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FXI

iShares China Large-Cap ETFClose $36.36EOD only

Max Pain

$35.00

Next expiry Jun 5, 2026

Expected Move

±$0.75

2.0% from close

Price Gap

-1.36

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.89

Slightly call-heavy

Consensus

8.5/10

Bearish tilt

Published snapshot: Jun 2, 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 2, 2026 close

FXI Theta Report

Analysis based on market close April 15, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from April 15, 2026. A newer theta report is available for May 26, 2026.

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Theta Verdict

Confidence:

5.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 VIX 18

IV Environment

IV Regime

Normal

IV vs VIX

ATM 9d IV 29.0% vs VIX 18.17 — spot/near-term IV materially richer than index volatility

Favorable?

Yes

Term structure: Front-week (2d) ATM 20.6% is low vs the 9–37d band (25–29%); mid-term 25–29% offers the best theta carry for 30–60 DTE; long-dated pockets reach 31.3% (Mar-27).

💰Avg IV 31.1% with ATM term pockets at ~29% (9d) — elevated enough to sell premium in the 25–45 DTE window

⚠️Very short-dated 2d IV (20.6%) is depressed relative to 9–16d; avoid selling weeklies into earnings unless defined-risk

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+101.8M)

Gamma flip: ~$32.00 — Approx — based on put OI concentration of 124,262 (13.2% below spot)

OI concentrations: Heavy put OI at $37.00 PUT (164,192 OI) and $36.00 PUT (117,509 OI); GEX concentration +$147.8M at $37.00 and +$29.1M at $36.00; max pain near $36.00–$37.00.

Verdict: Favorable — dealer positive GEX and clustered put walls at $36–$37 create a pinning magnet that helps defined-risk short-put/put-spread sellers, but monitor flow since net premium is bearish; if flow becomes accelerating bearish, pinning benefit may weaken.

Premium Opportunities

Put credit spread

Sell 2026-05-15 $36.00/$33.00 put spread

Sell a 25–45 DTE put credit spread sized to account risk with the short put near the $36–$37 put walls and the long put ~3 points lower; benefits from dealer pinning and elevated mid-term IV.

Credit: $0.39-$0.47

Max loss: $2.53

BE: $35.53

Mgmt: Close at 60–70% of max credit; tighten or close on sustained close below $35.85 (1-week EM lower) or strong bearish flow

Cash-secured put

Sell 2026-05-15 $35.00 cash-secured put

Sell a 25–45 DTE cash-secured put targeting ~delta 0.22 around $35 support; collect premium with plan to own shares if assigned.

Credit: $0.25-$0.31

Max loss: $34.69

BE: $34.69

Mgmt: Avoid selling through Apr-17 earnings; if assigned, consider selling covered calls or rolling down

Iron condor

Sell 2026-05-15 $35.00/$31.00 put wing and $42.00/$46.00 call wing

Sell an iron-condor with short strikes inside expected range but wings outside 1-week EM ($35.85–$37.92); favors neutral market and benefits from mid-term IV.

Credit: $0.42-$0.51

Max loss: $3.49

BE: 34.49 / 42.51

Mgmt: Trim or close if price breaches short wing; widen wings if IV compresses and position becomes mispriced Liquidity warning: Liquidity constraints: short_call: Wide spread (192%).; long_call: Volume below 5.

Risk Alerts

!Earnings 2026-04-17 (in 2d) ±$0.41 (1.1%) — do not sell naked through this event; prefer defined-risk structures or wait for post-event reprice.

!Pin/GEX regime: large positive GEX (+$101.8M) and concentrated put walls at $36–$37 — supportive now but can flip to accelerated moves if dealers rapidly unwind.

!Net premium flow is bearish (Net premium -$2.9M, P/C vol 1.21) — increased tail risk to the downside despite pinning; tighten risk management below $35.85.

!Gamma flip near ~$32.00 — a breach toward the flip could accelerate downside; avoid oversized naked puts that assume mean reversion below $34.

!Front-week IV skew: 2d ATM IV 20.6% is lower than 9–16d IV — selling the very shortest options may leave premium on the table or expose you to post-earnings re-pricing.

How to Use These Reports

This theta reflects the market close on April 15, 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.