AInvestOption Pilot Program
Options/PHO
P

PHOInvesco Water Resources ETF

Options Analysis Report
AUM $2.0B|NASDAQ
● 2026-08-31$71.90
BULLISH
Analysis: 2026-08-28 EOD data
1Y -0.4%YTD +1.5%7D -0.6%
10
30D
±5.2%
8%

PHO Options Overview

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

REWARDS

RISK ANALYSIS

5.2VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for option buyers

Learn
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PHO Gamma Walls

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Value

Is IV priced right?

7.7
ExpensiveCheap

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

levels.

Risk Checks5/9 checks passed
≤35%

IV Rank 16.7% — cheap vs history

<1.05x

IV/HV 1.15x — IV premium over HV

Sector Relative≤50%

Sector percentile 30% — below sector median

<1.1x

Front/Back 1.03x — flat

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 18.0% — normal range

<80%

Effective IV 111.3% (ATM 18.0% + spread 46.6% + bias) — expensive

<3.0%

Total drag 52.30% (spread 46.64% + slippage 5.66%) — high friction

≥5.0

Vega efficiency 4.38 (vega 20.449 / spread 46.64%) — spread drag

Sentiment

Bullish or bearish?

5.0
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bearish - Strong signal (Conviction: -43%, Raw: -43%)
|net sentiment| ≥25%

Conviction-weighted: -43% (strong bearish) — Raw: -43%

≥15%

|OI skew| 29.3% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +100.0%, OI skew +29.3% — aligned

≥2/3 conditions

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

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: +0%, ATM: -43%, OTM: +0% — bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 50% — neutral vs sector

Activity

Unusual activity?

3.3
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed
≥1.5x

Volume 0.6x avg — normal

≥15%

Vol/OI 1.5% — normal turnover

≥2 days

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

≥5%

OI change +8.2% (5d) — building

Sector Relative≥60%

Sector activity percentile 39% — below sector avg

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 25% — patient

≥30

Conviction -43 (bearish) — moderate

Liquidity

Can I trade efficiently?

2.5
IlliquidLiquid

Evaluates

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

Risk Checks0/8 checks passed
≤5.0%

Spread 46.6% — wide

≥10,000

OI 685 — thin

≥500

Volume 10/day — thin

≤$0.50

$2.33 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 47% — neutral vs sector

≥100 contracts

Depth 63.400000000000006 contracts (bid:20.2 ask:43.2) — thin

<1.0%

Avg slippage 5.66% — poor

Timing

Is now a good time?

7.3
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed
|slope| ≥5%

Slope +3.4% — flat/unclear

<30 or >70

IV percentile 17% — buyer opportunity

≥10pts kink

IV kink 0.7pts — no clear event

<0.5 or >2.0

θ/ν ratio 1561.02 — favors income trades

≥3 expirations

3 liquid expirations — flexible

≥60% (safe)

safe window: No earnings detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -43% @ 71% consistency — STRONG directional (bearish)

≥40 composite score

Score 30 (ITM 20% + inst 0%) — retail dominated

Directional Strategy Fit

Option Buyers
Long Calls6.9
bullishIV cheap, mixed flow
Long Puts5.9
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.0
bullishIV too cheap, mixed flow
Covered Call4.0
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 PHO

PHO gamma wallsPHO max painPHO IV rankPHO options flow