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AGQ options analytics

AGQ · ETF

Data as of 25 September 2026 (end of day)

AGQ options are pricing a 30-day at-the-money volatility of 70.0%, a move of about ±20.1% over the next month. Its history here is 8 sessions, short of the 180 a percentile needs, so this reading is not yet ranked against its own past.

Its 25-delta calls carry 7.25 volatility points more than the puts.

Longer-dated options carry more: 90-day volatility is 11% above 30-day.

Current readings

30-day ATM implied volatilityⓘ
70.00%

Prices a move of about ±20.1% over 30 days, or ±4.4% on a typical day.

25-delta risk reversalⓘ
-7.25

Calls carry 7.25 volatility points more than puts the same distance from the money.

25-delta butterflyⓘ
+2.80

The wings carry 2.80 volatility points more than at-the-money.

Term structure slopeⓘ
1.105

90-day volatility is 11% above 30-day.

Where 30-day implied volatility sits

Against 7 prior sessions (one-year window)

Not enough history in this window to place the current reading.

IV percentile, 1 year
—
IV rank, 1 year
—
IV percentile, 2 years
—
IV rank, 2 years
—

Rank is the position between the lowest and highest readings in the window, so a single past extreme pins everything after it near one end. Percentile is the share of sessions below the current reading and is unaffected by how far that extreme reached. Both are withheld when the window holds fewer than 180 sessions.

Session detail

Underlying close
$76.45
30-day implied forward
$76.82
60-day ATM IV
75.59%
90-day ATM IV
77.36%
180-day ATM IV
81.10%
Expirations used
4
Total open interest
35,781
Put / call open interest
0.37

The forward is derived from put-call parity on the strikes nearest the money, not taken from the underlying close. It is what every moneyness and delta on this page is measured against.

30-day at-the-money implied volatility

Last 8 sessions

65%70%75%80%85%2026-09-17 — 30-day ATM IV 81%2026-09-18 — 30-day ATM IV 79%2026-09-21 — 30-day ATM IV 75%2026-09-22 — 30-day ATM IV 79%2026-09-23 — 30-day ATM IV 75%2026-09-24 — 30-day ATM IV 79%2026-09-25 — 30-day ATM IV 70%17 Sep21 Sep22 Sep24 Sep25 Sep
Show the underlying numbers (most recent 8)
Session30-day ATM IV25-delta RRTerm slopeClose
2026-09-2570.00%-7.251.105$76.45
2026-09-2479.29%-8.370.976$75.09
2026-09-2375.17%+0.331.044$76.65
2026-09-2279.33%-12.381.035$83.72
2026-09-2175.37%-6.451.143$80.73
2026-09-1879.04%-8.851.128$81.48
2026-09-1781.19%-7.971.092$78.91
2026-09-16———$73.77

The chart covers every session in the archive, 8 in total. The table lists the most recent 8.

25-delta risk reversal

Last 8 sessions

-15.0-10.0-5.00.05.02026-09-17 — 25-delta RR (volatility points) -8.02026-09-18 — 25-delta RR (volatility points) -8.92026-09-21 — 25-delta RR (volatility points) -6.52026-09-22 — 25-delta RR (volatility points) -12.42026-09-23 — 25-delta RR (volatility points) 0.32026-09-24 — 25-delta RR (volatility points) -8.42026-09-25 — 25-delta RR (volatility points) -7.317 Sep21 Sep22 Sep24 Sep25 Sep

The dashed line marks zero, where the 25-delta put and call carry the same implied volatility.

Skew curve

Implied volatility by delta, front expirations

Implied volatility by delta

7d (2026-10-02) · 21d (2026-10-16) · 112d (2027-01-15)

40%60%80%100%120%140%2026-10-02 (7d) — 10Δ C — IV 68.06%2026-10-02 (7d) — 15Δ C — IV 66.96%2026-10-02 (7d) — 20Δ C — IV 68.26%2026-10-02 (7d) — 25Δ C — IV 63.02%2026-10-02 (7d) — 30Δ C — IV 63.44%2026-10-02 (7d) — 35Δ C — IV 63.00%2026-10-02 (7d) — 40Δ C — IV 61.42%2026-10-02 (7d) — 45Δ C — IV 60.95%2026-10-02 (7d) — ATM — IV 64.48%2026-10-02 (7d) — 45Δ P — IV 64.29%2026-10-02 (7d) — 40Δ P — IV 64.04%2026-10-02 (7d) — 35Δ P — IV 65.53%2026-10-02 (7d) — 30Δ P — IV 62.69%2026-10-02 (7d) — 25Δ P — IV 61.25%2026-10-02 (7d) — 20Δ P — IV 61.67%7d2026-10-16 (21d) — 10Δ C — IV 79.53%2026-10-16 (21d) — 15Δ C — IV 78.93%2026-10-16 (21d) — 20Δ C — IV 74.85%2026-10-16 (21d) — 25Δ C — IV 70.07%2026-10-16 (21d) — 30Δ C — IV 68.67%2026-10-16 (21d) — 35Δ C — IV 71.79%2026-10-16 (21d) — 40Δ C — IV 72.71%2026-10-16 (21d) — 45Δ C — IV 71.22%2026-10-16 (21d) — ATM — IV 64.82%2026-10-16 (21d) — 45Δ P — IV 68.89%2026-10-16 (21d) — 40Δ P — IV 66.31%2026-10-16 (21d) — 35Δ P — IV 69.34%2026-10-16 (21d) — 30Δ P — IV 65.08%2026-10-16 (21d) — 25Δ P — IV 64.72%21d2027-01-15 (112d) — 5Δ C — IV 123.66%2027-01-15 (112d) — 10Δ C — IV 102.96%2027-01-15 (112d) — 15Δ C — IV 93.63%2027-01-15 (112d) — 20Δ C — IV 90.93%2027-01-15 (112d) — 25Δ C — IV 86.18%2027-01-15 (112d) — 30Δ C — IV 85.05%2027-01-15 (112d) — 35Δ C — IV 82.63%2027-01-15 (112d) — 40Δ C — IV 81.01%2027-01-15 (112d) — 45Δ C — IV 79.11%2027-01-15 (112d) — ATM — IV 78.05%2027-01-15 (112d) — 45Δ P — IV 75.83%2027-01-15 (112d) — 40Δ P — IV 75.70%2027-01-15 (112d) — 35Δ P — IV 74.37%2027-01-15 (112d) — 30Δ P — IV 73.70%2027-01-15 (112d) — 25Δ P — IV 76.16%112d10Δ C25Δ CATM25Δ P10Δ Pout-of-the-money calls ← delta → out-of-the-money puts

The axis is call delta. Readings to the right of the dashed centre line are taken from the out-of-the-money put at that strike, which is the contract whose quote the volatility was solved from. Points are only plotted where surviving quotes bracket the delta on both sides; nothing is extrapolated past the last traded strike.

Show the underlying numbers
Delta7d21d112d
5Δ call——123.66%
10Δ call68.06%79.53%102.96%
15Δ call66.96%78.93%93.63%
20Δ call68.26%74.85%90.93%
25Δ call63.02%70.07%86.18%
30Δ call63.44%68.67%85.05%
35Δ call63.00%71.79%82.63%
40Δ call61.42%72.71%81.01%
45Δ call60.95%71.22%79.11%
ATM64.48%64.82%78.05%
45Δ put64.29%68.89%75.83%
40Δ put64.04%66.31%75.70%
35Δ put65.53%69.34%74.37%
30Δ put62.69%65.08%73.70%
25Δ put61.25%64.72%76.16%
20Δ put61.67%——

Wing readings by expiration

ExpirationDaysForwardATM IV25Δ put25Δ callRRButterflyQuotes
2026-10-027$76.6764.48%61.25%63.02%-1.78-2.3514
2026-10-1621$76.8064.82%64.72%70.07%-5.36+2.5716
2027-01-15112$76.9878.05%76.16%86.18%-10.02+3.1330
2027-06-17265$78.1782.67%76.74%95.94%-19.20+3.6863

Each curve above is one expiration. The vertical position is implied volatility; the horizontal position is the delta of the contract it was read from. For US equities the curve normally slopes upward to the right, meaning out-of-the-money puts carry higher implied volatility than equidistant calls.

The 25-delta risk reversal summarises that slope as a single number: the 25-delta put volatility minus the 25-delta call volatility. The butterfly summarises the curvature: the average of the two wings minus the at-the-money reading.

Term structure

At-the-money implied volatility by expiration

At-the-money implied volatility by expiration

4 listed expirations produced a usable reading

60%65%70%75%80%85%2026-10-02 — 7 days — at-the-money IV 64.48%2026-10-16 — 21 days — at-the-money IV 64.82%2027-01-15 — 112 days — at-the-money IV 78.05%2027-06-17 — 265 days — at-the-money IV 82.67%7306090180days to expiration

The horizontal axis is the square root of days to expiration, which is the scale volatility lives on. A curve that is flat in variance terms plots as a straight line here rather than bending sharply through the front week.

Show the underlying numbers
ExpirationDaysForwardATM IVATM strikeQuotes used
2026-10-027 days$76.6764.48%$76.9814
2026-10-1621 days$76.8064.82%$77.7416
2027-01-15112 days$76.9878.05%$84.5230
2027-06-17265 days$78.1782.67%$100.1963

Constant maturities

Interpolated between the bracketing listed expirations, in total variance

30 days
70.00%
60 days
75.59%
90 days
77.36%
180 days
81.10%

Interpolation is linear in total variance, not in volatility. Interpolating volatility directly implies a forward variance that can be negative between two expirations. A tenor beyond the longest listed expiration is reported as unavailable rather than extrapolated.

Term structure slope

Last 8 sessions

0.951.001.051.101.151.202026-09-17 — 90-day over 30-day 1.092026-09-18 — 90-day over 30-day 1.132026-09-21 — 90-day over 30-day 1.142026-09-22 — 90-day over 30-day 1.042026-09-23 — 90-day over 30-day 1.042026-09-24 — 90-day over 30-day 0.982026-09-25 — 90-day over 30-day 1.1117 Sep21 Sep22 Sep24 Sep25 Sep

The dashed line marks 1.00, where the 90-day and 30-day at-the-money volatilities are equal. Above it the longer tenor carries the higher volatility.

The term structure is the at-the-money implied volatility of each listed expiration, plotted against how far away that expiration is. Its usual shape for a calm underlying slopes gently upward, because a longer horizon admits more uncertainty.

It inverts when the market prices a dated event: an expiration that captures a scheduled announcement carries the variance of that event on top of ordinary trading, so a shorter contract can print a higher volatility than a longer one.