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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $78.60EOD only
Max Pain
$79.50
Next expiry Sep 18, 2026
Expected Move
±$0.29
0.4% from close
Price Gap
+0.90
Distance to max pain
IV Rank
25
Low premium
P/C OI
3.56
Slightly put-heavy
Consensus
4.5/10
Bearish tilt
Published snapshot: Sep 11, 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
Sep 11, 2026 close
HYG Theta Report
Analysis based on market close June 15, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 15, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Credit Spreads
Invalidation: Break below $79 support or VIX above 20
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 spot 0.1% from MP; +1 VIX 16

IV Environment

IV Regime
Low
IV vs VIX
Avg IV 6.2% well below VIX 16.2; put skew steep
Favorable?
No

Term structure: Front-end put vols elevated (28.75% on 3-day); term structure upward sloping but put skew dominates

🔻Bearish flow & high put demand; put/call OI ratio 3.89
📌Max pain $80 across expiries; put wall $75-$76

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-2.3B)

Gamma flip: ~$79.00 — Approx — based on put OI concentration of 455,339 (1.3% below spot)

OI concentrations: Massive put OI at $80 (455k contracts front expiries); deep put wall $75-$76

Verdict: Elevated pin risk; $80 is key pin level for all nearby expiries

Premium Opportunities

#1
Put credit spread
Sell 2026-07-17 $80.00/$79.00 put spread
Sells $80/$79 put spread to collect elevated premium with limited downside.
Credit: $0.25-$0.31
Max loss: $0.69
BE: $79.69
Mgmt: Close if HYG breaks below $79 or VIX spikes above 20; take profit at 50% max gain. Liquidity warning: Liquidity constraints: short_put: Wide spread (51%).
#2
Call credit spread
Sell 2026-07-17 $81.00/$92.00 call spread
Sells $81/$92 call spread to collect minimal premium against $82 resistance.
Credit: $0.01-$0.01
Max loss: $10.99
BE: $81.01
Mgmt: Monitor for break above $80.71; exit if resistance fails. Liquidity warning: Liquidity constraints: short_call: Wide spread (100%).; long_call: Open interest below 25.

Risk Alerts

!High put skew raises tail risk for puts sellers
!Negative gamma -$2.3B amplifies spot moves
How to Use These Reports
This theta reflects the market close on June 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.