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PICKiShares MSCI Global Metals & Mining Producers ETF

Options Analysis Report
AUM $2.6B|BATS
● 2026-08-31$65.76
VERY BEARISH
Analysis: 2026-08-28 EOD data
1Y +61.1%YTD +25.6%7D -0.2%
31
30D
±9.6%
15%

PICK Options Overview

bearish flow. No clear edge detected.

REWARDS

RISK ANALYSIS

3.9VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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PICK 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 Checks2/9 checks passed
≤35%

IV Rank 46.5% — elevated vs history

<1.05x

IV/HV 1.11x — IV premium over HV

Sector Relative≤50%

Sector percentile 67% — above sector median

<1.1x

Front/Back 1.13x — backwardation

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 30.5% — normal range

<80%

Effective IV 149.0% (ATM 30.5% + spread 59.3% + bias) — expensive

<3.0%

Total drag 66.67% (spread 59.26% + slippage 7.41%) — high friction

≥5.0

Vega efficiency 1.59 (vega 9.418 / spread 59.26%) — spread drag

Sentiment

Bullish or bearish?

0.9
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| 19.5% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew -93.5%, OI skew +19.5% — 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: -100%, OTM: +0% — strong bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 99% — very bearish vs sector

Activity

Unusual activity?

3.8
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed
≥1.5x

Volume 1.4x avg — normal

≥15%

Vol/OI 1.6% — normal turnover

≥2 days

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

≥5%

OI change +1.9% (5d) — stable

Sector Relative≥60%

Sector activity percentile 40% — neutral 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?

2.3
IlliquidLiquid

Evaluates

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

Risk Checks0/8 checks passed
≤5.0%

Spread 59.3% — wide

≥10,000

OI 1,987 — thin

≥500

Volume 31/day — thin

≤$0.50

$2.96 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 75% — wider than sector

≥100 contracts

Depth 49.0 contracts (bid:5.0 ask:44.0) — thin

<1.0%

Avg slippage 7.41% — 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 +12.8% — backwardation

<30 or >70

IV percentile 46% — neutral

≥10pts kink

IV kink 3.9pts — no clear event

<0.5 or >2.0

θ/ν ratio 247.83 — 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 Calls3.6
bullishIV fair, bearish flow
Long Puts7.5
bearishIV fair, bearish flow
Premium Sellers
Cash-Secured Put3.2
bullishIV fair, bearish flow
Covered Call6.1
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.

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