AInvestOption Pilot Program
Options/FETH
F

FETHFidelity Ethereum Fund

Options Analysis Report•FINANCE SERVICES
AUM $881M|BATS
● 2026-08-31$24.26
BULLISH
Analysis: 2026-08-28 EOD data
1Y -43.1%YTD -22.0%7D -1.5%
223
30D
±13.7%
11%

FETH Options Overview

IV is elevated with bullish flow. No clear edge detected.

REWARDS

RISK ANALYSIS

4.6VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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FETH Gamma Walls

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Value

Is IV priced right?

4.8
ExpensiveCheap

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

levels.

Risk Checks3/9 checks passed
≤35%

IV Rank 80.8% — elevated vs history

<1.05x

IV/HV 1.10x — IV premium over HV

Sector Relative≤50%

Sector percentile 89% — above sector median

<1.1x

Front/Back 0.84x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 56.0% — normal range

<80%

Effective IV 107.6% (ATM 56.0% + spread 25.8% + bias) — expensive

<3.0%

Total drag 32.29% (spread 25.78% + slippage 6.51%) — high friction

≥5.0

Vega efficiency 1.77 (vega 4.554 / spread 25.78%) — spread drag

Sentiment

Bullish or bearish?

6.3
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Strong signal (Conviction: -7%, Raw: +5%)
|net sentiment| ≥25%

Conviction-weighted: -7% (neutral) — Raw: +5%

≥15%

|OI skew| 78.5% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +76.7%, OI skew +78.5% — aligned

≥2/3 conditions

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

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: -66%, ATM: -87%, OTM: +32% — strong bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 7% — very bullish vs sector

Activity

Unusual activity?

2.5
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed
≥1.5x

Volume 0.4x avg — normal

≥15%

Vol/OI 0.7% — normal turnover

≥2 days

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

≥5%

OI change +7.9% (5d) — building

Sector Relative≥60%

Sector activity percentile 24% — below sector avg

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 11% — patient

≥30

Conviction -7 (bearish) — mixed

Liquidity

Can I trade efficiently?

2.8
IlliquidLiquid

Evaluates

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

Risk Checks2/8 checks passed
≤5.0%

Spread 25.8% — wide

≥10,000

OI 30,264 — adequate

≥500

Volume 223/day — thin

≤$0.50

$1.29 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 92% — much wider than sector

≥100 contracts

Depth 1,118.2 contracts (bid:440.7 ask:677.5) — deep

<1.0%

Avg slippage 6.51% — poor

Timing

Is now a good time?

6.9
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed
|slope| ≥5%

Slope -15.8% — contango

<30 or >70

IV percentile 81% — seller opportunity

≥10pts kink

IV kink -7.6pts — no clear event

<0.5 or >2.0

θ/ν ratio 253.01 — favors income trades

≥3 expirations

4 liquid expirations — flexible

≥60% (safe)

safe window: No earnings detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -7% @ 54% consistency — unclear

≥40 composite score

Score 30 (ITM 20% + inst 0%) — retail dominated

Directional Strategy Fit

Option Buyers
Long Calls6.2
bullishIV fair, bullish flow
Long Puts4.4
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put5.3
bullishIV fair, bullish flow
Covered Call4.5
bearishIV fair, bullish 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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