $260.50
Max Loss (per contract): -$239.50
Breakeven(s): $53.39
Risk / Reward Ratio: 1.088

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.

UNHW collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$239.50
$11.88	-77.9%	-$239.50
$23.75	-55.8%	-$239.50
$35.61	-33.7%	-$239.50
$47.48	-11.5%	-$239.50
$59.35	+10.6%	+$260.50
$71.22	+32.7%	+$260.50
$83.08	+54.8%	+$260.50
$94.95	+76.9%	+$260.50
$106.82	+99.0%	+$260.50

When traders use collar on UNHW

Collars on UNHW hedge an existing long UNHW 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.

UNHW thesis for this collar

The market-implied 1-standard-deviation range for UNHW extends from approximately $46.17 on the downside to $61.19 on the upside. A UNHW collar hedges an existing long UNHW 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 UNHW IV rank near 34.58% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on UNHW should anchor more to the directional view and the expected-move geometry. 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 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. 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. Always rebuild the position from current UNHW chain quotes before placing a trade.

Frequently asked questions

What is a collar on UNHW?: A collar on UNHW is the collar strategy applied to UNHW (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 UNHW etf trading near $53.68, 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 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 UNHW collar priced from the end-of-day chain at a 30-day expiry (ATM IV 48.80%), the computed maximum profit is $260.50 per contract and the computed maximum loss is -$239.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a UNHW collar?: The breakeven for the UNHW collar priced on this page is roughly $53.39 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 13.99%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on UNHW?: Collars on UNHW hedge an existing long UNHW 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 UNHW implied volatility affect this collar?: UNHW ATM IV is at 48.80% with IV rank near 34.58%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.