AInvestOption Pilot Program
Options/SMHX
S

SMHXVanEck Fabless Semiconductor ETF

Options Analysis Report
AUM $248M|NASDAQ
● 2026-08-31$55.16
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +59.4%YTD +41.2%7D +2.6%
14
30D
±9.6%
0%

SMHX Options Overview

Mixed signals. No clear edge detected.

REWARDS

RISK ANALYSIS

4.3VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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SMHX Gamma Walls

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Value

Is IV priced right?

5.7
ExpensiveCheap

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

levels.

Risk Checks4/9 checks passed
≤35%

IV Rank 57.9% — elevated vs history

<1.05x

IV/HV 0.88x — IV ≤ HV

Sector Relative≤50%

Sector percentile 76% — above sector median

<1.1x

Front/Back 0.86x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 36.4% — normal range

<80%

Effective IV 130.6% (ATM 36.4% + spread 47.1% + bias) — expensive

<3.0%

Total drag 57.27% (spread 47.08% + slippage 10.19%) — high friction

≥5.0

Vega efficiency 3.69 (vega 17.360 / spread 47.08%) — spread drag

Sentiment

Bullish or bearish?

4.4
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBullish - Strong signal (Conviction: +14%, Raw: +33%)
|net sentiment| ≥25%

Conviction-weighted: +14% (bullish) — Raw: +33%

≥15%

|OI skew| 17.4% — put-heavy

Same sign, |vol skew| ≥10%

Vol skew -14.3%, OI skew -17.4% — 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: -100%, ATM: +0%, OTM: +100% — strong bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

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

Activity

Unusual activity?

3.1
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed
≥1.5x

Volume 0.2x avg — normal

≥15%

Vol/OI 3.2% — normal turnover

≥2 days

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

≥5%

OI change +7.4% (5d) — building

Sector Relative≥60%

Sector activity percentile 59% — neutral vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 25% — patient

≥30

Conviction +14 (bullish) — mixed

Liquidity

Can I trade efficiently?

2.2
IlliquidLiquid

Evaluates

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

Risk Checks0/8 checks passed
≤5.0%

Spread 47.1% — wide

≥10,000

OI 436 — thin

≥500

Volume 14/day — thin

≤$0.50

$2.35 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 82% — much wider than sector

≥100 contracts

Depth 94.0 contracts (bid:58.0 ask:36.0) — thin

<1.0%

Avg slippage 10.19% — poor

Timing

Is now a good time?

6.3
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed
|slope| ≥5%

Slope -14.1% — contango

<30 or >70

IV percentile 58% — neutral

≥10pts kink

IV kink -2.9pts — no clear event

<0.5 or >2.0

θ/ν ratio 789.07 — 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 +14% @ 56% consistency — unclear

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls4.8
bullishIV fair, mixed flow
Long Puts5.2
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put4.2
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 SMHX

SMHX gamma wallsSMHX max painSMHX IV rankSMHX options flow