AInvestOption Pilot Program
Options/ULTY
U

ULTYYieldMax Ultra Option Income Strategy ETF

Options Analysis Report
AUM $749M|ARCX
● 2026-08-31$26.32
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y -53.3%YTD -29.9%7D -0.5%
72
30D
±7.3%
13%

ULTY Options Overview

Mixed signals. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

4.7VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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ULTY Gamma Walls

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Value

Is IV priced right?

4.3
ExpensiveCheap

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

levels.

Risk Checks4/9 checks passed
≤35%

IV Rank 68.2% — elevated vs history

<1.05x

IV/HV 2.19x — IV premium over HV

Sector Relative≤50%

Sector percentile 82% — above sector median

<1.1x

Front/Back 0.45x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 43.5% — normal range

<80%

Effective IV 69.9% (ATM 43.5% + spread 13.2% + bias) — fair

<3.0%

Total drag 22.48% (spread 13.20% + slippage 9.28%) — high friction

≥5.0

Vega efficiency 1.83 (vega 2.421 / spread 13.20%) — spread drag

Sentiment

Bullish or bearish?

5.9
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bullish - Strong signal (Conviction: +55%, Raw: +52%)
|net sentiment| ≥25%

Conviction-weighted: +55% (strong bullish) — Raw: +52%

≥15%

|OI skew| 31.8% — put-heavy

Same sign, |vol skew| ≥10%

Vol skew -5.6%, OI skew -31.8% — weak (same direction)

≥2/3 conditions

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

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: +58%, ATM: +76%, OTM: +27% — strong bullish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 88% — very bearish vs sector

Activity

Unusual activity?

3.6
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed
≥1.5x

Volume 0.4x avg — normal

≥15%

Vol/OI 2.2% — normal turnover

≥2 days

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

≥5%

OI change +17.8% (5d) — building

Sector Relative≥60%

Sector activity percentile 49% — neutral vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 33% — patient

≥30

Conviction +55 (bullish) — strong conviction

Liquidity

Can I trade efficiently?

2.6
IlliquidLiquid

Evaluates

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

Risk Checks0/8 checks passed
≤5.0%

Spread 13.2% — wide

≥10,000

OI 3,293 — thin

≥500

Volume 72/day — thin

≤$0.50

$0.66 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 86% — much wider than sector

≥100 contracts

Depth 51.7 contracts (bid:29.1 ask:22.6) — thin

<1.0%

Avg slippage 9.28% — 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 -54.5% — contango

<30 or >70

IV percentile 68% — neutral

≥10pts kink

IV kink -16.6pts — no clear event

<0.5 or >2.0

θ/ν ratio 834.66 — 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 +55% @ 77% consistency — STRONG directional (bullish)

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls5.0
bullishIV fair, mixed flow
Long Puts4.4
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put5.3
bullishIV fair, mixed flow
Covered Call4.7
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.

More on ULTY

ULTY gamma wallsULTY max painULTY IV rankULTY options flow