AInvestOption Pilot Program
Options/SMIN
S

SMINiShares MSCI India Small-Cap ETF

Options Analysis Report
AUM $777M|BATS
● 2026-08-31$71.81
BULLISH
Analysis: 2026-08-28 EOD data
1Y -2.0%YTD +2.6%7D +0.8%
21
30D
±6.2%
26%

SMIN Options Overview

IV is low with bullish flow and unusual activity. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

5.1VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for option buyers

Learn
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SMIN Gamma Walls

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Value

Is IV priced right?

6.1
ExpensiveCheap

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

levels.

Risk Checks5/9 checks passed
≤35%

IV Rank 22.6% — cheap vs history

<1.05x

IV/HV 2.12x — IV premium over HV

Sector Relative≤50%

Sector percentile 39% — below sector median

<1.1x

Front/Back 1.06x — backwardation

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 20.4% — normal range

<80%

Effective IV 244.2% (ATM 20.4% + spread 111.9% + bias) — expensive

<3.0%

Total drag 126.59% (spread 111.90% + slippage 14.69%) — high friction

≥5.0

Vega efficiency 0.60 (vega 6.713 / spread 111.90%) — spread drag

Sentiment

Bullish or bearish?

6.2
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Strong signal (Conviction: -9%, Raw: -5%)
|net sentiment| ≥25%

Conviction-weighted: -9% (neutral) — Raw: -5%

≥15%

|OI skew| 88.7% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +100.0%, OI skew +88.7% — 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: +100%, OTM: -100% — bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 50% — neutral vs sector

Activity

Unusual activity?

4.8
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed
≥1.5x

Volume 1.2x avg — normal

≥15%

Vol/OI 10.8% — normal turnover

≥2 days

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

≥5%

OI change +44.4% (5d) — building

Sector Relative≥60%

Sector activity percentile 85% — very active vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 0% — patient

≥30

Conviction -9 (bearish) — 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 111.9% — wide

≥10,000

OI 195 — thin

≥500

Volume 21/day — thin

≤$0.50

$5.59 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 54% — neutral vs sector

≥100 contracts

Depth 245.7 contracts (bid:118.0 ask:127.7) — adequate

<1.0%

Avg slippage 14.69% — poor

Timing

Is now a good time?

6.5
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope +5.9% — backwardation

<30 or >70

IV percentile 23% — buyer opportunity

≥10pts kink

IV kink 1.6pts — no clear event

<0.5 or >2.0

θ/ν ratio 159.84 — favors income trades

≥3 expirations

4 liquid expirations — flexible

≥60% (safe)

safe window: No earnings detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -9% @ 55% consistency — unclear

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls5.6
bullishIV cheap, bullish flow
Long Puts4.8
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put4.8
bullishIV too cheap, bullish flow
Covered Call3.9
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.

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