Options/IYR

IYRiShares U.S. Real Estate ETF

Options Analysis Report

AUM $4.4B|ARCX

● 2026-08-31$103.43

NEUTRAL

Analysis: 2026-08-28 EOD data

1Y +7.8%YTD +10.0%7D -1.9%

Options Vol

2,879

30D

Implied Move

±6.3%

IV Rank

IYR Options Overview

IV is low. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for option buyers

Learn

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IYR Gamma Walls

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IYR Hedge Radar

Neutral

Full Hedge Radar

Neither score is at an extreme today. Neither axis is a forecast — this is where IYR sits on protection cost vs. fragility today.

Protection is priced in the fair band (4.42) — downside puts carry 3.3 IV points LESS than at-the-money, and near-dated vol is priced 85% above far-dated, measured against fixed cross-sectional anchors — no per-name history fed this score. Fragility reads neutral (5.17): it is trading 1% below its hedge wall on a wall graded HIGH for reliability, and its realized-vol regime is stable.

Protection cost

4.42/ 10fair

Basis: cross_sectional

Fragility

5.17/ 10neutral

Basis: per_ticker

Value

Is IV priced right?

6.9

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 19.7% — cheap vs history

IV/HV Ratio

<1.05x

IV/HV 1.70x — IV premium over HV

Sector Relative≤50%

Sector percentile 35% — below sector median

Term Structure

<1.1x

Front/Back 1.33x — backwardation

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 19.1% — normal range

Spread-Adjusted Value

<80%

Effective IV 42.1% (ATM 19.1% + spread 11.5% + bias) — excellent value

Execution Efficiency

<3.0%

Total drag 17.89% (spread 11.50% + slippage 6.39%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 10.79 (vega 12.410 / spread 11.50%) — efficient

Sentiment

Bullish or bearish?

6.3

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksVery Bullish - Strong signal (Conviction: +81%, Raw: +73%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +81% (strong bullish) — Raw: +73%

OI Skew Magnitude

≥15%

|OI skew| 43.5% — put-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -87.4%, OI skew -43.5% — 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: +58%, ATM: +60%, OTM: +89% — strong bullish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 98% — very bearish vs sector

Activity

Unusual activity?

3.6

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed

Volume Surge

≥1.5x

Volume 0.3x avg — normal

Turnover Rate

≥15%

Vol/OI 1.6% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +2.5% (5d) — building

Sector Relative≥60%

Sector activity percentile 41% — neutral vs sector

Trade Quality

≥30%

Large trade volume 73% — heavy institutional

Execution Urgency

≥60%

Aggressive execution 52% — patient

Flow Conviction

≥30

Conviction +81 (bullish) — strong conviction

Liquidity

Can I trade efficiently?

3.8

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 11.5% — wide

Adequate OI

≥10,000

OI 181,000 — deep

Active Volume

≥500

Volume 2,879/day — adequate

Reasonable Cost

≤$0.50

$0.58 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 51% — neutral vs sector

Order Book Depth

≥100 contracts

Depth 385.29999999999995 contracts (bid:165.2 ask:220.1) — adequate

Execution Quality

<1.0%

Avg slippage 6.39% — poor

Timing

Is now a good time?

7.5

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks8/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope +32.7% — backwardation

IV Percentile Clarity

<30 or >70

IV percentile 20% — buyer opportunity

Event Detection

≥10pts kink

IV kink 4.0pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 717.32 — favors income trades

Expiration Distribution

≥3 expirations

5 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 +81% @ 91% consistency — STRONG directional (bullish)

Smart Money Timing

≥40 composite score

Score 103 (ITM 20% + inst 73%) — HIGH institutional

Directional Strategy Fit

Option Buyers

Long Calls6.3

bullishIV cheap, bullish flow

Long Puts5.4

bearishIV cheap, bullish flow

Premium Sellers

Cash-Secured Put5.0

bullishIV too cheap, bullish flow

Covered Call4.1

bearishIV too cheap, 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.

More on IYR

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