How are UTEN 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 UTEN long put priced from the end-of-day chain at a 30-day expiry (ATM IV 26.70%), the computed maximum profit is $4,222.00 per contract and the computed maximum loss is -$77.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a UTEN long put?

The breakeven for the UTEN long put priced on this page is roughly $42.23 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 UTEN market-implied 1-standard-deviation expected move is approximately 7.65%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current UTEN implied volatility affect this long put?

UTEN ATM IV is at 26.70% with IV rank near 11.59%, 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.

UTEN Long Put Strategy

UTEN (US Treasury 10 Year Note ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

UTEN is part of the first single-bond ETF suite. The targeted holding makes this ETF very different from other ETFs holding a basket of 10-year Treasury notes. This is a tool used in portfolio management. The fund tracks an index that holds just the on-the-run 10-year US Treasury notes, which are the most recently issued and most liquid. At each monthly rebalancing, the underlying issue is sold and rolled into a newly selected issue, given that there has been a new public sale or auction by the US Government for 10-year Treasury notes. This roll transition occurs on one day, each month.

UTEN (US Treasury 10 Year Note ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $286.4M, a beta of 1.26 versus the broader market, a 52-week range of 42.436-44.889, average daily share volume of 39K, a public-listing history dating back to 2022, approximately 710 full-time employees. These structural characteristics shape how UTEN etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.26 places UTEN roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. UTEN pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a long put on UTEN?

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 UTEN snapshot

As of June 29, 2026, spot at $43.44, ATM IV 26.70%, IV rank 11.59%, expected move 7.65%. The long put on UTEN 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 18-day expiry.

Why this long put structure on UTEN specifically: UTEN IV at 26.70% is on the cheap side of its 1-year range, which favors premium-buying structures like a UTEN long put, with a market-implied 1-standard-deviation move of approximately 7.65% (roughly $3.33 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated UTEN expiries trade a higher absolute premium for lower per-day decay. Position sizing on UTEN should anchor to the underlying notional of $43.44 per share and to the trader's directional view on UTEN etf.

UTEN long put setup

The UTEN 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 UTEN near $43.44, the first option leg uses a $43.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed UTEN chain at a 18-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 UTEN shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Put	$43.00	$0.77

UTEN long put risk and reward

Net Premium / Debit: -$77.00
Max Profit (per contract): $4,222.00
Max Loss (per contract): -$77.00
Breakeven(s): $42.23
Risk / Reward Ratio: 54.831

Max profit equals the strike minus premium times 100 (reached at zero); max loss equals the premium times 100. Breakeven is strike minus premium.

UTEN long put payoff curve

Modeled P&L at expiration across a range of underlying prices for the long put on UTEN. 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%	+$4,222.00
$9.61	-77.9%	+$3,261.63
$19.22	-55.8%	+$2,301.26
$28.82	-33.7%	+$1,340.88
$38.42	-11.5%	+$380.51
$48.03	+10.6%	-$77.00
$57.63	+32.7%	-$77.00
$67.24	+54.8%	-$77.00
$76.84	+76.9%	-$77.00
$86.44	+99.0%	-$77.00

When traders use long put on UTEN

Long puts on UTEN hedge an existing long UTEN etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying UTEN exposure being hedged.

UTEN thesis for this long put

The market-implied 1-standard-deviation range for UTEN extends from approximately $40.11 on the downside to $46.77 on the upside. A UTEN long put expresses a directional view that the underlying closes below the strike minus premium at expiration, frequently sized to hedge an existing long UTEN position with one put per 100 shares held. Current UTEN IV rank near 11.59% 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 UTEN at 26.70%. As a Financial Services name, UTEN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to UTEN-specific events.

UTEN 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. UTEN positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move UTEN alongside the broader basket even when UTEN-specific fundamentals are unchanged. Long-premium structures like a long put on UTEN 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 UTEN chain quotes before placing a trade.

Frequently asked questions

What is a long put on UTEN?: A long put on UTEN is the long put strategy applied to UTEN (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 UTEN etf trading near $43.44, the strikes shown on this page are snapped to the nearest listed UTEN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are UTEN 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 UTEN long put priced from the end-of-day chain at a 30-day expiry (ATM IV 26.70%), the computed maximum profit is $4,222.00 per contract and the computed maximum loss is -$77.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a UTEN long put?: The breakeven for the UTEN long put priced on this page is roughly $42.23 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 UTEN market-implied 1-standard-deviation expected move is approximately 7.65%; 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 UTEN?: Long puts on UTEN hedge an existing long UTEN etf position or express a bearish view with defined risk; position sizing typically scales the put notional to the underlying UTEN exposure being hedged.
How does current UTEN implied volatility affect this long put?: UTEN ATM IV is at 26.70% with IV rank near 11.59%, 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.