UX Bear Put Spread Strategy
UX (Roundhill Investments - Uranium ETF), in the Energy sector, (Oil & Gas Energy industry), listed on CBOE.
Roundhill believes that uranium is a crucial resource in meeting the growing global demand for reliable electricity, driven by the expansion of nuclear power. The Roundhill Uranium ETF (“UX”) is the first U.S.-listed ETF to provide exposure to the price of physical uranium (U₃O₈).
UX (Roundhill Investments - Uranium ETF) trades in the Energy sector, specifically Oil & Gas Energy, with a market capitalization of approximately $2.7M, a beta of 0.86 versus the broader market, a 52-week range of 24.113-38.72, average daily share volume of 4K, a public-listing history dating back to 2025. These structural characteristics shape how UX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.86 places UX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. UX 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 UX?
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 UX snapshot
As of May 15, 2026, spot at $30.02, ATM IV 28.80%, IV rank 5.06%, expected move 8.26%. The bear put spread on UX 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 UX specifically: UX IV at 28.80% is on the cheap side of its 1-year range, which favors premium-buying structures like a UX bear put spread, with a market-implied 1-standard-deviation move of approximately 8.26% (roughly $2.48 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 UX expiries trade a higher absolute premium for lower per-day decay. Position sizing on UX should anchor to the underlying notional of $30.02 per share and to the trader's directional view on UX etf.
UX bear put spread setup
The UX 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 UX near $30.02, the first option leg uses a $29.82 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed UX 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 UX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Put | $29.82 | $1.53 |
| Sell 1 | Put | $28.82 | $1.00 |
UX bear put spread risk and reward
- Net Premium / Debit
- -$52.50
- Max Profit (per contract)
- $47.50
- Max Loss (per contract)
- -$52.50
- Breakeven(s)
- $29.30
- Risk / Reward Ratio
- 0.905
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.
UX bear put spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bear put spread on UX. 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% | +$47.50 |
| $6.65 | -77.9% | +$47.50 |
| $13.28 | -55.8% | +$47.50 |
| $19.92 | -33.6% | +$47.50 |
| $26.56 | -11.5% | +$47.50 |
| $33.19 | +10.6% | -$52.50 |
| $39.83 | +32.7% | -$52.50 |
| $46.47 | +54.8% | -$52.50 |
| $53.10 | +76.9% | -$52.50 |
| $59.74 | +99.0% | -$52.50 |
When traders use bear put spread on UX
Bear put spreads on UX reduce the cost of a bearish UX etf position by selling a lower-strike put; suited to moderate-decline theses where price reaches but does not vastly exceed the short strike.
UX thesis for this bear put spread
The market-implied 1-standard-deviation range for UX extends from approximately $27.54 on the downside to $32.50 on the upside. A UX bear put spread caps both the risk and the reward of a bearish position; relative to an outright long put on UX, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current UX IV rank near 5.06% 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 UX at 28.80%. As a Energy name, UX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to UX-specific events.
UX 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. UX positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move UX alongside the broader basket even when UX-specific fundamentals are unchanged. Long-premium structures like a bear put spread on UX 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 UX chain quotes before placing a trade.
Frequently asked questions
- What is a bear put spread on UX?
- A bear put spread on UX is the bear put spread strategy applied to UX (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 UX etf trading near $30.02, the strikes shown on this page are snapped to the nearest listed UX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are UX 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 UX bear put spread priced from the end-of-day chain at a 30-day expiry (ATM IV 28.80%), the computed maximum profit is $47.50 per contract and the computed maximum loss is -$52.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a UX bear put spread?
- The breakeven for the UX bear put spread priced on this page is roughly $29.30 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 UX market-implied 1-standard-deviation expected move is approximately 8.26%; 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 UX?
- Bear put spreads on UX reduce the cost of a bearish UX 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 UX implied volatility affect this bear put spread?
- UX ATM IV is at 28.80% with IV rank near 5.06%, 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.