AInvestOption Pilot Program
Options/SMHC
S

SMHCVanEck China Semiconductor ETF

Options Analysis Report
AUM $25M|NASDAQ
● 2026-08-31$46.53
BEARISH
Analysis: 2026-08-28 EOD data
1Y -23.5%YTD -23.5%7D +2.8%
28
30D
±8.6%
0%

SMHC Options Overview

IV is elevated with unusual activity. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

5.0VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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SMHC Gamma Walls

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Value

Is IV priced right?

5.5
ExpensiveCheap

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

levels.

Risk Checks4/9 checks passed
≤35%

IV Rank 81.7% — elevated vs history

<1.05x

IV/HV 1.08x — IV premium over HV

Sector Relative≤50%

Sector percentile 89% — above sector median

<1.1x

Front/Back 0.90x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 57.2% — normal range

<80%

Effective IV 103.2% (ATM 57.2% + spread 23.0% + bias) — expensive

<3.0%

Total drag 29.27% (spread 23.01% + slippage 6.26%) — high friction

≥5.0

Vega efficiency 6.04 (vega 13.904 / spread 23.01%) — acceptable

Sentiment

Bullish or bearish?

4.8
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBullish - Strong signal (Conviction: +27%, Raw: -7%)
|net sentiment| ≥25%

Conviction-weighted: +27% (bullish) — Raw: -7%

≥15%

|OI skew| 36.6% — put-heavy

Same sign, |vol skew| ≥10%

Vol skew -14.3%, OI skew -36.6% — 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: +67%, ATM: -25%, OTM: -100% — strong bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 90% — very bearish vs sector

Activity

Unusual activity?

5.3
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed
≥1.5x

Volume 1.4x avg — normal

≥15%

Vol/OI 9.2% — normal turnover

≥2 days

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

≥5%

OI change +64.7% (5d) — building

Sector Relative≥60%

Sector activity percentile 83% — very active vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 20% — patient

≥30

Conviction +27 (bullish) — mixed

Liquidity

Can I trade efficiently?

2.2
IlliquidLiquid

Evaluates

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

Risk Checks1/8 checks passed
≤5.0%

Spread 23.0% — wide

≥10,000

OI 303 — thin

≥500

Volume 28/day — thin

≤$0.50

$1.15 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 92% — much wider than sector

≥100 contracts

Depth 166.2 contracts (bid:38.4 ask:127.8) — adequate

<1.0%

Avg slippage 6.26% — poor

Timing

Is now a good time?

6.9
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope -9.9% — contango

<30 or >70

IV percentile 82% — seller opportunity

≥10pts kink

IV kink 0.0pts — no clear event

<0.5 or >2.0

θ/ν ratio 858.28 — favors income trades

≥3 expirations

2 liquid expirations — limited

≥60% (safe)

safe window: No earnings detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow +27% @ 63% consistency — moderate (bullish)

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls5.0
bullishIV fair, mixed flow
Long Puts6.1
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put4.5
bullishIV fair, mixed flow
Covered Call4.6
bearishIV fair, 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 SMHC

SMHC gamma wallsSMHC max painSMHC IV rankSMHC options flow