Reckoner Yield Enhanced AAA CLO Annual ETF (RAAY) 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.

Reckoner Yield Enhanced AAA CLO Annual ETF (RAAY) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $17.8M, listed on AMEX, employing roughly 985 people, carrying a beta of 0.06 to the broader market. Advisor Managed Portfolios - Reckoner Yield Enhanced AAA CLO Annual ETF is an exchange traded fund launched and managed by Reckoner Capital Management LLC. Led by Suzanne Winter, public since 2026-02-11.

Snapshot as of Jul 15, 2026.

Spot Price

$100.68

ATM IV

22.6%

As of Jul 15, 2026, Reckoner Yield Enhanced AAA CLO Annual ETF (RAAY) ATM implied volatility is 22.6%.

How RAAY iv/hv history Data Feeds Strategy Selection

Strategy selection on Reckoner Yield Enhanced AAA CLO Annual 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 22.6% 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.

How to read the RAAY IV vs HV chart

The dual-line chart above tracks ATM implied volatility (forward-looking, what the chain is pricing) against 20-day realized historical volatility (backward-looking, what actually happened). ATM IV currently prints at 22.6%. . Persistent IV-above-HV is the variance-risk-premium-positive state typical of equity markets; persistent IV-below-HV is rare and usually marks underpriced vol that often expands.

RAAY IV/HV regimes and trade selection

Using RAAY vol history alongside the term structure

The IV/HV gap on this page captures the level of premium; the term-structure slope on the volatility page captures its shape across expirations. Backwardation (negative slope -0.069) indicates acute near-term event risk - near-dated tenors price disproportionate vol. Pair the rank read with the slope read with the event calendar to choose the right tenor for the structure.

RAAY IV/HV signal in volatility-cycle context

Equity-vol cycles tend to compress and expand on multi-month timeframes: a typical sequence runs low-IV-rank consolidation (months of flat tape, decaying premium) into a vol-expansion catalyst (earnings miss, macro shock, regime change) into elevated-IV-rank stress (premiums fat, dispersion high) back to mean-reverting compression. Use the time series above to spot inflection points: meaningful IV/HV gap closures and openings tend to precede regime shifts by a few sessions.

Learn how implied vs realized volatility is reported and how to read the data →

Daily ATM implied volatility and 20-day realized (historical) volatility for RAAY over the last ~14 trading days. The IV-HV gap measures the variance risk premium - when IV trades persistently above realized HV, premium-sellers earn the spread; when IV dips below HV, vol is structurally underpriced.

Most recent 14 trading days (descending). Older history appears in the chart above.