Options/ASHS

ASHSXtrackers Harvest CSI 500 China A-Shares Small Cap ETF

Options Analysis Report

AUM $34M|ARCX

● 2026-08-31$42.84

BEARISH

Analysis: 2026-08-28 EOD data

1Y +21.6%YTD +9.4%7D +2.2%

Options Vol

268

30D

Implied Move

±7.4%

IV Rank

ASHS Options Overview

unusual activity. No clear edge detected.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Balanced conditions with no clear edge

Learn

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ASHS Gamma Walls

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Value

Is IV priced right?

7.0

ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks6/9 checks passed

IV Rank

≤35%

IV Rank 41.9% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.01x — IV ≤ HV

Sector Relative≤50%

Sector percentile 62% — above sector median

Term Structure

<1.1x

Front/Back 0.86x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 28.4% — normal range

Spread-Adjusted Value

<80%

Effective IV 66.1% (ATM 28.4% + spread 18.8% + bias) — fair

Execution Efficiency

<3.0%

Total drag 22.84% (spread 18.84% + slippage 4.00%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 6.50 (vega 12.248 / spread 18.84%) — acceptable

Sentiment

Bullish or bearish?

2.1

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksVery Bearish - Strong signal (Conviction: -96%, Raw: -95%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -96% (strong bearish) — Raw: -95%

OI Skew Magnitude

≥15%

|OI skew| 16.8% — put-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +12.7%, OI skew -16.8% — divergent (opposite)

Conviction Quality

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: -95%, ATM: +0%, OTM: +0% — strong bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 25% — very bullish vs sector

Activity

Unusual activity?

6.3

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks4/8 checks passed

Volume Surge

≥1.5x

Volume 5.1x avg — hot

Turnover Rate

≥15%

Vol/OI 8.4% — normal turnover

Multi-Day Persistence

≥2 days

1 day(s) elevated — may be one-day event

OI Build

≥5%

OI change +3.1% (5d) — building

Sector Relative≥60%

Sector activity percentile 81% — very active vs sector

Trade Quality

≥30%

Large trade volume 37% — institutional presence

Execution Urgency

≥60%

Aggressive execution 24% — patient

Flow Conviction

≥30

Conviction -96 (bearish) — strong conviction

Liquidity

Can I trade efficiently?

2.6

IlliquidLiquid

Evaluates

bid-ask spreads

, volume depth, and open interest for trade execution quality.

Risk Checks1/8 checks passed

Tradeable Spread

≤5.0%

Spread 18.8% — wide

Adequate OI

≥10,000

OI 3,177 — thin

Active Volume

≥500

Volume 268/day — thin

Reasonable Cost

≤$0.50

$0.94 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 71% — wider than sector

Order Book Depth

≥100 contracts

Depth 111.30000000000001 contracts (bid:36.9 ask:74.4) — adequate

Execution Quality

<1.0%

Avg slippage 4.00% — poor

Timing

Is now a good time?

7.4

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -14.3% — contango

IV Percentile Clarity

<30 or >70

IV percentile 42% — neutral

Event Detection

≥10pts kink

IV kink -2.8pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 1331.29 — favors income trades

Expiration Distribution

≥3 expirations

3 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No earnings detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow -96% @ 98% consistency — STRONG directional (bearish)

Smart Money Timing

≥40 composite score

Score 67 (ITM 20% + inst 37%) — HIGH institutional

Directional Strategy Fit

Option Buyers

Long Calls4.7

bullishIV cheap, bearish flow

Long Puts7.7

bearishIV cheap, bearish flow

Premium Sellers

Cash-Secured Put3.3

bullishIV too cheap, bearish flow

Covered Call5.3

bearishIV too cheap, bearish flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

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