XLV option chain
Strikes around the forward, as they were quoted at the close
Data as of 23 September 2026 (end of day)
2026-10-02(9 days)ATM 16.29%±4.32skew +1.22
| Calls | Strike | Puts | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Volume | Open int | Bid | Ask | IV | IV | Bid | Ask | Open int | Volume | |
| 2 | 118 | $33.30 | $34.75 | — | $135.00 | — | — | — | — | — |
| 0 | 119 | $28.55 | $29.75 | — | $140.00 | — | — | — | — | — |
| 0 | 1 | $9.30 | $11.25 | — | $159.00 | — | — | — | — | — |
| — | — | — | — | — | $160.00 | 19.43% | $0.05 | $0.10 | 125 | 25 |
| 0 | 4 | $5.90 | $7.70 | — | $162.50 | — | — | — | — | — |
| 0 | 1 | $5.50 | $7.50 | — | $163.00 | 18.12% | $0.19 | $0.28 | 52 | 0 |
| 0 | 1 | $4.70 | $6.80 | — | $164.00 | 17.98% | $0.31 | $0.40 | 49 | 3 |
| 0 | 12 | $3.90 | $6.10 | — | $165.00 | 17.75% | $0.42 | $0.61 | 277 | 10 |
| 0 | 5 | $3.20 | $3.85 | — | $166.00 | 17.40% | $0.62 | $0.82 | 51 | 1 |
| 0 | 5 | $2.81 | $3.00 | — | $167.00 | 16.85% | $0.79 | $1.15 | 49 | 2 |
| 0 | 68 | $2.46 | $2.68 | — | $167.50 | 17.02% | $1.06 | $1.27 | 41 | 1 |
| 1 | 32 | $2.13 | $2.35 | — | $168.00 | 16.77% | $1.22 | $1.46 | 1,306 | 4 |
| 273 | 305 | $1.56 | $1.82 | 16.29% | $169.00 | — | $1.62 | $1.89 | 16 | 1 |
| 400 | 148 | $1.10 | $1.31 | 15.88% | $170.00 | — | $2.15 | $2.45 | 127 | 1 |
| 207 | 88 | $0.76 | $0.95 | 15.89% | $171.00 | — | $2.83 | $3.10 | 12 | 1 |
| 10 | 1,146 | $0.51 | $0.71 | 16.18% | $172.00 | — | $3.55 | $3.85 | 4 | 24 |
| — | — | — | — | — | $172.50 | — | $3.25 | $4.65 | 332 | 0 |
| — | — | — | — | — | $173.00 | — | $4.40 | $5.05 | 13 | 1 |
| 1 | 8 | $0.23 | $0.33 | 16.48% | $174.00 | — | $4.60 | $6.00 | 6 | 0 |
| — | — | — | — | — | $175.00 | — | $5.75 | $6.75 | 3 | 1 |
| — | — | — | — | — | $176.00 | — | $6.60 | $7.70 | 50 | 0 |
Forward $168.93. The 25-delta put carries +1.22 volatility points over the 25-delta call.
2026-10-16(23 days)ATM 16.47%±6.99skew +0.72
| Calls | Strike | Puts | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Volume | Open int | Bid | Ask | IV | IV | Bid | Ask | Open int | Volume | |
| 0 | 8 | $7.95 | $10.30 | — | $161.00 | 17.80% | $0.47 | $0.56 | 384 | 12 |
| 0 | 7 | $7.20 | $9.50 | — | $162.00 | 17.23% | $0.53 | $0.70 | 9,271 | 1,005 |
| 0 | 35 | $6.80 | $9.10 | — | $162.50 | — | — | — | — | — |
| 0 | 2 | $6.45 | $8.40 | — | $163.00 | 16.74% | $0.63 | $0.86 | 200 | 4 |
| 0 | 81 | $5.75 | $6.95 | — | $164.00 | 17.08% | $0.95 | $1.07 | 384 | 4 |
| 169 | 1,308 | $5.35 | $5.60 | — | $165.00 | 17.12% | $1.20 | $1.37 | 2,314 | 49 |
| 1 | 283 | $4.50 | $4.85 | — | $166.00 | 16.90% | $1.48 | $1.66 | 719 | 11 |
| 4 | 345 | $3.80 | $4.20 | — | $167.00 | 16.60% | $1.81 | $1.97 | 691 | 4 |
| 33 | 0 | $3.30 | $4.15 | — | $167.50 | 16.31% | $1.78 | $2.31 | 47 | 0 |
| 150 | 186 | $3.25 | $3.55 | — | $168.00 | 16.21% | $2.14 | $2.35 | 685 | 143 |
| 5 | 86 | $2.60 | $2.99 | — | $169.00 | 16.47% | $2.62 | $2.91 | 169 | 1 |
| 30 | 2,654 | $2.16 | $2.51 | 16.49% | $170.00 | — | $3.10 | $3.40 | 1,552 | 14 |
| 2 | 90 | $1.72 | $2.08 | 16.33% | $171.00 | — | $3.65 | $4.00 | 62 | 0 |
| 17 | 1,824 | $1.48 | $1.65 | 16.44% | $172.00 | — | $4.30 | $4.65 | 48 | 0 |
| 7 | 304 | $1.18 | $1.51 | 16.03% | $172.50 | — | — | — | — | — |
| 5 | 437 | $1.10 | $1.39 | 16.33% | $173.00 | — | $4.85 | $5.35 | 27 | 1 |
| 0 | 443 | $0.87 | $1.12 | 16.37% | $174.00 | — | $5.05 | $6.45 | 19 | 2 |
| 13 | 1,479 | $0.70 | $0.83 | 16.22% | $175.00 | — | $6.15 | $7.00 | 70 | 0 |
| 1 | 1,334 | $0.55 | $0.68 | 16.44% | $176.00 | — | $6.80 | $8.10 | 13 | 0 |
| 11 | 65 | $0.45 | $0.53 | 16.62% | $177.00 | — | $7.65 | $8.95 | 18 | 0 |
| — | — | — | — | — | $178.00 | — | $8.60 | $10.00 | 10 | 0 |
Forward $169.03. The 25-delta put carries +0.72 volatility points over the 25-delta call.
2026-10-23(30 days)ATM 16.33%±7.92skew +0.80
| Calls | Strike | Puts | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Volume | Open int | Bid | Ask | IV | IV | Bid | Ask | Open int | Volume | |
| — | — | — | — | — | $160.00 | 17.96% | $0.46 | $0.72 | 75 | 0 |
| 0 | 1 | $8.20 | $10.70 | — | $161.00 | 17.56% | $0.56 | $0.84 | 2 | 0 |
| — | — | — | — | — | $162.00 | 17.54% | $0.77 | $0.99 | 31 | 0 |
| 1 | 0 | $7.20 | $8.75 | — | $162.50 | — | — | — | — | — |
| — | — | — | — | — | $163.00 | 17.57% | $0.88 | $1.32 | 3 | 0 |
| 0 | 2 | $6.00 | $8.30 | — | $164.00 | 17.00% | $1.08 | $1.45 | 2 | 1 |
| 0 | 6 | $5.65 | $6.00 | — | $165.00 | 16.83% | $1.37 | $1.68 | 27 | 1 |
| — | — | — | — | — | $166.00 | 16.47% | $1.53 | $2.05 | 76 | 0 |
| 0 | 4 | $4.25 | $4.65 | — | $167.00 | 16.78% | $1.97 | $2.47 | 34 | 1 |
| — | — | — | — | — | $167.50 | 16.17% | $2.02 | $2.60 | 3 | 0 |
| 7 | 72 | $3.70 | $4.00 | — | $168.00 | 16.77% | $2.45 | $2.83 | 107 | 1 |
| 1 | 103 | $3.10 | $3.45 | — | $169.00 | 16.34% | $2.76 | $3.30 | 70 | 2 |
| 19 | 38 | $2.65 | $2.94 | 16.33% | $170.00 | — | $3.40 | $3.80 | 5 | 0 |
| 40 | 11 | $2.09 | $2.65 | 16.34% | $171.00 | — | $3.95 | $4.35 | 60 | 0 |
| 0 | 7 | $1.77 | $2.41 | 16.87% | $172.00 | — | $4.50 | $4.95 | 7 | 0 |
| 0 | 2 | $1.46 | $1.96 | 15.72% | $172.50 | — | — | — | — | — |
| 0 | 2 | $1.38 | $1.85 | 16.08% | $173.00 | — | — | — | — | — |
| 0 | 2 | $1.07 | $1.52 | 15.88% | $174.00 | — | — | — | — | — |
| 23 | 41 | $1.00 | $1.20 | 16.20% | $175.00 | — | — | — | — | — |
| 1 | 15 | $0.70 | $1.02 | 15.98% | $176.00 | — | — | — | — | — |
| 0 | 12 | $0.47 | $0.71 | 15.79% | $177.50 | — | — | — | — | — |
Forward $169.25. The 25-delta put carries +0.80 volatility points over the 25-delta call.
2026-10-30(37 days)ATM 16.95%±9.15skew +1.75
| Calls | Strike | Puts | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Volume | Open int | Bid | Ask | IV | IV | Bid | Ask | Open int | Volume | |
| 0 | 1 | $9.80 | $11.15 | — | $160.00 | 18.66% | $0.66 | $1.07 | 9 | 8 |
| — | — | — | — | — | $161.00 | 18.15% | $0.77 | $1.19 | 7 | 1 |
| — | — | — | — | — | $162.00 | 18.44% | $1.10 | $1.37 | 18 | 6 |
| 0 | 8 | $7.70 | $9.75 | — | $162.50 | 18.38% | $1.12 | $1.57 | 1 | 0 |
| 0 | 2 | $7.00 | $9.60 | — | $163.00 | 18.16% | $1.25 | $1.62 | 5 | 0 |
| — | — | — | — | — | $164.00 | 16.97% | $1.16 | $1.84 | 69 | 0 |
| 0 | 11 | $6.05 | $6.65 | — | $165.00 | 17.93% | $1.72 | $2.24 | 10 | 4 |
| — | — | — | — | — | $166.00 | 17.50% | $2.05 | $2.44 | 2 | 0 |
| 1 | 47 | $4.65 | $5.35 | — | $167.00 | 17.48% | $2.28 | $2.97 | 29 | 0 |
| 0 | 5 | $4.20 | $5.90 | — | $167.50 | 16.69% | $2.29 | $3.05 | 50 | 0 |
| — | — | — | — | — | $168.00 | 17.42% | $2.83 | $3.25 | 82 | 0 |
| 3 | 7 | $3.55 | $4.15 | — | $169.00 | 16.91% | $3.10 | $3.70 | 155 | 0 |
| 7 | 113 | $3.10 | $3.65 | 16.96% | $170.00 | — | $3.80 | $4.25 | 17 | 3 |
| 0 | 11 | $2.45 | $3.05 | 16.10% | $171.00 | — | — | — | — | — |
| 5 | 4 | $2.21 | $2.75 | 16.71% | $172.00 | — | — | — | — | — |
| 0 | 12 | $1.77 | $2.41 | 16.54% | $173.00 | — | — | — | — | — |
| 0 | 4 | $1.50 | $2.16 | 16.84% | $174.00 | — | — | — | — | — |
| 0 | 8 | $1.24 | $1.60 | 16.13% | $175.00 | — | $6.60 | $7.70 | 4 | 0 |
| 4 | 17 | $1.06 | $1.40 | 16.42% | $176.00 | — | — | — | — | — |
| 0 | 2 | $0.83 | $1.23 | 16.48% | $177.00 | — | — | — | — | — |
| 27 | 1 | $0.91 | $1.10 | 16.94% | $177.50 | — | — | — | — | — |
Forward $169.45. The 25-delta put carries +1.75 volatility points over the 25-delta call.
2026-11-20(58 days)ATM 16.92%±11.44skew +0.06
| Calls | Strike | Puts | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Volume | Open int | Bid | Ask | IV | IV | Bid | Ask | Open int | Volume | |
| 0 | 2 | $11.45 | $13.75 | — | $159.00 | — | — | — | — | — |
| 1 | 41 | $10.75 | $11.35 | — | $160.00 | 17.85% | $1.25 | $1.43 | 2,203 | 59 |
| 0 | 7 | $9.80 | $12.10 | — | $161.00 | 17.82% | $1.31 | $1.81 | 21 | 0 |
| — | — | — | — | — | $162.00 | 17.50% | $1.48 | $2.01 | 496 | 0 |
| 252 | 0 | $8.50 | $9.05 | — | $163.00 | 17.60% | $1.94 | $2.15 | 14 | 2 |
| — | — | — | — | — | $164.00 | 17.28% | $2.00 | $2.56 | 12 | 0 |
| 2 | 75 | $7.05 | $7.65 | — | $165.00 | 17.33% | $2.53 | $2.73 | 3,462 | 5 |
| — | — | — | — | — | $166.00 | 17.28% | $2.77 | $3.20 | 2 | 1 |
| 1 | 2 | $5.80 | $6.65 | — | $167.00 | 16.84% | $3.10 | $3.45 | 141 | 0 |
| 5 | 31 | $5.30 | $5.75 | — | $168.00 | 16.14% | $3.00 | $4.05 | 3 | 0 |
| 0 | 21 | $4.70 | $5.40 | — | $169.00 | 16.83% | $3.85 | $4.50 | 12 | 0 |
| 102 | 622 | $4.20 | $4.55 | 16.90% | $170.00 | — | $4.50 | $4.90 | 448 | 1 |
| 1 | 12 | $3.75 | $4.40 | 17.48% | $171.00 | — | $4.90 | $5.55 | 5 | 0 |
| 1 | 59 | $3.40 | $3.80 | 17.29% | $172.00 | — | $5.05 | $6.15 | 1 | 0 |
| 0 | 10 | $2.80 | $3.50 | 17.05% | $173.00 | — | — | — | — | — |
| 0 | 3 | $2.38 | $3.05 | 16.74% | $174.00 | — | — | — | — | — |
| 41 | 642 | $2.23 | $2.50 | 16.63% | $175.00 | — | $7.55 | $7.95 | 280 | 0 |
| 152 | 1,110 | $1.89 | $2.24 | 16.60% | $176.00 | — | — | — | — | — |
| 1 | 8 | $1.60 | $2.11 | 16.83% | $177.00 | — | — | — | — | — |
| 0 | 1 | $1.47 | $2.02 | 17.43% | $178.00 | — | — | — | — | — |
| 24 | 1,339 | $1.02 | $1.29 | 16.53% | $180.00 | — | $11.15 | $12.15 | 17 | 0 |
Forward $169.67. The 25-delta put carries +0.06 volatility points over the 25-delta call.
2026-12-18(86 days)ATM 17.29%±14.28skew +1.11
| Calls | Strike | Puts | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Volume | Open int | Bid | Ask | IV | IV | Bid | Ask | Open int | Volume | |
| 0 | 12 | $21.15 | $23.55 | — | $149.00 | — | — | — | — | — |
| 0 | 589 | $20.10 | $21.10 | — | $150.00 | 18.94% | $0.49 | $0.65 | 6,050 | 8 |
| 0 | 12 | $19.45 | $21.35 | — | $151.00 | 18.61% | $0.49 | $0.76 | 13 | 0 |
| 0 | 258 | $18.35 | $20.80 | — | $152.00 | — | — | — | — | — |
| 0 | 223 | $17.35 | $19.80 | — | $153.00 | — | — | — | — | — |
| 0 | 16 | $16.55 | $18.00 | — | $154.00 | — | — | — | — | — |
| 0 | 735 | $15.85 | $17.45 | — | $155.00 | 18.31% | $0.99 | $1.18 | 3,818 | 1 |
| 0 | 236 | $14.85 | $17.30 | — | $156.00 | 18.12% | $1.04 | $1.39 | 141 | 1 |
| 0 | 15 | $14.35 | $15.40 | — | $157.00 | 17.83% | $1.19 | $1.48 | 10,233 | 2 |
| 0 | 31 | $13.50 | $14.55 | — | $158.00 | 18.12% | $1.45 | $1.74 | 2,341 | 7 |
| 0 | 349 | $12.55 | $14.25 | — | $159.00 | 17.98% | $1.64 | $1.93 | 181 | 3 |
| 1 | 1,413 | $11.65 | $12.65 | — | $160.00 | 18.10% | $1.85 | $2.26 | 8,653 | 1 |
| 0 | 36 | $11.25 | $12.75 | — | $161.00 | 17.69% | $2.00 | $2.43 | 805 | 0 |
| 0 | 75 | $10.75 | $11.10 | — | $162.00 | 17.19% | $2.19 | $2.54 | 189 | 0 |
| 0 | 82 | $9.95 | $10.30 | — | $163.00 | 17.49% | $2.61 | $2.89 | 1,888 | 3 |
| 0 | 92 | $9.25 | $9.70 | — | $164.00 | 17.26% | $2.78 | $3.25 | 191 | 0 |
| 1 | 647 | $8.55 | $8.90 | — | $165.00 | 17.19% | $3.10 | $3.60 | 2,093 | 6 |
| 23 | 1,773 | $5.45 | $5.95 | — | $170.00 | 17.29% | $5.35 | $5.80 | 893 | 7 |
| 2 | 8,297 | $3.20 | $4.00 | 17.20% | $175.00 | — | $8.05 | $8.65 | 556 | 1 |
| 0 | 1,421 | $1.81 | $2.17 | 16.59% | $180.00 | — | $11.40 | $12.60 | 10 | 0 |
| 0 | 1,763 | $0.95 | $1.33 | 16.84% | $185.00 | — | $15.05 | $17.05 | 267 | 0 |
Forward $170.13. The 25-delta put carries +1.11 volatility points over the 25-delta call.
2027-01-15(114 days)ATM 16.74%±15.93skew +1.34
| Calls | Strike | Puts | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Volume | Open int | Bid | Ask | IV | IV | Bid | Ask | Open int | Volume | |
| 0 | 9,106 | $17.10 | $20.25 | — | $153.00 | 18.65% | $1.11 | $1.53 | 229 | 0 |
| 0 | 156 | $17.10 | $19.40 | — | $154.00 | 18.46% | $1.23 | $1.67 | 222 | 0 |
| 1 | 1,203 | $16.25 | $17.15 | — | $155.00 | 18.12% | $1.36 | $1.75 | 279 | 39 |
| 0 | 90 | $14.60 | $17.70 | — | $156.00 | — | — | — | — | — |
| 14 | 13,969 | $14.65 | $15.85 | — | $157.00 | 18.15% | $1.88 | $2.07 | 371 | 4 |
| 0 | 90 | $13.10 | $16.10 | — | $158.00 | — | — | — | — | — |
| 0 | 134 | $13.05 | $15.30 | — | $159.00 | 17.62% | $2.07 | $2.55 | 115 | 0 |
| 0 | 5,771 | $12.20 | $14.50 | — | $160.00 | 17.63% | $2.43 | $2.73 | 1,347 | 12 |
| 0 | 162 | $11.50 | $13.80 | — | $161.00 | 16.40% | $1.93 | $3.05 | 109 | 0 |
| 0 | 111 | $10.65 | $11.80 | — | $162.00 | — | — | — | — | — |
| 0 | 104 | $10.55 | $11.25 | — | $163.00 | 17.30% | $3.05 | $3.75 | 338 | 0 |
| 0 | 239 | $9.45 | $11.65 | — | $164.00 | 17.37% | $3.55 | $4.00 | 103 | 0 |
| 15 | 5,206 | $8.75 | $10.65 | — | $165.00 | 17.29% | $3.85 | $4.40 | 399 | 201 |
| 0 | 273 | $8.50 | $9.25 | — | $166.00 | 17.37% | $4.35 | $4.75 | 209 | 13 |
| 15 | 983 | $7.45 | $8.35 | — | $167.00 | 17.17% | $4.75 | $5.05 | 245 | 14 |
| 5 | 451 | $7.10 | $7.70 | — | $168.00 | 17.18% | $5.15 | $5.55 | 88 | 10 |
| 2 | 754 | $6.70 | $7.35 | — | $169.00 | 17.19% | $5.55 | $6.10 | 82 | 8 |
| 32 | 1,795 | $6.20 | $6.65 | — | $170.00 | 16.87% | $6.00 | $6.40 | 1,194 | 8 |
| 1,022 | 6,739 | $4.00 | $4.35 | 16.46% | $175.00 | — | $8.75 | $9.40 | 410 | 0 |
| 150 | 10,965 | $2.43 | $2.76 | 16.29% | $180.00 | — | $12.30 | $12.85 | 158 | 0 |
| 10 | 2,129 | $1.42 | $1.85 | 16.58% | $185.00 | — | — | — | — | — |
Forward $170.23. The 25-delta put carries +1.34 volatility points over the 25-delta call.
2027-03-19(177 days)ATM 16.78%±20.06skew +0.66
| Calls | Strike | Puts | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Volume | Open int | Bid | Ask | IV | IV | Bid | Ask | Open int | Volume | |
| 0 | 108 | $17.35 | $20.00 | — | $156.00 | 18.25% | $2.12 | $3.20 | 316 | 0 |
| 0 | 62 | $16.85 | $19.25 | — | $157.00 | 18.51% | $2.60 | $3.40 | 168 | 0 |
| 0 | 53 | $15.85 | $18.45 | — | $158.00 | 18.38% | $2.79 | $3.65 | 142 | 0 |
| 0 | 70 | $15.45 | $17.70 | — | $159.00 | 17.74% | $2.73 | $3.80 | 14 | 0 |
| 0 | 105 | $14.55 | $17.00 | — | $160.00 | 18.44% | $3.60 | $4.05 | 1,507 | 2 |
| 0 | 70 | $13.80 | $16.25 | — | $161.00 | 18.27% | $3.85 | $4.30 | 2 | 0 |
| 0 | 29 | $13.30 | $14.35 | — | $162.00 | 18.19% | $4.15 | $4.60 | 2,011 | 3 |
| 0 | 71 | $12.90 | $14.10 | — | $163.00 | 17.66% | $4.10 | $4.90 | 236 | 0 |
| 0 | 28 | $11.90 | $14.20 | — | $164.00 | 18.10% | $4.75 | $5.35 | 11 | 0 |
| 3 | 164 | $11.15 | $12.70 | — | $165.00 | 17.33% | $4.60 | $5.60 | 115 | 0 |
| 0 | 11 | $10.70 | $11.80 | — | $166.00 | 17.57% | $5.25 | $5.95 | 18 | 0 |
| 0 | 15 | $10.30 | $11.60 | — | $167.00 | 17.36% | $5.45 | $6.40 | 117 | 0 |
| 8 | 106 | $9.35 | $10.20 | — | $168.00 | 17.78% | $6.35 | $6.75 | 14 | 0 |
| 6 | 2,022 | $8.85 | $9.55 | — | $169.00 | 16.84% | $5.90 | $7.25 | 7 | 0 |
| 1 | 643 | $8.45 | $9.00 | — | $170.00 | 17.39% | $6.90 | $7.70 | 92 | 0 |
| 1 | 25 | $8.00 | $8.60 | — | $171.00 | 17.09% | $7.05 | $8.25 | 10 | 0 |
| 1 | 17 | $7.35 | $7.95 | 16.74% | $172.00 | — | $7.20 | $8.80 | 9 | 0 |
| 1 | 54 | $7.00 | $7.45 | 16.80% | $173.00 | — | $8.45 | $9.30 | 39 | 0 |
| 10 | 482 | $6.05 | $6.95 | 17.05% | $175.00 | — | $9.60 | $10.40 | 18 | 0 |
| 9 | 3,639 | $4.25 | $4.65 | 16.47% | $180.00 | — | $13.00 | $13.70 | 112 | 0 |
| 0 | 198 | $2.81 | $3.85 | 17.08% | $185.00 | — | — | — | — | — |
Forward $171.64. The 25-delta put carries +0.66 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.