Options/KORU

KORUDirexion Daily MSCI South Korea Bull 3X ETF

Options Analysis Report

AUM $1.3B|ARCX

● 2026-09-11$21.17

NEUTRAL

Analysis: 2026-09-10 EOD data

1Y +332.2%YTD +103.0%7D -9.8%

Options Vol

20,088

30D

Implied Move

±39.9%

IV Rank

38%

KORU Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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KORU Gamma Walls

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Value

Is IV priced right?

3.3

ExpensiveCheap

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

levels.

Risk Checks3/9 checks passed

IV Rank

≤35%

IV Rank 98.3% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 0.96x — IV ≤ HV

Sector Relative≤50%

Sector percentile 98% — above sector median

Term Structure

<1.1x

Front/Back 1.07x — backwardation

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 140.5% — crisis-level IV

Spread-Adjusted Value

<80%

Effective IV 191.4% (ATM 140.5% + spread 25.4% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 33.22% (spread 25.43% + slippage 7.79%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 2.62 (vega 6.659 / spread 25.43%) — spread drag

Sentiment

Bullish or bearish?

5.3

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksBullish - Weak signal (Conviction: +23%, Raw: +27%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +23% (bullish) — Raw: +27%

OI Skew Magnitude

≥15%

|OI skew| 3.8% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -12.9%, OI skew +3.8% — divergent (opposite)

Conviction Quality

≥2/3 conditions

0-DTE 41%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: -8%, ATM: +35%, OTM: +32% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 88% — very bearish vs sector

Activity

Unusual activity?

3.5

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed

Volume Surge

≥1.5x

Volume 0.6x avg — normal

Turnover Rate

≥15%

Vol/OI 4.4% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +2.2% (5d) — building

Sector Relative≥60%

Sector activity percentile 65% — active vs sector

Trade Quality

≥30%

Large trade volume 24% — mixed

Execution Urgency

≥60%

Aggressive execution 41% — patient

Flow Conviction

≥30

Conviction +23 (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 25.4% — wide

Adequate OI

≥10,000

OI 458,975 — deep

Active Volume

≥500

Volume 20,088/day — active

Reasonable Cost

≤$0.50

$1.27 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 98% — much wider than sector

Order Book Depth

≥100 contracts

Depth 1,159.2 contracts (bid:643.1 ask:516.1) — deep

Execution Quality

<1.0%

Avg slippage 7.79% — poor

Timing

Is now a good time?

7.3

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope +6.6% — backwardation

IV Percentile Clarity

<30 or >70

IV percentile 98% — seller opportunity

Event Detection

≥10pts kink

IV kink 7.9pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 1210.71 — favors income trades

Expiration Distribution

≥3 expirations

4 liquid expirations — flexible

Event Risk

≥60% (safe)

caution advised: No earnings detected; FOMC in 5d; CPI in 0d (HIGH)

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +23% @ 62% consistency — unclear

Smart Money Timing

≥40 composite score

Score 54 (ITM 20% + inst 24%) — moderate institutional

Directional Strategy Fit

Option Buyers

Long Calls4.6

bullishIV expensive, mixed flow

Long Puts4.4

bearishIV expensive, mixed flow

Premium Sellers

Cash-Secured Put5.7

bullishIV rich premium, mixed flow

Covered Call5.5

bearishIV rich premium, 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 Sep 7, 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 KORU

KORU gamma walls KORU option chain KORU max pain KORU expected move KORU IV rank KORU put/call ratio KORU options flow