First Trust Indxx Aerospace & Defense ETF (MISL) IV/HV History
Comparing implied volatility to historical (realized) volatility reveals whether options are priced rich or cheap relative to actual price movement. Persistent gaps can signal trading opportunities.
First Trust Indxx Aerospace & Defense ETF (MISL) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $214.4M, listed on AMEX, carrying a beta of 0.86 to the broader market. The First Trust Indxx Aerospace & Defense ETF (the "Fund") seeks investment results that correspond generally to the price and yield, before fees and expenses, of an equity index called the Indxx US Aerospace & Defense Index (the "Index"). Led by James M. Dykas, public since 2022-10-26.
Snapshot as of May 15, 2026.
- Spot Price
- $44.54
- ATM IV
- 30.8%
- HV 20-Day
- 26.3%
- HV 60-Day
- 26.5%
- IV Rank
- 17.3%
- IV Percentile
- 71.8%
As of May 15, 2026, First Trust Indxx Aerospace & Defense ETF (MISL) ATM implied volatility is 30.8%. 20-day realized volatility is 26.3%, producing an IV-HV spread of +4.5 vol points. Options are pricing in more volatility than the stock has recently delivered, the volatility risk premium. IV rank is 17.3%.
How MISL iv/hv history Data Feeds Strategy Selection
Strategy selection on First Trust Indxx Aerospace & Defense ETF options does not derive from any single metric in isolation. The iv/hv history view above sits inside a broader read: ATM IV currently sits at 30.8% and dealer gamma exposure is positive, so dealer hedging is mechanically mean-reverting. Combine the iv/hv history data here with the volatility-skew surface, dealer-gamma exposure, max-pain level, and upcoming-events calendar to build a positioning thesis. Risk-defined structures (credit spreads, debit spreads, iron condors) are usually safer than naked positions while the regime is uncertain; the data on this page anchors the inputs but does not by itself constitute a trade thesis.
Learn how implied vs realized volatility is reported and how to read the data →
Frequently asked MISL iv/hv history questions
- Is MISL options pricing rich or cheap right now?
- As of May 15, 2026, First Trust Indxx Aerospace & Defense ETF (MISL) ATM IV is 30.8% against 20-day realized volatility of 26.3%. IV rank is 17.3%. MISL options are pricing in more volatility than the stock has recently realized: a positive variance risk premium worth 4.5 vol points.
- What is the MISL variance risk premium?
- The variance risk premium is the persistent gap between implied and subsequently realized volatility. In equity markets it averages positive because option sellers demand compensation for bearing variance shocks. MISL is currently priced consistently with this premium, which is one input to whether short-vol or long-vol structures carry their typical edge.
- What does MISL IV rank mean for strategy selection?
- IV rank normalizes the current ATM IV to its 1-year range: 0% is the low, 100% is the high. MISL's current rank of 17.3% signals where current pricing sits in its own 1-year history. High-rank regimes typically favor premium-selling structures (credit spreads, condors, covered calls); low-rank regimes typically favor premium-buying or long-volatility structures.