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ITAiShares U.S. Aerospace & Defense ETF

Options Analysis Report
AUM $13.9B|BATS
● 2026-08-31$232.82
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +17.3%YTD +4.9%7D -0.2%
2,166
30D
±6.5%
24%

ITA Options Overview

unusual activity. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

5.6VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for option buyers

Learn
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ITA Gamma Walls

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Value

Is IV priced right?

7.8
ExpensiveCheap

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

levels.

Risk Checks8/9 checks passed
≤35%

IV Rank 30.6% — cheap vs history

<1.05x

IV/HV 1.05x — IV ≤ HV

Sector Relative≤50%

Sector percentile 49% — below sector median

<1.1x

Front/Back 0.95x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 23.6% — normal range

<80%

Effective IV 73.5% (ATM 23.6% + spread 25.0% + bias) — fair

<3.0%

Total drag 32.81% (spread 24.97% + slippage 7.84%) — high friction

≥5.0

Vega efficiency 26.78 (vega 66.868 / spread 24.97%) — efficient

Sentiment

Bullish or bearish?

3.1
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bearish - Strong signal (Conviction: -98%, Raw: -96%)
|net sentiment| ≥25%

Conviction-weighted: -98% (strong bearish) — Raw: -96%

≥15%

|OI skew| 17.0% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +94.2%, OI skew +17.0% — 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: -3%, OTM: -98% — strong bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 2% — very bullish vs sector

Activity

Unusual activity?

6.4
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks4/8 checks passed
≥1.5x

Volume 3.3x avg — hot

≥15%

Vol/OI 10.6% — normal turnover

≥2 days

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

≥5%

OI change +2.4% (5d) — building

Sector Relative≥60%

Sector activity percentile 84% — very active vs sector

≥30%

Large trade volume 92% — heavy institutional

≥60%

Aggressive execution 21% — patient

≥30

Conviction -98 (bearish) — strong conviction

Liquidity

Can I trade efficiently?

3.0
IlliquidLiquid

Evaluates

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

Risk Checks2/8 checks passed
≤5.0%

Spread 25.0% — wide

≥10,000

OI 20,383 — adequate

≥500

Volume 2,166/day — adequate

≤$0.50

$1.25 to cross — expensive

≥5 strikes

1 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 61% — wider than sector

≥100 contracts

Depth 77.8 contracts (bid:26.3 ask:51.5) — thin

<1.0%

Avg slippage 7.84% — poor

Timing

Is now a good time?

7.6
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed
|slope| ≥5%

Slope -5.0% — contango

<30 or >70

IV percentile 31% — neutral

≥10pts kink

IV kink -0.8pts — no clear event

<0.5 or >2.0

θ/ν ratio 1348.15 — 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 -98% @ 99% consistency — STRONG directional (bearish)

≥40 composite score

Score 122 (ITM 20% + inst 92%) — HIGH institutional

Directional Strategy Fit

Option Buyers
Long Calls5.4
bullishIV cheap, bearish flow
Long Puts6.8
bearishIV cheap, bearish flow
Premium Sellers
Cash-Secured Put3.5
bullishIV too cheap, bearish flow
Covered Call4.8
bearishIV too cheap, 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 ITA

ITA gamma wallsITA max painITA IV rankITA options flow