ProShares - K-1 Free Crude Oil ETF (OILK) Volatility Skew
Implied volatility skew shows how IV varies across strike prices for a given expiration. Steeper skews indicate higher demand for downside protection relative to upside speculation.
ProShares - K-1 Free Crude Oil ETF (OILK) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $71.8M, listed on CBOE, carrying a beta of 1.37 to the broader market. The fund invests in financial instruments that ProShare Advisors believes, in combination, should track the performance of the index. public since 2016-09-28.
Snapshot as of May 15, 2026.
- Spot Price
- $59.56
- ATM IV
- 57.8%
- IV Skew 25Δ
- -0.058
- IV Rank
- 35.4%
- IV Percentile
- 81.0%
- Term Structure Slope
- -0.051
As of May 15, 2026, ProShares - K-1 Free Crude Oil ETF (OILK) at-the-money implied volatility is 57.8%. IV rank is 35.4% (where 0% is the 52-week low and 100% is the 52-week high). IV percentile is 81.0%. The 25-delta skew is -0.058: puts carry meaningful premium over calls, a classic equity downside-protection skew. High IV rank typically favors premium-selling strategies; low IV rank favors premium-buying.
OILK Strategy Selection at Current Volatility Levels
For ProShares - K-1 Free Crude Oil ETF options at 57.8% ATM IV, mid-range IV rank (35.4%) is the regime where directional conviction matters more than vol-regime positioning; strategy choice should follow the event calendar and the dealer-positioning view rather than IV rank alone. The 25-delta skew is meaningfully put-skewed, so put-credit spreads capture more premium for the same width than call-credit spreads. Pair the vol-rank read with the dealer-gamma view and the upcoming-events calendar to confirm the strategy fits both the structural regime and the path-dependent risk. The variance risk premium - the persistent gap between implied and subsequently realized vol - is positive in equity markets on average; high IV rank typically reflects a stretch where the premium is wider than usual.
Learn how volatility skew is reported and how to read the data →
Frequently asked OILK volatility skew questions
- What is the current OILK ATM implied volatility?
- As of May 15, 2026, ProShares - K-1 Free Crude Oil ETF (OILK) at-the-money implied volatility is 57.8%. IV rank is 35.4% on a 0-100% scale anchored to the 1-year IV range. ATM IV is the volatility input that makes a Black-Scholes-equivalent model reproduce the listed at-the-money option prices.
- Is OILK IV high or low historically?
- IV is near its 1-year median, a regime where strategy choice depends on directional conviction and event calendar rather than vol regime.
- What does OILK volatility skew tell options traders?
- Volatility skew is the pattern by which IV varies across strikes for a given expiration. ProShares - K-1 Free Crude Oil ETF carries the typical equity downside-protection skew: 25-delta puts price meaningfully richer than 25-delta calls. Skew matters for risk-defined strategy selection: when downside puts are rich, put-credit spreads capture more premium; when upside calls are rich, call-credit spreads or covered-call writes harvest more.