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FXI

iShares China Large-Cap ETFClose $34.69EOD only

Max Pain

$35.00

Next expiry Jun 12, 2026

Expected Move

±$0.63

1.8% from close

Price Gap

+0.31

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.86

Slightly call-heavy

Consensus

6.0/10

Bullish tilt

Published snapshot: Jun 9, 2026 close

End-of-day snapshot

This page reflects FXI options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

Jun 9, 2026 close

FXI Directional Report

Analysis based on market close June 10, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Outlook

FXI pinned at max pain $35 with dealer short gamma (-$94.5M) and mixed flow, but global equity selloff and negative carry tilt risk to downside. Key support $34, gamma flip $32 provides structure. Neutral-to-bearish near-term, bias lower.

Confidence:

8 / 10

Base 5 +2 from strong GEX/flow alignment +1 from spot near MP = 8; no override.

Supports: Spot at max pain $35, dealer short gamma, support at $34, gamma flip at $32.
Conflicts: Global selloff, mixed flow, negative carry, VIX elevated.

📌Spot pinned at max pain $35 (6/12 expiry) with dealer short gamma.

📉Negative GEX (-$94.5M) amplifies downside if support $34 breaks.

🛡️Gamma flip at $32 (7.9% below spot) provides structural support.

Regime Classification

Vol Regime

Normal

IV normal vs historical; not elevated despite global selloff.

Gamma Regime

Trending

Negative GEX -$94.5M; short gamma amplifies moves; flip at $32.

Flow Regime

Mixed

Mixed net premium; put/call unclear; overall neutral.

Spot vs Max Pain

Spot at $35 = max pain for 6/12 expiry; strong pinning.

Thesis duration: Event-specific — Near-term expiry with max pain pin, short gamma, and mixed flow; event-driven pinning risks break.

Price Range Forecast

Next 2 days

$33.23$36.27

Global selloff and short gamma push toward $34 support.

Next 1 week

$33.70$35.80

Expiry pin at $35, but downside risk to $34.

Next 2 weeks

$31.96$37.54

Gamma flip at $32; broader risk targets $32-$34.

Key Levels

Max pain pins: $35 (2026-06-12); $38 (2026-06-18); $36 (2026-06-26)

EM guardrails: 2d $33.23/$36.27; 1w $33.70/$35.80

Support: $34.00 · $32.00 · $31.96

Resistance: $35.00 · $37.00 · $37.54

Gamma flip: ~$32.00 — Approx — based on put OI concentration of 125,414 (7.9% below spot)

Structural: Support: $34 (OI cluster), $32 (gamma flip), $31.96. Resistance: $35 (MP), $37 (call wall), $37.54. Range: 2d $33.23-$36.27, 1w $33.70-$35.80, 2w $31.96-$37.54.

Dealer Positioning (GEX/DEX)

GEX: $-94.5M

DEX: +147.3M shares

Gamma flip: ~$32 (Approx — based on put OI concentration of 125,414 (7.9% below spot))

NTM gamma: GEX -$94.5M (short gamma) amplifies moves. DEX +147.3M shares (net long delta) supports dips. Gamma flip ~$32 from put concentration.

IV Analysis

IV vs VIX: FXI IV elevated vs VIX due to China risk, but not extreme historically.

Term structure: Front-end elevated for expiry; contango in back months.

Skew: Put skew elevated; consider put spreads or call overwriting.

Flow Analysis

Net premium: Net premium -$3.23M, put/call vol ratio 1.02, OI ratio 0.84 indicating bearish flow.

Directional prints:

Unusual: 107.2 put 41 ITM 2026-07-17 — Vol 4064, OI 2128 (ratio 1.9), IV 107.2%. Possibly bought downside hedge or sold premium; high IV favors bought. Preferred read: bearish. 27.7 put 35 ITM 2026-08-21 — Vol 5040, OI 2776 (ratio 1.8), IV 27.7%. Could be bought for exposure or sold for yield; strong volume supports bearish. Preferred read: bearish. 38.1 put 20 OTM 2027-05-21 — Vol 1151, OI 370 (ratio 3.1), IV 38.1%. Unusual long-dated put; likely bought for protection or speculation. Preferred read: bearish.

Risks & Catalysts

!Unexpected China policy shift could reverse move.

!Broader market rally could squeeze short gamma higher.

!Gamma flip at $32 may fail if selling accelerates.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate-Weak	Buy 2026-06-12 $34.00/$33.50 put spread Why now: Net premium -$3.23M, put/call vol ratio 1.02, dealer short gamma $94.5M supports downside momentum.	Unexpected China policy shift could reverse move; broader rally could squeeze short gamma higher. Liquidity constraints: long_put: Volume below 5.; short_put: Volume below 5.
Bear put spread	Moderate-Weak	Buy 2026-06-26 $32.50/$31.50 put spread Why now: Neutral-to-bearish bias with short gamma at max pain $35 and negative carry. Defined risk debit spread limits cost and leverages downside.	If price bounces above short strike, max loss is net debit. China policy risk could reverse move. Liquidity constraints: long_put: Open interest below 25.
Long put	Moderate	Buy 2026-07-02 $33.50 put Why now: Short gamma and bearish flow suggest downside acceleration. Long put offers unlimited profit potential with capped loss.	Time decay works against if move doesn't occur quickly. Broader rally could cause loss.
Call credit spread	Weak	Sell 2026-06-26 $36.50/$38.00 call spread Why now: Max pain at $35 and dealer short gamma suggest limited upside. Credit spread profits if price stays below short strike.	Unexpected China policy or macro rally could push above short strike, causing loss up to width. Liquidity constraints: short_call: Wide spread (152%).; long_call: Volume below 5.

Top Plays

Long Put

Buy 2026-07-02 $33.50 put

Buys a put to profit from expected decline, benefiting from short gamma and bearish flow.

Why this play: Leverages downside momentum with unlimited profit potential and capped loss.

Debit: $0.36-$0.44

Max loss: $0.44

BE: $33.06

Mgmt: Monitor support at $34; take profit near $32 gamma flip.

Traders seeking asymmetric downside exposure.

Bear Put Spread

Buy 2026-06-26 $32.50/$31.50 put spread

Limits risk while targeting profit from price decline below $32.50.

Why this play: Defined risk debit spread to capitalize on downside with lower cost.

Debit: $0.08-$0.10

Max loss: $0.10

BE: $32.40

Mgmt: Exit near $32 or at expiration; invalid above $35. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.

Traders wanting defined risk and lower premium.

Call Credit Spread

Sell 2026-06-26 $36.50/$38.00 call spread

Sells call spread to collect premium, betting price stays below $36.50.

Why this play: Profits from limited upside potential due to max pain ceiling.

Credit: $0.02-$0.02

Max loss: $1.48

BE: $36.52

Mgmt: Close early if price approaches $35; risk of gap up. Liquidity warning: Liquidity constraints: short_call: Wide spread (152%).; long_call: Volume below 5.

Traders expecting sideways to slightly down movement.

Watchlist Triggers

Entry Triggers

IFIf FXI breaks below $34 support with bearish momentum → Buy 2026-07-02 $33.50 put (long put) for $0.36-$0.44

IFIf FXI trades near $34 after a bounce, maintaining downside bias → Enter 2026-06-26 $32.50/$31.50 bear put spread for $0.08-$0.10 debit

IFIf FXI stays below $35 resistance and shows no upside follow-through → Sell 2026-06-26 $36.50/$38.00 call credit spread for ~$0.02 credit

Adjustment Triggers

ADJIf FXI drops to $32 gamma flip zone → Take partial profit on long put; consider rolling bear put spread down

Exit Triggers

EXITIf FXI rebounds above $35 (max pain) and holds → Close all bearish positions (long put, bear put spread, call credit spread)

Tactical Summary

Neutral-to-bearish bias with short gamma at $35. Entry triggers on break of $34 or bounce near it. Exit above $35. Adjust at $32 gamma flip. Use long put for asymmetric downside, bear put spread for defined risk, and call credit spread for capped upside.

How to Use These Reports

This directional reflects the market close on June 10, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.