AInvestOption Pilot Program
Options/CHPS
C

CHPSXtrackers Semiconductor Select Equity ETF

Options Analysis Report
AUM $110M|NASDAQ
● 2026-08-28$81.46
NEUTRAL
Analysis: 2026-08-27 EOD data
1Y +138.4%YTD +65.4%7D +1.1%
6
30D
±10.5%
21%

CHPS 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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CHPS Gamma Walls

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Value

Is IV priced right?

5.3
ExpensiveCheap

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

levels.

Risk Checks4/9 checks passed
≤35%

IV Rank 54.7% — elevated vs history

<1.05x

IV/HV 0.89x — IV ≤ HV

Sector Relative≤50%

Sector percentile 74% — above sector median

<1.1x

Front/Back 1.06x — backwardation

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 35.7% — normal range

<80%

Effective IV 148.3% (ATM 35.7% + spread 56.3% + bias) — expensive

<3.0%

Total drag 64.96% (spread 56.32% + slippage 8.64%) — high friction

≥5.0

Vega efficiency 3.60 (vega 20.291 / spread 56.32%) — spread drag

Sentiment

Bullish or bearish?

3.0
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bearish - Strong signal (Conviction: -100%, Raw: -100%)
|net sentiment| ≥25%

Conviction-weighted: -100% (strong bearish) — Raw: -100%

≥15%

|OI skew| 55.6% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +100.0%, OI skew +55.6% — 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 bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 50% — neutral vs sector

Activity

Unusual activity?

4.3
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 6.1% — normal turnover

≥2 days

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

≥5%

OI change -18.9% (5d) — unwinding

Sector Relative≥60%

Sector activity percentile 73% — active vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 0% — patient

≥30

Conviction -100 (bearish) — strong conviction

Liquidity

Can I trade efficiently?

2.0
IlliquidLiquid

Evaluates

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

Risk Checks0/8 checks passed
≤5.0%

Spread 56.3% — wide

≥10,000

OI 99 — thin

≥500

Volume 6/day — thin

≤$0.50

$2.82 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 80% — much wider than sector

≥100 contracts

Depth 95.0 contracts (bid:47.5 ask:47.5) — thin

<1.0%

Avg slippage 8.64% — poor

Timing

Is now a good time?

7.0
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope +6.4% — backwardation

<30 or >70

IV percentile 55% — neutral

≥10pts kink

IV kink 0.3pts — no clear event

<0.5 or >2.0

θ/ν ratio 704.57 — 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 -100% @ 100% consistency — STRONG directional (bearish)

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls4.2
bullishIV fair, bearish flow
Long Puts5.6
bearishIV fair, bearish flow
Premium Sellers
Cash-Secured Put3.9
bullishIV fair, bearish flow
Covered Call5.3
bearishIV fair, bearish 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 CHPS

CHPS gamma wallsCHPS max painCHPS IV rankCHPS options flow