AInvestOption Pilot Program
Options/SPHB
S

SPHBInvesco S&P 500 High Beta ETF

Options Analysis Report•INVESTMENT ADVICE
AUM $914M|ARCX
● 2026-08-31$146.22
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +40.8%YTD +22.8%7D +0.4%
3
30D
±8.0%
20%

SPHB Options Overview

Mixed signals. No clear edge detected.

REWARDS

RISK ANALYSIS

4.2VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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SPHB 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 43.8% — elevated vs history

<1.05x

IV/HV 1.03x — IV ≤ HV

Sector Relative≤50%

Sector percentile 64% — above sector median

<1.1x

Front/Back 0.93x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 29.2% — normal range

<80%

Effective IV 175.9% (ATM 29.2% + spread 73.4% + bias) — expensive

<3.0%

Total drag 86.19% (spread 73.36% + slippage 12.83%) — high friction

≥5.0

Vega efficiency 2.86 (vega 20.962 / spread 73.36%) — spread drag

Sentiment

Bullish or bearish?

4.8
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bullish - Strong signal (Conviction: +38%, Raw: +33%)
|net sentiment| ≥25%

Conviction-weighted: +38% (strong bullish) — Raw: +33%

≥15%

|OI skew| 31.5% — put-heavy

Same sign, |vol skew| ≥10%

Vol skew -33.3%, OI skew -31.5% — 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: +100%, OTM: +0% — strong bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 93% — very bearish vs sector

Activity

Unusual activity?

2.2
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed
≥1.5x

Volume 0.1x avg — normal

≥15%

Vol/OI 0.3% — normal turnover

≥2 days

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

≥5%

OI change +1.4% (5d) — stable

Sector Relative≥60%

Sector activity percentile 12% — quiet vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 0% — patient

≥30

Conviction +38 (bullish) — moderate

Liquidity

Can I trade efficiently?

1.6
IlliquidLiquid

Evaluates

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

Risk Checks0/8 checks passed
≤5.0%

Spread 73.4% — wide

≥10,000

OI 998 — thin

≥500

Volume 3/day — thin

≤$0.50

$3.67 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 73% — wider than sector

≥100 contracts

Depth 2.0 contracts (bid:1.0 ask:1.0) — thin

<1.0%

Avg slippage 12.83% — 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 -7.3% — contango

<30 or >70

IV percentile 44% — neutral

≥10pts kink

IV kink -1.3pts — no clear event

<0.5 or >2.0

θ/ν ratio 281.74 — 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 +38% @ 67% consistency — moderate (bullish)

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls4.9
bullishIV fair, mixed flow
Long Puts5.0
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put4.4
bullishIV fair, mixed flow
Covered Call4.5
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.

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SPHB gamma wallsSPHB max painSPHB IV rankSPHB options flow