ACN option chain
Strikes around the forward, as they were quoted at the close
Data as of 23 September 2026 (end of day)
2026-09-25(2 days)ATM 51.55%±7.05skew -4.11
| Calls | Strike | Puts | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Volume | Open int | Bid | Ask | IV | IV | Bid | Ask | Open int | Volume | |
| 0 | 65 | $33.00 | $36.10 | — | $150.00 | — | — | — | — | — |
| 0 | 2 | $31.00 | $33.80 | — | $152.50 | — | — | — | — | — |
| 0 | 1 | $28.50 | $31.30 | — | $155.00 | — | — | — | — | — |
| 2 | 5 | $26.40 | $28.80 | — | $157.50 | — | — | — | — | — |
| 4 | 77 | $23.70 | $26.10 | — | $160.00 | — | — | — | — | — |
| 0 | 37 | $18.00 | $21.30 | — | $165.00 | — | — | — | — | — |
| 0 | 1 | $16.30 | $19.00 | — | $167.50 | — | — | — | — | — |
| 0 | 131 | $13.60 | $16.40 | — | $170.00 | 57.94% | $0.05 | $0.10 | 384 | 42 |
| 0 | 3 | $11.50 | $13.60 | — | $172.50 | — | — | — | — | — |
| 0 | 77 | $9.00 | $11.20 | — | $175.00 | — | — | — | — | — |
| 0 | 22 | $6.40 | $9.40 | — | $177.50 | — | — | — | — | — |
| 5 | 71 | $5.40 | $7.60 | — | $180.00 | 48.75% | $0.80 | $1.00 | 203 | 603 |
| 379 | 42 | $3.70 | $5.20 | — | $182.50 | 52.45% | $1.45 | $2.25 | 97 | 220 |
| 565 | 401 | $2.30 | $3.10 | 51.50% | $185.00 | — | $2.65 | $3.20 | 410 | 326 |
| 66 | 393 | $1.40 | $1.65 | 48.57% | $187.50 | — | $4.10 | $5.40 | 117 | 13 |
| 41 | 578 | $0.80 | $1.25 | 52.86% | $190.00 | — | $4.90 | $7.70 | 31 | 0 |
| 33 | 362 | $0.45 | $0.50 | 50.08% | $192.50 | — | $7.50 | $9.10 | 23 | 1 |
| — | — | — | — | — | $195.00 | — | $8.80 | $11.30 | 54 | 3 |
| — | — | — | — | — | $197.50 | — | $11.20 | $14.40 | 1 | 0 |
| — | — | — | — | — | $200.00 | — | $14.10 | $17.10 | 6 | 0 |
| — | — | — | — | — | $202.50 | — | $16.30 | $19.10 | 1 | 0 |
Forward $184.77. The 25-delta put carries -4.11 volatility points over the 25-delta call.
2026-10-02(9 days)ATM 72.63%±21.06skew -2.35
| Calls | Strike | Puts | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Volume | Open int | Bid | Ask | IV | IV | Bid | Ask | Open int | Volume | |
| 1 | 24 | $24.70 | $27.30 | — | $160.00 | 72.08% | $0.75 | $1.15 | 96 | 6 |
| 0 | 1 | $22.60 | $25.10 | — | $162.50 | 73.08% | $1.00 | $1.65 | 58 | 0 |
| 0 | 11 | $20.20 | $23.20 | — | $165.00 | 72.66% | $1.50 | $1.90 | 150 | 29 |
| — | — | — | — | — | $167.50 | 70.20% | $1.75 | $2.25 | 109 | 0 |
| 0 | 36 | $16.40 | $19.10 | — | $170.00 | 72.48% | $2.50 | $3.00 | 157 | 9 |
| 0 | 3 | $14.40 | $17.40 | — | $172.50 | 71.61% | $3.00 | $3.70 | 95 | 2 |
| 0 | 12 | $13.60 | $15.40 | — | $175.00 | 71.77% | $3.90 | $4.40 | 239 | 6 |
| 0 | 34 | $11.40 | $13.50 | — | $177.50 | 74.57% | $4.50 | $6.20 | 1,089 | 0 |
| 0 | 307 | $10.40 | $11.90 | — | $180.00 | 71.13% | $5.70 | $6.30 | 1,090 | 4 |
| 11 | 251 | $9.00 | $10.70 | — | $182.50 | 71.67% | $6.60 | $7.80 | 139 | 0 |
| 48 | 175 | $7.70 | $8.70 | 72.43% | $185.00 | — | $8.20 | $8.90 | 329 | 6 |
| 6 | 43 | $6.70 | $7.60 | 73.01% | $187.50 | — | $9.60 | $10.30 | 90 | 0 |
| 13 | 221 | $5.70 | $6.90 | 74.37% | $190.00 | — | $11.00 | $11.90 | 169 | 10 |
| 7 | 49 | $4.80 | $6.20 | 75.26% | $192.50 | — | $12.70 | $13.50 | 32 | 0 |
| 70 | 2,026 | $4.10 | $4.80 | 72.91% | $195.00 | — | $13.70 | $15.50 | 8 | 0 |
| 0 | 50 | $3.40 | $4.10 | 72.86% | $197.50 | — | $16.10 | $18.00 | 3 | 0 |
| 27 | 130 | $2.90 | $3.60 | 73.96% | $200.00 | — | $17.30 | $19.40 | 36 | 0 |
| 26 | 40 | $2.45 | $2.90 | 73.45% | $202.50 | — | — | — | — | — |
| 8 | 69 | $1.90 | $2.50 | 73.17% | $205.00 | — | $20.70 | $23.80 | 5 | 0 |
| — | — | — | — | — | $207.50 | — | $22.80 | $25.90 | 2 | 0 |
| 101 | 152 | $1.40 | $1.65 | 73.70% | $210.00 | — | — | — | — | — |
Forward $184.65. The 25-delta put carries -2.35 volatility points over the 25-delta call.
2026-10-09(16 days)ATM 59.81%±23.14skew +1.52
| Calls | Strike | Puts | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Volume | Open int | Bid | Ask | IV | IV | Bid | Ask | Open int | Volume | |
| 0 | 1 | $29.50 | $32.50 | — | $155.00 | — | — | — | — | — |
| 0 | 6 | $25.30 | $28.20 | — | $160.00 | 62.36% | $1.20 | $1.85 | 25 | 1 |
| 0 | 2 | $21.30 | $23.70 | — | $165.00 | 60.89% | $1.95 | $2.60 | 39 | 1 |
| 4 | 1 | $19.10 | $21.70 | — | $167.50 | — | — | — | — | — |
| 1 | 25 | $17.60 | $20.10 | — | $170.00 | 61.12% | $3.10 | $3.90 | 105 | 1 |
| 0 | 2 | $15.40 | $17.60 | — | $172.50 | 61.56% | $3.90 | $4.70 | 99 | 1 |
| 0 | 13 | $14.20 | $15.90 | — | $175.00 | 62.31% | $4.90 | $5.60 | 94 | 101 |
| 0 | 48 | $12.40 | $14.30 | — | $177.50 | 62.27% | $5.80 | $6.60 | 17 | 0 |
| 2 | 319 | $11.40 | $12.20 | — | $180.00 | 62.20% | $6.90 | $7.60 | 255 | 0 |
| 4 | 47 | $9.90 | $11.30 | — | $182.50 | 62.11% | $8.00 | $8.80 | 81 | 25 |
| 5 | 74 | $8.80 | $9.60 | 60.36% | $185.00 | — | $8.70 | $10.10 | 396 | 2 |
| 4 | 46 | $7.60 | $8.30 | 59.54% | $187.50 | — | $10.00 | $11.40 | 99 | 2 |
| 27 | 133 | $6.60 | $7.30 | 59.66% | $190.00 | — | $11.60 | $13.00 | 211 | 10 |
| 8 | 16 | $5.70 | $6.60 | 60.46% | $192.50 | — | $13.10 | $14.60 | 1 | 0 |
| 10 | 162 | $4.80 | $6.20 | 61.68% | $195.00 | — | $14.40 | $16.90 | 11 | 0 |
| 0 | 9 | $4.30 | $4.90 | 60.56% | $197.50 | — | $16.50 | $18.80 | 21 | 0 |
| 13 | 53 | $3.30 | $4.70 | 60.97% | $200.00 | — | $18.10 | $21.00 | 77 | 0 |
| 2 | 4 | $2.80 | $3.70 | 59.59% | $202.50 | — | $20.00 | $22.80 | 220 | 0 |
| 9 | 38 | $2.35 | $3.20 | 59.79% | $205.00 | — | $21.80 | $24.00 | 181 | 0 |
| 2 | 37 | $1.90 | $3.10 | 61.26% | $207.50 | — | $23.70 | $26.40 | 4 | 0 |
| — | — | — | — | — | $210.00 | — | $26.50 | $29.80 | 1 | 0 |
Forward $184.80. The 25-delta put carries +1.52 volatility points over the 25-delta call.
2026-10-16(23 days)ATM 56.84%±26.23skew +0.19
| Calls | Strike | Puts | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Volume | Open int | Bid | Ask | IV | IV | Bid | Ask | Open int | Volume | |
| 0 | 244 | $25.80 | $27.80 | — | $160.00 | 57.22% | $2.05 | $2.30 | 785 | 18 |
| — | — | — | — | — | $162.50 | 57.02% | $2.50 | $2.80 | 3 | 2 |
| 3 | 268 | $21.70 | $24.30 | — | $165.00 | 56.44% | $2.90 | $3.40 | 622 | 12 |
| — | — | — | — | — | $167.50 | 56.43% | $3.10 | $4.50 | 4 | 0 |
| 1 | 257 | $18.10 | $20.20 | — | $170.00 | 56.82% | $4.40 | $4.80 | 2,429 | 12 |
| — | — | — | — | — | $172.50 | 56.92% | $5.20 | $5.70 | 10 | 0 |
| 0 | 446 | $14.50 | $15.70 | — | $175.00 | 56.14% | $5.90 | $6.60 | 1,251 | 3 |
| 1 | 0 | $12.70 | $15.00 | — | $177.50 | 58.31% | $6.60 | $8.70 | 5 | 0 |
| 3 | 344 | $12.10 | $13.30 | — | $180.00 | 56.20% | $8.20 | $8.60 | 749 | 75 |
| 25 | 6 | $10.70 | $11.50 | — | $182.50 | 55.83% | $9.10 | $10.00 | 58 | 18 |
| 49 | 331 | $9.50 | $10.20 | 56.58% | $185.00 | — | $10.70 | $11.30 | 3,184 | 35 |
| 2 | 19 | $8.30 | $9.50 | 57.32% | $187.50 | — | $11.80 | $12.80 | 71 | 1 |
| 2 | 1,249 | $7.30 | $8.30 | 56.75% | $190.00 | — | $13.10 | $14.70 | 479 | 16 |
| 0 | 21 | $6.20 | $7.60 | 56.79% | $192.50 | — | — | — | — | — |
| 0 | 574 | $5.60 | $6.60 | 56.93% | $195.00 | — | $16.50 | $17.80 | 142 | 0 |
| 1 | 1 | $4.50 | $5.70 | 55.40% | $197.50 | — | — | — | — | — |
| 28 | 949 | $4.30 | $4.80 | 56.09% | $200.00 | — | $20.00 | $21.60 | 32 | 0 |
| 0 | 25 | $3.30 | $4.50 | 55.71% | $202.50 | — | — | — | — | — |
| 7 | 339 | $3.20 | $3.70 | 56.24% | $205.00 | — | $23.70 | $25.60 | 6 | 0 |
| 10 | 22 | $2.45 | $3.40 | 55.82% | $207.50 | — | $25.40 | $28.10 | 1 | 1 |
| 6 | 436 | $2.50 | $2.90 | 57.29% | $210.00 | — | $27.70 | $30.00 | 58 | 0 |
Forward $183.85. The 25-delta put carries +0.19 volatility points over the 25-delta call.
2026-10-23(30 days)ATM 52.72%±27.79skew -1.14
| Calls | Strike | Puts | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Volume | Open int | Bid | Ask | IV | IV | Bid | Ask | Open int | Volume | |
| — | — | — | — | — | $157.50 | 55.64% | $1.95 | $2.80 | 1 | 0 |
| 0 | 1 | $25.90 | $28.70 | — | $160.00 | 53.17% | $2.20 | $2.90 | 23 | 34 |
| 0 | 1 | $23.70 | $26.00 | — | $162.50 | — | — | — | — | — |
| — | — | — | — | — | $165.00 | 53.47% | $3.40 | $4.10 | 16 | 1 |
| — | — | — | — | — | $167.50 | 51.96% | $3.60 | $4.80 | 2 | 0 |
| — | — | — | — | — | $170.00 | 52.44% | $4.90 | $5.20 | 16 | 6 |
| 0 | 7 | $17.00 | $19.00 | — | $172.50 | 52.92% | $5.60 | $6.40 | 3 | 0 |
| 0 | 3 | $14.70 | $17.30 | — | $175.00 | 52.90% | $6.40 | $7.50 | 76 | 0 |
| — | — | — | — | — | $177.50 | 53.43% | $7.70 | $8.50 | 4 | 0 |
| 2 | 10 | $11.90 | $13.70 | — | $180.00 | 52.51% | $8.90 | $9.20 | 106 | 74 |
| 8 | 1 | $11.20 | $12.80 | — | $182.50 | 53.35% | $10.00 | $10.90 | 16 | 7 |
| 3 | 5 | $10.10 | $11.20 | 53.27% | $185.00 | — | $11.40 | $12.10 | 159 | 5 |
| 0 | 7 | $8.80 | $9.70 | 51.78% | $187.50 | — | $11.80 | $13.70 | 61 | 0 |
| 1 | 117 | $8.10 | $8.70 | 52.51% | $190.00 | — | $14.30 | $15.20 | 60 | 15 |
| 3 | 49 | $7.10 | $8.20 | 53.33% | $192.50 | — | $15.00 | $16.90 | 1 | 0 |
| 0 | 13 | $6.40 | $7.30 | 53.55% | $195.00 | — | $17.60 | $18.50 | 3 | 2 |
| 2 | 15 | $5.70 | $6.30 | 53.13% | $197.50 | — | — | — | — | — |
| 3 | 11 | $5.00 | $5.60 | 53.10% | $200.00 | — | $20.60 | $23.20 | 2 | 0 |
| 0 | 112 | $3.70 | $5.90 | 57.08% | $205.00 | — | $23.80 | $26.50 | 1 | 0 |
| 0 | 2 | $3.10 | $4.10 | 53.10% | $207.50 | — | — | — | — | — |
| 0 | 16 | $2.75 | $4.30 | 55.54% | $210.00 | — | $27.70 | $30.60 | 1 | 0 |
Forward $183.90. The 25-delta put carries -1.14 volatility points over the 25-delta call.
2026-10-30(37 days)ATM 51.10%±29.91skew -0.27
| Calls | Strike | Puts | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Volume | Open int | Bid | Ask | IV | IV | Bid | Ask | Open int | Volume | |
| — | — | — | — | — | $157.50 | 52.25% | $2.35 | $3.00 | 5 | 0 |
| 1 | 0 | $26.40 | $29.20 | — | $160.00 | 51.90% | $2.50 | $3.80 | 10 | 0 |
| — | — | — | — | — | $162.50 | 50.72% | $3.10 | $4.00 | 5 | 5 |
| 0 | 5 | $22.60 | $24.90 | — | $165.00 | 51.55% | $4.00 | $4.70 | 18 | 0 |
| — | — | — | — | — | $167.50 | 50.53% | $4.40 | $5.40 | 4 | 3 |
| — | — | — | — | — | $170.00 | 49.46% | $5.00 | $6.00 | 36 | 1 |
| — | — | — | — | — | $172.50 | 51.23% | $6.30 | $7.20 | 50 | 1 |
| 0 | 5 | $15.40 | $18.10 | — | $175.00 | 49.90% | $6.90 | $8.00 | 76 | 8 |
| — | — | — | — | — | $177.50 | 50.98% | $8.30 | $9.20 | 2 | 0 |
| 0 | 7 | $12.10 | $14.90 | — | $180.00 | 49.86% | $8.90 | $10.40 | 14 | 0 |
| 4 | 0 | $11.80 | $13.30 | — | $182.50 | 51.01% | $10.70 | $11.60 | 2 | 4 |
| 12 | 25 | $10.70 | $11.90 | 50.92% | $185.00 | — | $11.90 | $13.00 | 6 | 5 |
| 0 | 2 | $9.50 | $11.10 | 51.28% | $187.50 | — | $12.70 | $15.40 | 7 | 4 |
| 2 | 47 | $8.50 | $10.10 | 51.31% | $190.00 | — | $14.90 | $15.90 | 3 | 0 |
| 0 | 49 | $7.20 | $9.40 | 51.00% | $192.50 | — | $15.60 | $17.50 | 1 | 0 |
| 0 | 4 | $6.80 | $8.30 | 51.47% | $195.00 | — | $18.10 | $19.30 | 1 | 0 |
| 1 | 6 | $5.60 | $7.40 | 50.25% | $197.50 | — | — | — | — | — |
| 2 | 12 | $5.30 | $6.20 | 50.07% | $200.00 | — | — | — | — | — |
| 0 | 6 | $3.70 | $5.40 | 50.21% | $205.00 | — | — | — | — | — |
| 0 | 9 | $3.20 | $4.10 | 50.80% | $210.00 | — | — | — | — | — |
| 0 | 1 | $2.75 | $4.30 | 52.62% | $212.50 | — | — | — | — | — |
Forward $183.85. The 25-delta put carries -0.27 volatility points over the 25-delta call.
2026-11-20(58 days)ATM 48.07%±35.31skew -0.48
| Calls | Strike | Puts | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Volume | Open int | Bid | Ask | IV | IV | Bid | Ask | Open int | Volume | |
| 0 | 116 | $48.80 | $52.00 | — | $135.00 | — | — | — | — | — |
| 0 | 107 | $44.30 | $47.00 | — | $140.00 | — | — | — | — | — |
| 0 | 140 | $40.10 | $42.40 | — | $145.00 | 48.33% | $1.40 | $1.80 | 466 | 3 |
| 1 | 197 | $35.80 | $36.90 | — | $150.00 | 48.86% | $2.30 | $2.50 | 1,441 | 21 |
| 0 | 71 | $31.10 | $34.50 | — | $155.00 | 48.01% | $3.00 | $3.40 | 233 | 10 |
| 0 | 205 | $27.90 | $29.60 | — | $160.00 | 47.69% | $4.10 | $4.50 | 1,671 | 30 |
| 1 | 128 | $23.90 | $26.60 | — | $165.00 | 47.60% | $5.50 | $5.90 | 736 | 8 |
| 3 | 1,017 | $21.10 | $22.50 | — | $170.00 | 47.60% | $7.10 | $7.70 | 317 | 4 |
| 1 | 143 | $18.00 | $19.40 | — | $175.00 | 47.46% | $9.00 | $9.70 | 215 | 107 |
| 4 | 691 | $15.30 | $17.10 | — | $180.00 | 47.35% | $11.20 | $12.00 | 276 | 13 |
| 23 | 383 | $13.10 | $13.80 | 47.45% | $185.00 | — | $13.80 | $14.60 | 105 | 17 |
| 11 | 280 | $10.90 | $12.40 | 48.54% | $190.00 | — | $16.70 | $17.60 | 202 | 5 |
| 4 | 267 | $9.00 | $10.20 | 47.85% | $195.00 | — | $18.80 | $21.80 | 72 | 0 |
| 8 | 366 | $7.70 | $8.00 | 47.33% | $200.00 | — | $23.30 | $24.20 | 23 | 0 |
| 7 | 1,035 | $6.30 | $6.80 | 47.60% | $205.00 | — | $27.00 | $28.90 | 57 | 0 |
| 4 | 685 | $5.00 | $6.00 | 48.09% | $210.00 | — | $30.90 | $32.90 | 142 | 0 |
| 5 | 774 | $4.20 | $4.80 | 48.08% | $215.00 | — | $34.30 | $36.00 | 115 | 0 |
| 7 | 814 | $3.40 | $3.80 | 47.77% | $220.00 | — | $38.40 | $40.00 | 13 | 0 |
| 17 | 231 | $2.85 | $3.00 | 47.85% | $225.00 | — | $42.50 | $45.20 | 3 | 0 |
| 5 | 329 | $2.20 | $2.55 | 47.98% | $230.00 | — | $46.90 | $49.30 | 3 | 0 |
| 19 | 83 | $1.60 | $2.10 | 47.61% | $235.00 | — | $51.00 | $54.30 | 1 | 0 |
Forward $184.25. The 25-delta put carries -0.48 volatility points over the 25-delta call.
2026-12-18(86 days)ATM 46.78%±42.05skew +0.25
| Calls | Strike | Puts | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Volume | Open int | Bid | Ask | IV | IV | Bid | Ask | Open int | Volume | |
| 0 | 147 | $50.20 | $52.90 | — | $135.00 | 49.29% | $1.45 | $1.80 | 680 | 8 |
| 0 | 360 | $45.80 | $48.10 | — | $140.00 | 48.99% | $2.05 | $2.40 | 534 | 1 |
| 0 | 299 | $41.80 | $43.90 | — | $145.00 | 48.12% | $2.65 | $3.10 | 783 | 2 |
| 0 | 302 | $37.80 | $39.10 | — | $150.00 | 48.38% | $3.70 | $4.10 | 322 | 8 |
| 0 | 138 | $33.70 | $35.90 | — | $155.00 | 47.82% | $4.70 | $5.20 | 284 | 6 |
| 0 | 194 | $30.20 | $32.40 | — | $160.00 | 47.67% | $6.00 | $6.60 | 922 | 3 |
| 2 | 241 | $26.80 | $28.70 | — | $165.00 | 47.60% | $7.50 | $8.30 | 235 | 0 |
| 1 | 151 | $23.80 | $25.50 | — | $170.00 | 47.58% | $9.40 | $10.10 | 219 | 2 |
| 1 | 259 | $21.10 | $22.70 | — | $175.00 | 47.27% | $11.20 | $12.30 | 409 | 0 |
| 5 | 307 | $18.50 | $19.80 | — | $180.00 | 47.60% | $13.80 | $14.60 | 947 | 3 |
| 22 | 833 | $16.30 | $17.40 | — | $185.00 | 47.37% | $16.10 | $17.30 | 418 | 7 |
| 8 | 432 | $14.20 | $14.80 | 46.78% | $190.00 | — | $18.80 | $20.10 | 157 | 4 |
| 1 | 564 | $12.30 | $13.00 | 46.98% | $195.00 | — | $22.00 | $23.30 | 122 | 0 |
| 2 | 611 | $10.60 | $11.20 | 46.87% | $200.00 | — | $25.60 | $26.60 | 103 | 0 |
| 0 | 308 | $9.10 | $9.70 | 46.92% | $205.00 | — | $28.70 | $30.40 | 20 | 0 |
| 47 | 569 | $7.90 | $8.40 | 47.18% | $210.00 | — | $32.90 | $34.90 | 88 | 1 |
| 0 | 406 | $6.70 | $7.20 | 47.10% | $215.00 | — | $36.10 | $38.10 | 137 | 0 |
| 0 | 235 | $5.80 | $6.20 | 47.35% | $220.00 | — | $40.10 | $42.10 | 87 | 0 |
| 0 | 206 | $4.90 | $5.40 | 47.51% | $225.00 | — | $44.40 | $46.10 | 89 | 0 |
| 1 | 228 | $3.50 | $4.80 | 46.62% | $230.00 | — | $48.00 | $50.40 | 18 | 0 |
| 1 | 211 | $3.60 | $3.90 | 47.71% | $235.00 | — | $53.80 | $55.20 | 46 | 0 |
Forward $185.15. The 25-delta put carries +0.25 volatility points over the 25-delta call.
How to read this
Calls on the left, puts on the right, the strike between them — the layout every chain uses. Each block is one expiration, and the heading carries its days to expiry, the at-the-money implied volatility, and the one-standard-deviation move that volatility implies over that time.
Only the 21 strikes nearest the forward are stored, which is the part of the board that carries the volume. The shaded side is in the money: below the forward for calls, above it for puts.
Implied volatility is shown on the out-of-the-money side only. An in-the-money option is nearly all intrinsic value quoted on a wide market, so a volatility solved from it would look authoritative and mean very little. The price is still shown, because the price is real; the blank is deliberate.