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FXI

iShares China Large-Cap ETFClose $34.75EOD only

Max Pain

$35.00

Next expiry Jun 12, 2026

Expected Move

±$0.83

2.4% from close

Price Gap

+0.25

Distance to max pain

IV Rank

100

High premium

P/C OI

0.87

Slightly call-heavy

Consensus

8.5/10

Bearish tilt

Published snapshot: Jun 5, 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 5, 2026 close

FXI Flow Report

Analysis based on market close June 8, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 spot 0.9% from MP; +0.5 VIX 19

Watch next session: Gamma flip ~32; 35 put strikes

Flow Summary

Net premium: -$1.8M bearish

P/C volume ratio: 1.39

P/C OI ratio: 0.87

Bearish flow with negative net premium and elevated puts. Negative gamma and high put volume confirm bearish bias. Key level to watch: gamma flip at 32.

Notable Prints

FXI 2027-01-15 $36.00 Call

Vol: 10,086

OI: 2,540

Vol/OI: 4.0x

IV: 30.9%

Notional: ~$2.2M

Intent: Bullish accumulation or roll

Dual read: Open vs. roll of long position

Read-through: Institutional bullish on China

FXI 2026-06-30 $35.00 Put

Vol: 802

OI: 247

Vol/OI: 3.2x

IV: 33.9%

Notional: ~$87K

Intent: Bearish hedge or speculation

Dual read: Hedge vs. directional bet

Read-through: Downside protection bought

FXI 2026-06-26 $35.00 Put

Vol: 791

OI: 248

Vol/OI: 3.2x

IV: 35.1%

Notional: ~$64K

Intent: Bearish hedge or speculation

Dual read: Hedge vs. directional bet

Read-through: Downside protection bought

FXI 2026-06-12 $35.00 Put

Vol: 1,056

OI: 407

Vol/OI: 2.6x

IV: 31.0%

Notional: ~$53K

Intent: Bearish hedge or speculation

Dual read: Hedge vs. directional bet

Read-through: Downside protection bought

FXI 2026-07-17 $41.00 Put

Vol: 4,064

OI: 2,128

Vol/OI: 1.9x

IV: 104.6%

Notional: ~$2.6M

Intent: Tail risk hedge or speculative short

Dual read: Tail hedge vs. speculative bet

Read-through: Extreme downside risk premium bought

Institutional Positioning

Call additions: Long-dated $36 Jan 2027 calls bought heavily (10k vol vs 2.5k OI).

Put additions: Multiple $35 puts across June/July expiries and a $41 Jul put (104.6 IV, 4k vol) as tail hedge.

GEX/DEX consistency: GEX negative, DEX positive – inconsistent; net premium flow bearish outweighs.

OI clusters: Put OI concentrated at $32 (125k contracts, 7.7% below spot) and $35.

Hedging evidence: Tail hedge $41 put with extreme IV; $35 puts across expirations suggest downside protection.

Max pain context: Spot ~$34.66 near max pain; pin action expected.

Signal vs Noise

~Signal: Put wall $35 with vol/oi >2 across multiple expiries; tail hedge $41 put with 104.6 IV.

~Noise: Small prints below 1k vol; $35.50 call low IV likely noise.

Key Conclusions

🐻Bearish flow dominant; put additions at $35 and $41 signal hedging and downside bias.

⚠️Tail hedge $41 put at 104.6 IV suggests extreme downside fear; monitor for further accumulation.

🐂Long-dated $36 call buying (Jan 2027) is bullish divergence; may be strategic position.

How to Use These Reports

This flow reflects the market close on June 8, 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.