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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.94EOD only

Max Pain

$80.00

Next expiry Jun 18, 2026

Expected Move

±$0.32

0.4% from close

Price Gap

+0.06

Distance to max pain

IV Rank

Middle-high premium

P/C OI

3.84

Slightly put-heavy

Consensus

7.0/10

Bearish tilt

Published snapshot: Jun 12, 2026 close

End-of-day snapshot

This page reflects HYG options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

Jun 12, 2026 close

HYG Theta Report

Analysis based on market close June 12, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 spot 0.6% from MP; +1 VIX 18

IV Environment

IV Regime

Low

IV vs VIX

IV (7.1%) significantly below VIX (17.7%) indicating low implied vol relative to market fear

Favorable?

Term structure: Front-week put IV (36.7%) extreme vs call (13.9%); back months lower, strong put skew persists

⚠️Extreme put skew near-term signals high downside fear

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-917.7M)

Gamma flip: ~$79.00 — Approx — based on put OI concentration of 455,226 (1.2% below spot)

OI concentrations: Max pain clusters at $80 across front expirations; put floor $75-$75

Verdict: High pin risk as spot ($79.5) near max pain; multiple expirations align at $80

Premium Opportunities

Iron condor

Sell 2026-06-18 $79.00/$78.50 put wing and $80.50/$81.00 call wing

Sell put spread $79/$78.5 and call spread $80.5/$81 expiring 2026-06-18. Low IV but skewed; premium $0.04.

Credit: $0.03-$0.04

Max loss: $0.46

BE: 78.96 / 80.54

Mgmt: Exit at 50% max gain or if spot moves outside $78-82 range. Liquidity warning: Liquidity constraints: long_call: Wide spread (67%).

Risk Alerts

!Extreme put skew near-term (put IV 36.7% vs call 13.9%)

!Negative dealer gamma (-$917.7M) amplifies spot moves

!Put/Call OI ratio 3.84 indicates bearish positioning

How to Use These Reports

This theta reflects the market close on June 12, 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.