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SPDWState Street SPDR Portfolio Developed World ex-US ETF

Options Analysis Report
AUM $42.2B|ARCX
● 2026-08-31$51.83
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +25.3%YTD +15.4%7D +0.1%
12
30D
±4.3%
7%

SPDW Options Overview

IV is low. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

5.2VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for option buyers

Learn
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SPDW Gamma Walls

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Value

Is IV priced right?

6.6
ExpensiveCheap

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

levels.

Risk Checks5/9 checks passed
≤35%

IV Rank 13.9% — cheap vs history

<1.05x

IV/HV 1.45x — IV premium over HV

Sector Relative≤50%

Sector percentile 25% — below sector median

<1.1x

Front/Back 0.77x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 16.8% — normal range

<80%

Effective IV 265.6% (ATM 16.8% + spread 124.4% + bias) — expensive

<3.0%

Total drag 155.22% (spread 124.38% + slippage 30.84%) — high friction

≥5.0

Vega efficiency 0.35 (vega 4.367 / spread 124.38%) — spread drag

Sentiment

Bullish or bearish?

5.0
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBullish - Moderate signal (Conviction: +17%, Raw: +20%)
|net sentiment| ≥25%

Conviction-weighted: +17% (bullish) — Raw: +20%

≥15%

|OI skew| 47.1% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew -50.0%, OI skew +47.1% — divergent (opposite)

≥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: +33%, OTM: +0% — bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 95% — very bearish vs sector

Activity

Unusual activity?

5.1
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed
≥1.5x

Volume 1.6x avg — elevated

≥15%

Vol/OI 8.8% — normal turnover

≥2 days

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

≥5%

OI change +32.0% (5d) — building

Sector Relative≥60%

Sector activity percentile 82% — very active vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 0% — patient

≥30

Conviction +17 (bullish) — mixed

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 124.4% — wide

≥10,000

OI 136 — thin

≥500

Volume 12/day — thin

≤$0.50

$6.22 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 43% — neutral vs sector

≥100 contracts

Depth 40.8 contracts (bid:23.8 ask:17.0) — thin

<1.0%

Avg slippage 30.84% — poor

Timing

Is now a good time?

7.1
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope -23.2% — contango

<30 or >70

IV percentile 14% — buyer opportunity

≥10pts kink

IV kink -2.1pts — no clear event

<0.5 or >2.0

θ/ν ratio 221.68 — 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 +17% @ 60% consistency — unclear

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls5.5
bullishIV cheap, mixed flow
Long Puts5.5
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.3
bullishIV too cheap, mixed flow
Covered Call4.3
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 SPDW

SPDW gamma wallsSPDW max painSPDW IV rankSPDW options flow