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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.88EOD only

Max Pain

$79.50

Next expiry Jun 26, 2026

Expected Move

±$0.17

0.2% from close

Price Gap

-0.38

Distance to max pain

IV Rank

Low premium

P/C OI

3.28

Slightly put-heavy

Consensus

6.0/10

Bearish tilt

Published snapshot: Jun 25, 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 25, 2026 close

HYG Theta Report

Analysis based on market close June 26, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

6.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.4% from MP; +0.5 VIX 18

IV Environment

IV Regime

Low

IV vs VIX

IV 9.6% vs VIX 18.4 – low implied vol environment

Favorable?

Term structure: Irregular: near-term ATM IV 17%, long-dated compressed; put skew elevated

⚠️Put IV spikes at key expirations – tail risk priced in

📉Bearish flow and low IV limit premium selling appeal

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+299.4M)

Gamma flip: ~$79.00 — Approx — based on put OI concentration of 312,537 (1.0% below spot)

OI concentrations: Max pain $80 across weekly; put wall at $79; gamma flip at $79

Verdict: Spot pinned at $80 max pain; downside risk below $79 gamma flip

Premium Opportunities

Put diagonal

Sell 2026-08-21 $79.00 put / buy 2026-09-18 $80.00 put

Sell near-term put at $79 gamma flip level, buy back-month put for protection.

Debit: $0.64-$0.78

Max loss: $0.78

BE: Path-dependent

Mgmt: Exit if HYG closes below $79.50 early. Roll if risk of assignment. Liquidity warning: Liquidity constraints: short_put: Wide spread (52%).

Risk Alerts

!Put/call volume ratio 7.3:1, heavy hedging flow

!Low IV may compress premium collection

!Bearish regime with pinning – risk of break below support

How to Use These Reports

This theta reflects the market close on June 26, 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.