ETF · 期权分析
JETS 期权分析
数据截至 2026年11月10日(收盘)
- 标的收盘价
- $30.19
- 30D ATM IV
- 37.97%
- IV 百分位 · 1年
- 第 89
- 25Δ 风险逆转
- +1.42
- 期限斜率 90/30
- 0.975
▼ -0.36 pts 较前一交易日
概览
JETS 期权当前计入的 30 天平值隐含波动率为 38.0%,相当于未来一个月约 ±10.9% 的波动。这高于它过去一年 198 个交易日中 89% 的读数。
它的 25-delta put 比 call 的隐含波动率高 1.42 个波动率点,大致处在它自己过去一年区间的中部。
期限结构倒挂:90 天波动率比 30 天低 2%。当市场把某个有确定日期的事件计入较近的到期日时,就会出现这种情况。
01 · 读数
当前读数
最近一个交易日的 30 天曲面,每个读数都放在它自身的历史里比较。
主要读数 · 30 天期限
- 30 天 ATM 隐含波动率ⓘ
- 37.97%
- 25-delta 风险逆转ⓘ
- +1.42
- 25-delta 蝶式价差ⓘ
- +1.26
- 期限结构斜率ⓘ
- 0.975
对应 30 天内约 ±10.9% 的波动，平常一天约 ±2.4%。
高于过去一年中 89% 的读数。
距平值同样远时，put 比 call的隐含波动率高 1.42 个点。
高于过去一年中 12% 的读数。
两翼的隐含波动率比平值高 1.26 个点。
90 天的隐含波动率比 30 天低 2%。
高于过去一年中 59% 的读数。
30 天隐含波动率处在什么位置
对比此前 198 个交易日(一年窗口)
- IV 百分位,1 年
- 89%
- IV 排名,1 年
- 57%
- IV 百分位,2 年
- 92%
- IV 排名,2 年
- 57%
排名是当前读数在窗口内最低与最高读数之间的位置,所以过去只要有一个极端值,之后的读数都会被压在一端附近。百分位是低于当前读数的交易日所占的比例,不受那个极端值有多极端的影响。窗口内少于 180 个交易日时,两者都不显示。
交易日明细
- 标的收盘价
- $30.19
- 30 天隐含远期价
- $30.11
- 60 天 ATM IV
- 37.66%
- 90 天 ATM IV
- 37.04%
- 180 天 ATM IV
- 35.19%
- 使用的到期日数
- 5
- 总未平仓量
- 139,151
- Put / call 未平仓量比
- 0.96
远期价由最接近平值的几个行权价上的 put-call 平价关系推出,而不是直接取标的收盘价。本页所有的价值状态(moneyness)和 delta 都以它为基准。
02 · 历史
读数是怎么走到这里的
存档窗口内的每个交易日,每次收盘一个点。
30 天平值隐含波动率
最近 338 个交易日
显示底层数据(最近 120 个)
| 交易日 | 30 天 ATM IV | 25-delta RR | 期限斜率 | 收盘价 |
|---|---|---|---|---|
| 2026-11-10 | 37.97% | +1.42 | 0.975 | $30.19 |
| 2026-11-09 | 38.33% | +2.78 | 0.925 | $30.20 |
| 2026-11-06 | 38.90% | +4.36 | 0.901 | $28.72 |
| 2026-11-05 | 40.78% | +2.50 | 0.859 | $28.36 |
| 2026-11-04 | 38.86% | +1.92 | 0.943 | $29.46 |
| 2026-11-03 | 39.20% | +1.79 | 0.913 | $27.61 |
| 2026-11-02 | 37.90% | +0.93 | 0.932 | $28.05 |
| 2026-10-30 | 36.31% | +2.09 | 0.964 | $26.93 |
| 2026-10-29 | 36.40% | +2.64 | 0.973 | $27.49 |
| 2026-10-28 | — | — | — | $26.97 |
| 2026-10-27 | 37.19% | +1.98 | 0.936 | $27.02 |
| 2026-10-26 | 37.23% | +3.57 | 0.960 | $26.43 |
| 2026-10-23 | 36.06% | +1.40 | 0.967 | $26.10 |
| 2026-10-22 | 34.35% | +2.53 | 0.993 | $26.77 |
| 2026-10-21 | 32.99% | -1.29 | 1.042 | $26.41 |
| 2026-10-20 | 32.56% | +0.98 | 0.970 | $26.19 |
| 2026-10-19 | 32.69% | -0.15 | 0.972 | $25.58 |
| 2026-10-16 | 33.55% | -1.11 | 0.974 | $25.85 |
| 2026-10-15 | 32.14% | +2.14 | 0.985 | $26.56 |
| 2026-10-14 | 32.18% | +1.02 | 1.008 | $25.84 |
| 2026-10-13 | 31.43% | +0.37 | 1.007 | $26.80 |
| 2026-10-09 | 31.11% | +1.92 | 1.041 | $27.45 |
| 2026-10-08 | 34.43% | +0.33 | 0.968 | $27.48 |
| 2026-10-07 | 34.69% | +0.10 | 0.972 | $27.67 |
| 2026-10-06 | 35.30% | -0.98 | 0.924 | $28.10 |
| 2026-10-05 | 34.56% | -0.17 | 0.968 | $27.89 |
| 2026-10-02 | 33.72% | +1.85 | 0.972 | $28.14 |
| 2026-10-01 | 35.99% | +0.68 | 0.960 | $28.09 |
| 2026-09-30 | 34.78% | -0.08 | 0.975 | $28.22 |
| 2026-09-29 | 35.26% | +0.96 | 0.958 | $28.56 |
| 2026-09-28 | 35.83% | -0.32 | 0.948 | $28.49 |
| 2026-09-25 | 36.44% | +0.01 | 0.946 | $28.98 |
| 2026-09-24 | 34.69% | -0.12 | 0.926 | $28.46 |
| 2026-09-23 | 35.15% | -0.24 | 0.954 | $28.25 |
| 2026-09-22 | 35.64% | +1.00 | 0.939 | $29.12 |
| 2026-09-21 | 35.98% | +2.29 | 0.978 | $29.01 |
| 2026-09-18 | 36.01% | +1.41 | 0.939 | $28.22 |
| 2026-09-17 | 36.40% | +0.97 | 0.935 | $28.17 |
| 2026-09-16 | 36.54% | +1.12 | — | $27.80 |
| 2026-09-15 | — | — | — | $27.88 |
| 2026-09-14 | — | — | — | $28.18 |
| 2026-09-11 | — | — | — | $28.17 |
| 2026-09-10 | — | — | — | $27.84 |
| 2026-09-09 | — | — | — | $28.02 |
| 2026-09-08 | — | — | — | $28.27 |
| 2026-09-04 | — | — | — | $28.80 |
| 2026-09-03 | — | — | — | $28.42 |
| 2026-09-02 | — | — | — | $28.33 |
| 2026-09-01 | — | — | — | $27.89 |
| 2026-08-31 | — | — | — | $28.50 |
| 2026-08-28 | — | — | — | $29.18 |
| 2026-08-27 | — | — | — | $29.35 |
| 2026-08-26 | — | — | — | $29.76 |
| 2026-08-25 | — | — | — | $30.09 |
| 2026-08-24 | — | — | — | $29.67 |
| 2025-10-22 | — | — | — | $25.19 |
| 2025-10-21 | — | — | — | $25.61 |
| 2025-10-20 | — | — | — | $25.49 |
| 2025-10-17 | — | — | — | $24.86 |
| 2025-10-16 | — | — | — | $24.94 |
| 2025-10-15 | — | — | — | $25.53 |
| 2025-10-14 | — | — | — | $25.41 |
| 2025-10-10 | — | — | — | $24.21 |
| 2025-10-09 | 32.18% | +4.29 | 0.921 | $24.83 |
| 2025-10-08 | — | — | — | $24.91 |
| 2025-10-07 | 31.50% | +4.82 | — | $24.76 |
| 2025-10-06 | 31.57% | +4.62 | 0.959 | $25.13 |
| 2025-10-03 | 31.31% | +4.01 | 0.961 | $24.97 |
| 2025-10-02 | 30.32% | +5.13 | 0.956 | $24.76 |
| 2025-10-01 | 31.28% | +5.25 | 0.945 | $24.53 |
| 2025-09-30 | 31.52% | +5.81 | 0.973 | $24.65 |
| 2025-09-29 | 31.30% | +4.92 | — | $25.05 |
| 2025-09-26 | 32.68% | +3.67 | 0.954 | $24.92 |
| 2025-09-25 | 31.88% | +7.31 | 0.976 | $24.76 |
| 2025-09-24 | 31.61% | +5.34 | 0.946 | $25.32 |
| 2025-09-23 | 31.86% | +5.60 | 0.952 | $25.67 |
| 2025-09-22 | 31.31% | +6.04 | 0.964 | $25.72 |
| 2025-09-19 | 30.25% | +6.61 | 0.988 | $25.80 |
| 2025-09-18 | 29.79% | +5.65 | 0.992 | $25.91 |
| 2025-09-17 | 30.52% | +5.72 | 0.977 | $25.85 |
| 2025-09-16 | 31.62% | +3.88 | 0.952 | $25.70 |
| 2025-09-15 | 30.64% | +5.53 | 0.974 | $25.74 |
| 2025-09-12 | 30.07% | +5.12 | 0.981 | $25.99 |
| 2025-09-11 | — | — | — | $26.32 |
| 2025-09-10 | 32.42% | +5.08 | 0.949 | $25.94 |
| 2025-09-09 | 32.16% | +3.66 | 0.939 | $25.77 |
| 2025-09-08 | 31.71% | +4.42 | 0.948 | $26.13 |
| 2025-09-05 | 31.91% | +5.76 | 0.934 | $26.13 |
| 2025-09-04 | 30.89% | +4.49 | 0.964 | $25.97 |
| 2025-09-03 | 30.39% | +6.76 | 0.989 | $26.44 |
| 2025-09-02 | 30.43% | +6.40 | 0.974 | $26.27 |
| 2025-08-29 | 30.05% | +6.54 | 0.972 | $26.31 |
| 2025-08-28 | 30.27% | +4.60 | 0.969 | $26.31 |
| 2025-08-27 | 29.48% | +5.10 | 0.992 | $26.13 |
| 2025-08-26 | 30.48% | +5.10 | 0.950 | $26.24 |
| 2025-08-25 | 29.94% | +4.55 | 0.970 | $25.78 |
| 2025-08-22 | 31.08% | +5.24 | 0.915 | $26.22 |
| 2025-08-21 | 31.73% | +4.70 | 0.936 | $24.94 |
| 2025-08-20 | 31.41% | +5.62 | 0.948 | $25.22 |
| 2025-08-19 | 31.32% | +3.87 | 0.930 | $25.73 |
| 2025-08-18 | 32.31% | +4.89 | 0.932 | $25.71 |
| 2025-08-15 | — | — | — | $25.66 |
| 2025-08-14 | 31.78% | +5.25 | 0.929 | $25.40 |
| 2025-08-13 | — | — | — | $25.71 |
| 2025-08-12 | — | — | — | $25.23 |
| 2025-08-11 | 31.10% | +5.18 | 0.944 | $23.51 |
| 2025-08-08 | 31.02% | +4.76 | 0.962 | $23.68 |
| 2025-08-07 | 30.71% | +4.15 | 0.986 | $23.59 |
| 2025-08-06 | 29.90% | +4.64 | 0.993 | $23.82 |
| 2025-08-05 | 28.32% | +4.97 | 1.022 | $23.58 |
| 2025-08-04 | — | — | — | $23.60 |
| 2025-08-01 | 29.28% | +5.60 | 0.999 | $23.12 |
| 2025-07-31 | 28.65% | +5.53 | 1.013 | $23.95 |
| 2025-07-30 | 28.39% | +6.15 | 1.019 | $24.05 |
| 2025-07-29 | 28.37% | +5.57 | 1.012 | $24.25 |
| 2025-07-28 | 28.29% | +6.12 | 1.017 | $24.68 |
| 2025-07-25 | 29.26% | +5.44 | 1.002 | $24.58 |
| 2025-07-24 | 29.84% | +5.77 | 1.015 | $24.42 |
| 2025-07-23 | 29.71% | +5.86 | 0.990 | $25.55 |
| 2025-07-22 | 30.76% | +4.89 | 0.979 | $25.15 |
图表覆盖存档中的全部交易日,共 338 个。表格列出最近的 120 个。
25-delta 风险逆转
最近 338 个交易日
虚线标出零的位置,即 25-delta put 与 call 隐含波动率相同之处。
03 · 偏斜
偏斜曲线
按 delta 排列的隐含波动率,近月到期日
按 delta 排列的隐含波动率
10d (2026-11-20) · 38d (2026-12-18) · 66d (2027-01-15)
横轴是 call 的 delta。虚线中线右侧的读数取自该行权价上的虚值 put,波动率正是从这个合约的报价反解出来的。只有在保留下来的报价从两侧夹住该 delta 时才会画点;最后一个有成交的行权价之外一律不外推。
显示底层数据
| Delta | 10d | 38d | 66d |
|---|---|---|---|
| 10Δ 看涨 | — | 37.84% | — |
| 15Δ 看涨 | — | 37.77% | 35.38% |
| 20Δ 看涨 | 44.92% | 37.83% | 35.72% |
| 25Δ 看涨 | 43.61% | 37.95% | 36.18% |
| 30Δ 看涨 | 41.81% | 37.75% | 35.70% |
| 35Δ 看涨 | 40.65% | 37.57% | 36.23% |
| 40Δ 看涨 | 40.88% | 37.46% | 36.99% |
| 45Δ 看涨 | 41.23% | 37.45% | 37.26% |
| ATM | 41.79% | 37.55% | 37.68% |
| 45Δ 看跌 | 41.91% | 37.69% | 38.27% |
| 40Δ 看跌 | 41.49% | 38.01% | 38.95% |
| 35Δ 看跌 | 41.64% | 38.39% | 38.80% |
| 30Δ 看跌 | 43.50% | 38.73% | 36.55% |
| 25Δ 看跌 | 45.02% | 39.37% | 39.22% |
| 20Δ 看跌 | 46.11% | 41.45% | 40.60% |
| 15Δ 看跌 | — | 42.11% | 40.17% |
| 10Δ 看跌 | — | 43.07% | 41.60% |
各到期日的两翼读数
| 到期日 | 天数 | 远期价 | ATM IV | 25Δ put | 25Δ call | RR | 蝶式价差 | 报价数 |
|---|---|---|---|---|---|---|---|---|
| 2026-11-20 | 10 | $30.10 | 41.79% | 45.02% | 43.61% | +1.42 | +2.53 | 9 |
| 2026-12-18 | 38 | $30.11 | 37.55% | 39.37% | 37.95% | +1.42 | +1.11 | 11 |
| 2027-01-15 | 66 | $30.25 | 37.68% | 39.22% | 36.18% | +3.04 | +0.02 | 13 |
| 2027-03-19 | 129 | $30.26 | 36.49% | 36.00% | 34.52% | +1.48 | -1.24 | 20 |
| 2027-06-17 | 219 | $30.48 | 34.59% | 36.96% | 33.38% | +3.59 | +0.58 | 18 |
上面每条曲线代表一个到期日。纵向位置是隐含波动率,横向位置是读数所取合约的 delta。对美股来说,曲线通常向右上方倾斜,也就是虚值 put 的隐含波动率高于距离相同的 call。
25-delta 风险逆转把这个斜率概括成一个数字:25-delta put 的波动率减去 25-delta call 的波动率。蝶式价差(butterfly)概括的是弯曲程度:两翼的平均值减去平值读数。
04 · 期限结构
期限结构
各到期日的平值隐含波动率
各到期日的平值隐含波动率
5 个上市到期日得出了可用读数
横轴是距到期天数的平方根,这是波动率本身所在的尺度。按方差计算平坦的曲线,在这里会画成一条直线,而不会在最近一周急剧弯折。
显示底层数据
| 到期日 | 天数 | 远期价 | ATM IV | ATM 行权价 | 使用的报价数 |
|---|---|---|---|---|---|
| 2026-11-20 | 10 天 | $30.10 | 41.79% | $30.17 | 9 |
| 2026-12-18 | 38 天 | $30.11 | 37.55% | $30.33 | 11 |
| 2027-01-15 | 66 天 | $30.25 | 37.68% | $30.64 | 13 |
| 2027-03-19 | 129 天 | $30.26 | 36.49% | $30.98 | 20 |
| 2027-06-17 | 219 天 | $30.48 | 34.59% | $31.60 | 18 |
恒定期限
在前后相邻的上市到期日之间按总方差插值
- 30 天
- 37.97%
- 60 天
- 37.66%
- 90 天
- 37.04%
- 180 天
- 35.19%
插值是对总方差做线性插值,而不是对波动率。直接对波动率插值,隐含的两个到期日之间的远期方差可能为负。超出最长上市到期日的期限会标为不可用,而不是外推。
期限结构斜率
最近 338 个交易日
虚线标出 1.00,即 90 天与 30 天平值波动率相等之处。在它上方,较长期限的波动率更高。
期限结构就是每个上市到期日的平值隐含波动率,按到期日有多远排开画出来。标的平稳时,它通常缓缓向上倾斜,因为期限越长,能容纳的不确定性越多。
当市场为某个有确定日期的事件定价时,它会倒挂:包含预定公告的到期日,除了平常交易的方差之外还要加上该事件的方差,所以较短的合约可能显示出比较长合约更高的波动率。