Options/URA

URAGlobal X Uranium ETF

Options Analysis Report

AUM $6.4B|ARCX

● 2026-09-04$46.06

NEUTRAL

Analysis: 2026-09-03 EOD data

1Y +13.1%YTD +0.0%7D +1.1%

Options Vol

4,675

30D

Implied Move

±12.2%

IV Rank

URA Options Overview

bullish flow. No clear edge detected.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Balanced conditions with no clear edge

Learn

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URA Gamma Walls

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URA Hedge Radar

Neutral

Full Hedge Radar

Neither score is at an extreme today. Neither axis is a forecast — this is where URA sits on protection cost vs. fragility today.

Protection is priced in the cheap band (1.6) — downside puts carry 0.3 IV points LESS than at-the-money, and near-dated vol is priced 11% below far-dated, measured against this name's own rolling 20-trading-day realized moves (484 overlapping windows). Fragility reads neutral (4.93): it is trading 0% above its hedge wall on a wall graded MEDIUM for reliability, and its realized-vol regime is stable.

Protection cost

1.60/ 10cheap

Basis: cross_sectional

Fragility

4.93/ 10neutral

Basis: per_ticker

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

IV Rank

≤35%

IV Rank 68.2% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 0.96x — IV ≤ HV

Sector Relative≤50%

Sector percentile 82% — above sector median

Term Structure

<1.1x

Front/Back 0.89x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 44.3% — normal range

Spread-Adjusted Value

<80%

Effective IV 65.4% (ATM 44.3% + spread 10.5% + bias) — fair

Execution Efficiency

<3.0%

Total drag 17.00% (spread 10.54% + slippage 6.46%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 4.14 (vega 4.366 / spread 10.54%) — spread drag

Sentiment

Bullish or bearish?

6.3

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: -6%, Raw: -7%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -6% (neutral) — Raw: -7%

OI Skew Magnitude

≥15%

|OI skew| 12.1% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +39.6%, OI skew +12.1% — aligned

Conviction Quality

≥2/3 conditions

0-DTE 24%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: -5%, ATM: +17%, OTM: -22% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 20% — very bullish vs sector

Activity

Unusual activity?

2.5

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed

Volume Surge

≥1.5x

Volume 0.4x avg — normal

Turnover Rate

≥15%

Vol/OI 1.2% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +4.8% (5d) — building

Sector Relative≥60%

Sector activity percentile 33% — below sector avg

Trade Quality

≥30%

Large trade volume 4% — mostly retail

Execution Urgency

≥60%

Aggressive execution 30% — patient

Flow Conviction

≥30

Conviction -6 (bearish) — mixed

Liquidity

Can I trade efficiently?

4.2

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 10.5% — wide

Adequate OI

≥10,000

OI 388,389 — deep

Active Volume

≥500

Volume 4,675/day — adequate

Reasonable Cost

≤$0.50

$0.53 to cross — expensive

Strike Coverage

≥5 strikes

1 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 86% — much wider than sector

Order Book Depth

≥100 contracts

Depth 606.1 contracts (bid:343.6 ask:262.5) — deep

Execution Quality

<1.0%

Avg slippage 6.46% — poor

Timing

Is now a good time?

6.6

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -10.7% — contango

IV Percentile Clarity

<30 or >70

IV percentile 68% — neutral

Event Detection

≥10pts kink

IV kink -3.0pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 96.59 — favors income trades

Expiration Distribution

≥3 expirations

4 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No earnings detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow -6% @ 53% consistency — unclear

Smart Money Timing

≥40 composite score

Score 34 (ITM 20% + inst 4%) — retail dominated

Directional Strategy Fit

Option Buyers

Long Calls6.0

bullishIV cheap, bullish flow

Long Puts5.1

bearishIV cheap, bullish flow

Premium Sellers

Cash-Secured Put5.2

bullishIV too cheap, bullish flow

Covered Call4.3

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 Sep 7, 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 URA

URA gamma walls URA max pain URA IV rank URA put/call ratio URA options flow