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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 17, 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 17, 2026. A newer theta report is available for May 26, 2026.

View latest report

Theta Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.4% from MP; +1 VIX 17

IV Environment

IV Regime

Normal

IV vs VIX

Near-term ATM IV subdued vs multi-week elevated tails; short-dated expiries show steep put skew and higher tail IVs, making selling selective and time-dependent.

Favorable?

Term structure: Front-week skew steep; 2–6 week term shows elevated tails but mixed levels beyond 4w.

📌Pin pressure concentrated near $36; short-dated put OI heavy — increases risk if spot drifts toward strike.

⚠️Near-expiry gamma/assignment risk and upcoming expiries/earnings amplify short-dated premium-selling danger.

⚖️Avg IV ~32% with VIX~17—baseline moderate but asymmetric tails make selective, defined-risk selling preferable.

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+84.4M)

Gamma flip: ~$37.00 — Approx — based on put OI concentration of 179,263 (1.6% below spot)

OI concentrations: Puts clustered $35–$36 (179,263 OI, ~1.6% below spot) concentrated in short-dated expiries.

Verdict: Moderate pin risk — possible if spot drifts toward $36 before expiry given concentrated short-dated OI; probability tempered by days-to-expiry and dealer adjustments.

Premium Opportunities

Put credit spread

Sell 2026-05-15 $37.00/$35.00 put spread

Sell 2026-05-15 37/35 put spread to collect skewed premium with defined risk.

Credit: $0.38-$0.47

Max loss: $1.53

BE: $36.53

Mgmt: Close or roll if FXI nears 37, IV spikes, or sustained break <36.

Iron condor

Sell 2026-05-22 $37.00/$35.00 put wing and $39.00/$40.00 call wing

Sell 2026-05-22 37/35 put wing and 39/40 call wing to harvest elevated wing IVs.

Credit: $0.56-$0.68

Max loss: $1.32

BE: 36.32 / 39.68

Mgmt: Widen, hedge or unwind if price breaches wings or IV term structure blows out. Liquidity warning: Liquidity constraints: short_put: Wide spread (57%).; long_put: Wide spread (79%).; long_call: Wide spread (55%).

Cash-secured put

Sell 2026-05-15 $37.00 cash-secured put

Sell 2026-05-15 37 cash-secured put to monetize short-dated put skew.

Credit: $0.55-$0.67

Max loss: $36.33

BE: $36.33

Mgmt: Monitor for early assignment; close if spot drifts toward 37 or IV spikes.

Risk Alerts

!Early assignment risk on short puts

!Near-expiry gamma pinch / upcoming expiries or earnings

!VIX spike / IV term blowout

!Directional move >4% from max pain

!Dealer flow reversal (GEX turns negative)

How to Use These Reports

This theta reflects the market close on April 17, 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.