Options/FNKO

FNKOFunko, Inc. Class A Common Stock

Options Analysis Report•GAMES, TOYS & CHILDREN'S VEHICLES (NO DOLLS & BICYCLES)

Market Cap $398M|NASDAQ

● 2026-08-31$7.10

VERY BULLISH

Analysis: 2026-08-28 EOD data

1Y +118.5%YTD +111.3%7D +3.3%

Options Vol

1,443

30D

Implied Move

±8.6%

IV Rank

50%

FNKO Options Overview

bullish flow with unusual activity. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for option buyers

Learn

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FNKO Gamma Walls

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Value

Is IV priced right?

5.9

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 50.0% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.00x — IV ≤ HV

Sector Relative≤50%

Sector percentile 50% — below sector median

Term Structure

<1.1x

Front/Back 1.00x — flat

Skew Normal

<1.25x

Put/Call IV 1.00x — normal

Absolute IV

<80%

ATM IV 0.0% — normal range

Spread-Adjusted Value

<80%

Effective IV 26.9% (ATM 0.0% + spread 13.5% + bias) — excellent value

Execution Efficiency

<3.0%

Total drag 17.76% (spread 13.47% + slippage 4.29%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 0.00 (vega 0.000 / spread 13.47%) — spread drag

Sentiment

Bullish or bearish?

7.1

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksBullish - Strong signal (Conviction: +17%, Raw: +19%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +17% (bullish) — Raw: +19%

OI Skew Magnitude

≥15%

|OI skew| 70.0% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +99.6%, OI skew +70.0% — aligned

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: -57%, ATM: +0%, OTM: +25% — strong bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 0% — very bullish vs sector

Activity

Unusual activity?

6.3

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed

Volume Surge

≥1.5x

Volume 8.6x avg — hot

Turnover Rate

≥15%

Vol/OI 19.1% — high turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +1.1% (5d) — stable

Sector Relative≥60%

Sector activity percentile 98% — very active vs sector

Trade Quality

≥30%

Large trade volume 21% — mixed

Execution Urgency

≥60%

Aggressive execution 50% — patient

Flow Conviction

≥30

Conviction +17 (bullish) — mixed

Liquidity

Can I trade efficiently?

3.7

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 13.5% — wide

Adequate OI

≥10,000

OI 7,563 — thin

Active Volume

≥500

Volume 1,443/day — adequate

Reasonable Cost

≤$0.50

$0.67 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 0% — much tighter than sector

Order Book Depth

≥100 contracts

Depth 255.3 contracts (bid:117.4 ask:137.9) — adequate

Execution Quality

<1.0%

Avg slippage 4.29% — poor

Timing

Is now a good time?

5.7

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks4/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope +0.0% — flat/unclear

IV Percentile Clarity

<30 or >70

IV percentile 50% — neutral

Event Detection

≥10pts kink

IV kink 0.0pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 1.00 — favors mixed

Expiration Distribution

≥3 expirations

3 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No events detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +17% @ 58% consistency — unclear

Smart Money Timing

≥40 composite score

Score 51 (ITM 20% + inst 21%) — moderate institutional

Directional Strategy Fit

Option Buyers

Long Calls6.0

bullishIV fair, bullish flow

Long Puts4.5

bearishIV fair, bullish flow

Premium Sellers

Cash-Secured Put5.3

bullishIV fair, bullish flow

Covered Call3.8

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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