ETN Options Chain Analysis

As of previous close (2026-09-11) · OPRA historical data

Spot $422.98 at that close. Nothing on this page comes from the session in progress.

Put/Call (OI)

1.12

57k P / 51k C

Put/Call (Volume)

0.40

1k P / 3k C that session

30d ATM IV

36%

annualized implied move

Call wall

$500

7k contracts

Put wall

$345

7k contracts

Tail hedging

1.6×

deep-OTM puts vs calls

What the positioning says

●Defensive positioning: 1.12 puts outstanding per call — holders are hedging rather than selling.
●Call wall at $500 (7k contracts), 18% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $345 (7k contracts), 18% below spot — the hedge floor; often acts as support.

Open interest by strike

All expiries combined. Amber lines mark the call and put walls; the dashed line is spot.

IV term structure

At-the-money implied volatility per expiry.

Volatility smile

IV by strike — expiry 2026-10-09. A steep left side = expensive downside protection.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume that session
2026-09-18	22k	14k	0.62	3k
2026-09-25	707	2k	2.38	47
2026-10-02	347	1k	2.96	63
2026-10-09	302	2k	8.06	215
2026-10-16	5k	8k	1.48	315
2026-10-23	86	3k	30.94	11
2026-10-30	6	17	2.83	26
2026-12-18	5k	4k	0.76	80
2027-01-15	8k	10k	1.23	78
2027-03-19	3k	1k	0.43	19
2027-04-16	54	124	2.30	22
2027-06-17	2k	3k	1.60	22
2027-09-17	126	209	1.66	14
2028-01-21	3k	3k	1.01	13

Source: Cboe end-of-session option chains, summarized after each US market close and published from the following trading day — OPRA historical data. Under the OPRA plan options data becomes historical, and freely publishable, at the opening of the next trading session; data from the session in progress is never displayed or served here. Open interest is exchange-reported once a day. Research, not investment advice.