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ETHA options analytics

ETHA · ETF

Data as of 23 September 2026 (end of day)

ETHA options are pricing a 30-day at-the-money volatility of 48.9%, a move of about ±14.0% over the next month. Its history here is 5 sessions, short of the 180 a percentile needs, so this reading is not yet ranked against its own past.

Its 25-delta puts carry 0.36 volatility points more than the calls.

Longer-dated options carry more: 90-day volatility is 9% above 30-day.

Current readings

30-day ATM implied volatilityⓘ
48.91%

Prices a move of about ±14.0% over 30 days, or ±3.1% on a typical day.

25-delta risk reversalⓘ
+0.36

Puts carry 0.36 volatility points more than calls the same distance from the money.

25-delta butterflyⓘ
+1.55

The wings carry 1.55 volatility points more than at-the-money.

Term structure slopeⓘ
1.092

90-day volatility is 9% above 30-day.

Where 30-day implied volatility sits

Against 5 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
$20.21
30-day implied forward
$20.23
60-day ATM IV
53.39%
90-day ATM IV
53.42%
180-day ATM IV
56.19%
Expirations used
11
Total open interest
1,706,738
Put / call open interest
0.51

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 5 sessions

46%48%50%52%54%2026-09-17 — 30-day ATM IV 48%2026-09-18 — 30-day ATM IV 50%2026-09-21 — 30-day ATM IV 54%2026-09-22 — 30-day ATM IV 51%2026-09-23 — 30-day ATM IV 49%17 Sep18 Sep21 Sep22 Sep23 Sep
Show the underlying numbers (most recent 5)
Session30-day ATM IV25-delta RRTerm slopeClose
2026-09-2348.91%+0.361.092$20.21
2026-09-2251.10%-1.001.087$20.76
2026-09-2153.51%-1.991.048$20.85
2026-09-1850.31%-1.711.077$19.92
2026-09-1747.57%-0.161.110$18.47

The chart covers every session in the archive, 5 in total. The table lists the most recent 5.

25-delta risk reversal

Last 5 sessions

-3.0-2.0-1.00.01.02026-09-17 — 25-delta RR (volatility points) -0.22026-09-18 — 25-delta RR (volatility points) -1.72026-09-21 — 25-delta RR (volatility points) -2.02026-09-22 — 25-delta RR (volatility points) -1.02026-09-23 — 25-delta RR (volatility points) 0.417 Sep18 Sep21 Sep22 Sep23 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

2d (2026-09-25) · 9d (2026-10-02) · 16d (2026-10-09)

45%50%55%60%65%2026-09-25 (2d) — 5Δ C — IV 59.34%2026-09-25 (2d) — 10Δ C — IV 54.19%2026-09-25 (2d) — 15Δ C — IV 52.55%2026-09-25 (2d) — 20Δ C — IV 51.09%2026-09-25 (2d) — 25Δ C — IV 49.82%2026-09-25 (2d) — 30Δ C — IV 49.00%2026-09-25 (2d) — 35Δ C — IV 48.68%2026-09-25 (2d) — 40Δ C — IV 48.58%2026-09-25 (2d) — 45Δ C — IV 48.50%2026-09-25 (2d) — ATM — IV 48.44%2026-09-25 (2d) — 45Δ P — IV 48.39%2026-09-25 (2d) — 40Δ P — IV 48.38%2026-09-25 (2d) — 35Δ P — IV 48.48%2026-09-25 (2d) — 30Δ P — IV 48.99%2026-09-25 (2d) — 25Δ P — IV 49.91%2026-09-25 (2d) — 20Δ P — IV 51.21%2026-09-25 (2d) — 15Δ P — IV 52.83%2026-09-25 (2d) — 10Δ P — IV 55.73%2d2026-10-02 (9d) — 5Δ C — IV 61.96%2026-10-02 (9d) — 10Δ C — IV 54.83%2026-10-02 (9d) — 15Δ C — IV 51.28%2026-10-02 (9d) — 20Δ C — IV 49.99%2026-10-02 (9d) — 25Δ C — IV 49.39%2026-10-02 (9d) — 30Δ C — IV 49.06%2026-10-02 (9d) — 35Δ C — IV 48.69%2026-10-02 (9d) — 40Δ C — IV 48.30%2026-10-02 (9d) — 45Δ C — IV 48.14%2026-10-02 (9d) — ATM — IV 48.12%2026-10-02 (9d) — 45Δ P — IV 48.10%2026-10-02 (9d) — 40Δ P — IV 48.05%2026-10-02 (9d) — 35Δ P — IV 47.99%2026-10-02 (9d) — 30Δ P — IV 47.97%2026-10-02 (9d) — 25Δ P — IV 48.68%2026-10-02 (9d) — 20Δ P — IV 50.01%2026-10-02 (9d) — 15Δ P — IV 51.57%2026-10-02 (9d) — 10Δ P — IV 53.98%2026-10-02 (9d) — 5Δ P — IV 59.26%9d2026-10-09 (16d) — 5Δ C — IV 61.54%2026-10-09 (16d) — 10Δ C — IV 54.25%2026-10-09 (16d) — 15Δ C — IV 50.85%2026-10-09 (16d) — 20Δ C — IV 50.22%2026-10-09 (16d) — 25Δ C — IV 49.43%2026-10-09 (16d) — 30Δ C — IV 48.52%2026-10-09 (16d) — 35Δ C — IV 48.49%2026-10-09 (16d) — 40Δ C — IV 48.40%2026-10-09 (16d) — 45Δ C — IV 48.27%2026-10-09 (16d) — ATM — IV 48.55%2026-10-09 (16d) — 45Δ P — IV 49.12%2026-10-09 (16d) — 40Δ P — IV 49.05%2026-10-09 (16d) — 35Δ P — IV 48.89%2026-10-09 (16d) — 30Δ P — IV 49.35%2026-10-09 (16d) — 25Δ P — IV 49.87%2026-10-09 (16d) — 20Δ P — IV 49.95%2026-10-09 (16d) — 15Δ P — IV 50.50%2026-10-09 (16d) — 10Δ P — IV 52.10%2026-10-09 (16d) — 5Δ P — IV 60.81%16d10Δ 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
Delta2d9d16d
5Δ call59.34%61.96%61.54%
10Δ call54.19%54.83%54.25%
15Δ call52.55%51.28%50.85%
20Δ call51.09%49.99%50.22%
25Δ call49.82%49.39%49.43%
30Δ call49.00%49.06%48.52%
35Δ call48.68%48.69%48.49%
40Δ call48.58%48.30%48.40%
45Δ call48.50%48.14%48.27%
ATM48.44%48.12%48.55%
45Δ put48.39%48.10%49.12%
40Δ put48.38%48.05%49.05%
35Δ put48.48%47.99%48.89%
30Δ put48.99%47.97%49.35%
25Δ put49.91%48.68%49.87%
20Δ put51.21%50.01%49.95%
15Δ put52.83%51.57%50.50%
10Δ put55.73%53.98%52.10%
5Δ put—59.26%60.81%

Wing readings by expiration

ExpirationDaysForwardATM IV25Δ put25Δ callRRButterflyQuotes
2026-09-252$20.2048.44%49.91%49.82%+0.09+1.439
2026-10-029$20.2048.12%48.68%49.39%-0.71+0.9230
2026-10-0916$20.2148.55%49.87%49.43%+0.45+1.1034
2026-10-1623$20.2348.65%49.62%49.79%-0.16+1.0640
2026-10-2330$20.2348.91%50.63%50.28%+0.36+1.5534
2026-10-3037$20.2550.21%51.20%51.96%-0.77+1.3729
2026-11-2058$20.3053.40%53.40%55.44%-2.04+1.0131
2026-12-1886$20.3953.30%54.48%56.11%-1.63+1.9930
2027-01-15114$20.4653.93%55.27%56.69%-1.42+2.0540
2027-03-19177$20.5656.16%56.76%58.70%-1.94+1.5725
2027-06-17267$20.8256.75%58.36%59.84%-1.48+2.3547

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

11 listed expirations produced a usable reading

46%48%50%52%54%56%58%2026-09-25 — 2 days — at-the-money IV 48.44%2026-10-02 — 9 days — at-the-money IV 48.12%2026-10-09 — 16 days — at-the-money IV 48.55%2026-10-16 — 23 days — at-the-money IV 48.65%2026-10-23 — 30 days — at-the-money IV 48.91%2026-10-30 — 37 days — at-the-money IV 50.21%2026-11-20 — 58 days — at-the-money IV 53.40%2026-12-18 — 86 days — at-the-money IV 53.30%2027-01-15 — 114 days — at-the-money IV 53.93%2027-03-19 — 177 days — at-the-money IV 56.16%2027-06-17 — 267 days — at-the-money IV 56.75%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
2026-09-252 days$20.2048.44%$20.219
2026-10-029 days$20.2048.12%$20.2630
2026-10-0916 days$20.2148.55%$20.3134
2026-10-1623 days$20.2348.65%$20.3840
2026-10-2330 days$20.2348.91%$20.4334
2026-10-3037 days$20.2550.21%$20.5129
2026-11-2058 days$20.3053.40%$20.7631
2026-12-1886 days$20.3953.30%$21.0830
2027-01-15114 days$20.4653.93%$21.4140
2027-03-19177 days$20.5656.16%$22.1925
2027-06-17267 days$20.8256.75%$23.4247

Constant maturities

Interpolated between the bracketing listed expirations, in total variance

30 days
48.91%
60 days
53.39%
90 days
53.42%
180 days
56.19%

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 5 sessions

0.951.001.051.101.152026-09-17 — 90-day over 30-day 1.112026-09-18 — 90-day over 30-day 1.082026-09-21 — 90-day over 30-day 1.052026-09-22 — 90-day over 30-day 1.092026-09-23 — 90-day over 30-day 1.0917 Sep18 Sep21 Sep22 Sep23 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.