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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $80.03EOD only

Max Pain

$80.00

Next expiry Jun 18, 2026

Expected Move

±$0.35

0.4% from close

Price Gap

-0.03

Distance to max pain

IV Rank

Middle-high premium

P/C OI

3.86

Slightly put-heavy

Consensus

7.0/10

Bearish tilt

Published snapshot: Jun 16, 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 16, 2026 close

HYG Theta Report

Analysis based on market close June 17, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 spot 0.3% from MP; +0.5 VIX 18

IV Environment

IV Regime

Low

IV vs VIX

HYG avg IV 6.91% well below VIX 18.44%, indicating cheap options relative to market vol

Favorable?

Yes

Term structure: Put IV elevated vs calls across term; near-dated puts show high implied vol, suggesting bearish sentiment

📉Put IV exceeds call IV by 2-5x in near term, offering rich premiums for sellers

🎯Max pain at $80 with massive put OI concentration

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-52.9M)

Gamma flip: ~$79.00 — Approx — based on put OI concentration of 450,304 (0.9% below spot)

OI concentrations: Heavy put OI at $80 across 2026-06-18, 2026-06-26, 2026-07-02 expirations; total put OI ratio 3.82 vs calls

Verdict: Spot near $80 with massive put OI creates high pin risk; any move away from $80 could trigger rapid hedging

Premium Opportunities

Put credit spread

Sell 2026-07-17 $79.00/$78.00 put spread

Sells $79 put, buys $78 put to collect premium, expecting HYG to hold above $79 by expiration.

Credit: $0.09-$0.11

Max loss: $0.89

BE: $78.89

Mgmt: Exit if HYG breaks below $79; consider rolling down if tested early. Liquidity warning: Liquidity constraints: long_put: Wide spread (76%).

Call credit spread

Sell 2026-07-17 $81.00/$82.00 call spread

Sells $81 call, buys $82 call to collect minimal premium, betting on capped upside.

Credit: $0.01-$0.01

Max loss: $0.99

BE: $81.01

Mgmt: Monitor closely; low credit makes adjustment difficult; close early if HYG nears $81. Liquidity warning: Liquidity constraints: short_call: Wide spread (100%).

Risk Alerts

!Negative dealer gamma ($-52.9M) amplifies spot moves

!Bearish flow with put/call volume ratio 2.56

!Low vol regime may lead to complacency

How to Use These Reports

This theta reflects the market close on June 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.