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FXI

iShares China Large-Cap ETFClose $35.54EOD only
Max Pain
$35.00
Next expiry Jun 5, 2026
Expected Move
±$0.65
1.8% from close
Price Gap
-0.54
Distance to max pain
IV Rank
47
Middle-high premium
P/C OI
0.89
Slightly call-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: Jun 3, 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 3, 2026 close
FXI Theta Report
Analysis based on market close June 4, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness7.5 / 10
Sizing: Moderate
Primary: Short Put Spread
Invalidation: Spot breaks below $34 support
Confidence:
7.5 / 10
base 5; +1 GEX/flow weakly aligned; +0.5 spot 1.3% from MP; +1 VIX 15

IV Environment

IV Regime
Normal
IV vs VIX
IV 33% vs VIX 15%: elevated
Favorable?
Yes

Term structure: Front-end pin skew steep; back-month contango typical

📊IV elevated vs VIX; term structure offers premium in back months
⚠️1d put IV 154% signals extreme pin risk near $35

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Trending ($-89.5M)

Gamma flip: ~$32.00 — Approx — based on put OI concentration of 125,414 (9.8% below spot)

OI concentrations: Max pain $35; call wall $38-$40; put floor $32-$32; 125k puts at $32 (gamma flip)

Verdict: Spot above max pain reduces immediate downside pin risk, but $35 pin risk remains elevated

Premium Opportunities

#1
Iron condor
Sell 2026-06-26 $33.50/$31.50 put wing and $38.50/$40.00 call wing
Sell 33.5/31.5 put spread and 38.5/40 call spread, theta positive.
Credit: $0.42-$0.52
Max loss: $1.48
BE: 32.98 / 39.02
Mgmt: Close at 50% max gain or if spot breaches wings. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; long_put: Open interest below 25.; short_call: Open interest below 25.; long_call: Open interest below 25.
#2
Call diagonal
Sell 2026-06-26 $38.50 call / buy 2026-07-17 $37.00 call
Sell 6/26 call, buy 7/17 call; debit limited.
Debit: $0.07-$0.08
Max loss: $0.08
BE: Path-dependent
Mgmt: Manage if spot approaches sold strike; roll if needed. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.
#3
Put credit spread
Sell 2026-07-02 $33.50/$31.50 put spread
Sell 33.5/31.5 put spread, theta positive.
Credit: $0.14-$0.18
Max loss: $1.82
BE: $33.32
Mgmt: Exit if spot breaks below invalidation level of $35. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; long_put: Open interest below 25.

Risk Alerts

!Gamma flip at $32 if spot drops -9.8% (125k put OI)
!Front-end put IV 154% warns of excessive near-term tail risk
How to Use These Reports
This theta reflects the market close on June 4, 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.