Options/JEPQ

JEPQJ.P. Morgan Nasdaq Equity Premium Income ETF

Options Analysis Report

AUM $42.1B|NASDAQ

● 2026-08-31$60.15

BULLISH

Analysis: 2026-08-28 EOD data

1Y +9.6%YTD +3.5%7D +1.2%

Options Vol

2,454

30D

Implied Move

±3.5%

IV Rank

JEPQ Options Overview

IV is low with bullish flow. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for option buyers

Learn

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JEPQ Gamma Walls

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JEPQ Hedge Radar

No action needed

Full Hedge Radar

Fragility reads low; protection is priced cheap. Neither axis is a forecast — this is where JEPQ sits on protection cost vs. fragility today.

Protection is priced in the cheap band (2.67) — implied vol sits in the 0th percentile of its own past year, and downside puts carry 0.7 IV points LESS than at-the-money, measured against this name's own rolling 14-trading-day realized moves (490 overlapping windows). Fragility reads resilient (3.19): its realized-vol regime is contracting, and it is trading 2% above its hedge wall on a wall graded MEDIUM for reliability.

Protection cost

2.67/ 10cheap

Basis: cross_sectional

Fragility

3.19/ 10resilient

Basis: per_ticker

Value

Is IV priced right?

8.2

ExpensiveCheap

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

levels.

Risk Checks7/9 checks passed

IV Rank

≤35%

IV Rank 6.8% — cheap vs history

IV/HV Ratio

<1.05x

IV/HV 1.35x — IV premium over HV

Sector Relative≤50%

Sector percentile 12% — below sector median

Term Structure

<1.1x

Front/Back 0.88x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 14.0% — normal range

Spread-Adjusted Value

<80%

Effective IV 56.0% (ATM 14.0% + spread 21.0% + bias) — good value

Execution Efficiency

<3.0%

Total drag 28.44% (spread 21.01% + slippage 7.43%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 10.95 (vega 22.998 / spread 21.01%) — efficient

Sentiment

Bullish or bearish?

7.2

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksVery Bullish - Strong signal (Conviction: +34%, Raw: +31%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +34% (strong bullish) — Raw: +31%

OI Skew Magnitude

≥15%

|OI skew| 33.2% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +20.9%, OI skew +33.2% — 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: -35%, ATM: +42%, OTM: +13% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 23% — very bullish vs sector

Activity

Unusual activity?

4.0

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed

Volume Surge

≥1.5x

Volume 0.5x avg — normal

Turnover Rate

≥15%

Vol/OI 3.3% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +11.2% (5d) — building

Sector Relative≥60%

Sector activity percentile 59% — neutral vs sector

Trade Quality

≥30%

Large trade volume 16% — mixed

Execution Urgency

≥60%

Aggressive execution 33% — patient

Flow Conviction

≥30

Conviction +34 (bullish) — moderate

Liquidity

Can I trade efficiently?

3.7

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks4/8 checks passed

Tradeable Spread

≤5.0%

Spread 21.0% — wide

Adequate OI

≥10,000

OI 74,419 — deep

Active Volume

≥500

Volume 2,454/day — adequate

Reasonable Cost

≤$0.50

$1.05 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 33% — tighter than sector

Order Book Depth

≥100 contracts

Depth 199.6 contracts (bid:110.8 ask:88.8) — adequate

Execution Quality

<1.0%

Avg slippage 7.43% — poor

Timing

Is now a good time?

7.3

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks8/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -12.2% — contango

IV Percentile Clarity

<30 or >70

IV percentile 7% — buyer opportunity

Event Detection

≥10pts kink

IV kink -1.2pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 76660.33 — favors income trades

Expiration Distribution

≥3 expirations

4 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 +34% @ 67% consistency — moderate (bullish)

Smart Money Timing

≥40 composite score

Score 46 (ITM 20% + inst 16%) — moderate institutional

Directional Strategy Fit

Option Buyers

Long Calls7.8

bullishIV cheap, bullish flow

Long Puts5.5

bearishIV cheap, bullish flow

Premium Sellers

Cash-Secured Put4.9

bullishIV too cheap, bullish flow

Covered Call3.3

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 JEPQ

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