Execute a measured 25-33% trim in UNP targeting 70% of benchmark weight, selling rallies into the $300-305 zone, with a hard stop at $278 (50 SMA break). Re-enter on a daily close above $295 with RSI re-accelerating above 55 and MACD histogram turning positive—avoid mechanical bounces off $278. Layer 6-9 month $260-270 puts as cheap convexity insurance against the STB denial tail risk over the 6-9 month horizon.