Options/GPIQ

GPIQGoldman Sachs ETF Trust Goldman Sachs Nasdaq-100 Premium Income ETF

Options Analysis Report

AUM $5.6B|NASDAQ

● 2026-08-31$56.93

NEUTRAL

Analysis: 2026-08-28 EOD data

1Y +14.1%YTD +8.8%7D +1.3%

Options Vol

1,008

30D

Implied Move

±3.6%

IV Rank

GPIQ Options Overview

IV is low with unusual activity. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for option buyers

Learn

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GPIQ Gamma Walls

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Value

Is IV priced right?

8.7

ExpensiveCheap

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

levels.

Risk Checks5/9 checks passed

IV Rank

≤35%

IV Rank 10.6% — cheap vs history

IV/HV Ratio

<1.05x

IV/HV 1.12x — IV premium over HV

Sector Relative≤50%

Sector percentile 11% — below sector median

Term Structure

<1.1x

Front/Back 0.73x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 15.5% — normal range

Spread-Adjusted Value

<80%

Effective IV 84.1% (ATM 15.5% + spread 34.3% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 45.39% (spread 34.31% + slippage 11.08%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 4.69 (vega 16.080 / spread 34.31%) — spread drag

Sentiment

Bullish or bearish?

4.1

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksVery Bearish - Strong signal (Conviction: -67%, Raw: -56%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -67% (strong bearish) — Raw: -56%

OI Skew Magnitude

≥15%

|OI skew| 8.4% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +70.0%, OI skew +8.4% — 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: +67%, ATM: -59%, OTM: -31% — bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 16% — very bullish vs sector

Activity

Unusual activity?

6.1

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed

Volume Surge

≥1.5x

Volume 1.5x avg — normal

Turnover Rate

≥15%

Vol/OI 14.3% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +2.0% (5d) — stable

Sector Relative≥60%

Sector activity percentile 92% — very active vs sector

Trade Quality

≥30%

Large trade volume 63% — heavy institutional

Execution Urgency

≥60%

Aggressive execution 17% — patient

Flow Conviction

≥30

Conviction -67 (bearish) — strong conviction

Liquidity

Can I trade efficiently?

3.2

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks1/8 checks passed

Tradeable Spread

≤5.0%

Spread 34.3% — wide

Adequate OI

≥10,000

OI 7,036 — thin

Active Volume

≥500

Volume 1,008/day — adequate

Reasonable Cost

≤$0.50

$1.72 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 43% — neutral vs sector

Order Book Depth

≥100 contracts

Depth 72.2 contracts (bid:55.7 ask:16.5) — thin

Execution Quality

<1.0%

Avg slippage 11.08% — poor

Timing

Is now a good time?

7.4

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks8/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -27.3% — contango

IV Percentile Clarity

<30 or >70

IV percentile 11% — buyer opportunity

Event Detection

≥10pts kink

IV kink -3.6pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 4466.69 — 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 -67% @ 84% consistency — STRONG directional (bearish)

Smart Money Timing

≥40 composite score

Score 93 (ITM 20% + inst 63%) — HIGH institutional

Directional Strategy Fit

Option Buyers

Long Calls6.1

bullishIV cheap, mixed flow

Long Puts6.7

bearishIV cheap, mixed flow

Premium Sellers

Cash-Secured Put3.6

bullishIV too cheap, mixed flow

Covered Call4.2

bearishIV too cheap, mixed 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.

More on GPIQ

GPIQ gamma walls GPIQ max pain GPIQ IV rank GPIQ options flow