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FXI

iShares China Large-Cap ETFClose $31.91EOD only
Max Pain
$33.50
Next expiry Jul 10, 2026
Expected Move
±$0.94
3.0% from close
Price Gap
+1.59
Distance to max pain
IV Rank
9
Low premium
P/C OI
0.70
Slightly call-heavy
Consensus
7.5/10
Bearish tilt
Published snapshot: Jul 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
Jul 2, 2026 close
FXI Theta Report
Analysis based on market close May 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 21, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Theta-based premium collection
Invalidation: Spot breaks above $37 or below $35
Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; -0.5 spot 3.0% from MP; +1 VIX 17

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV 30.9% vs VIX 16.8%: elevated
Favorable?
Yes

Term structure: Steep contango; 1D put IV 229% indicates event risk; skew normalizes after

⚠️1D put IV 229% signals extreme short-dated tail risk

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-91.9M)

Gamma flip: ~$32.00 — Approx — based on put OI concentration of 126,420 (10.8% below spot)

OI concentrations: Max pain $37 near expiry; call wall $38-$41, put floor $32-$34; OI ratio 0.89

Verdict: Moderate pin risk; gamma flip at $32; negative GEX biases toward resistance

Premium Opportunities

#1
Put credit spread
Sell 2026-06-18 $35.00/$34.00 put spread
Sell 35/34 put spread to collect premium with defined risk.
Credit: $0.23-$0.29
Max loss: $0.71
BE: $34.71
Mgmt: Close if spot approaches $35; adjust strikes if breached.
#2
Iron condor
Sell 2026-06-18 $34.00/$33.00 put wing and $38.00/$39.00 call wing
Sell 34/33 put wing and 38/39 call wing for credit.
Credit: $0.21-$0.25
Max loss: $0.75
BE: 33.75 / 38.25
Mgmt: Monitor gamma risk; close if pinned near wings. Liquidity warning: Liquidity constraints: long_put: Wide spread (90%).
#3
Covered call
Buy shares + sell 2026-06-12 $37.50 call
Buy shares, sell $37.50 call to collect premium.
Credit: $0.27-$0.34
Max loss: Stock downside to $0 less call premium
BE: $35.55
Mgmt: Roll call if challenged; accept assignment if price above strike. Liquidity warning: Liquidity constraints: short_call: Wide spread (115%).

Risk Alerts

!Gamma flip at $32; negative GEX -$91.9M amplifies moves
!High 1D put IV suggests binary event risk
How to Use These Reports
This theta reflects the market close on May 21, 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.