Is WULX options pricing rich or cheap right now?

As of Oct 14, 2026, Investment Managers Series Trust II - Tradr 2x Long WULF Daily ETF (WULX) ATM IV is 194.0% against 20-day realized volatility of 144.9%. IV rank is 20.8%. WULX options are pricing in more volatility than the stock has recently realized: a positive variance risk premium worth 49.1 vol points.

What is the WULX 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. WULX 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 WULX 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. WULX's current rank of 20.8% 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.

Investment Managers Series Trust II - Tradr 2x Long WULF Daily ETF (WULX) 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.

Investment Managers Series Trust II - Tradr 2x Long WULF Daily ETF (WULX) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $7.5M, listed on CBOE, carrying a beta of 8.91 to the broader market. WULX uses swap agreements and listed call options to make bullish bets on the share price of TeraWulf Inc. public since 2025-10-23.

Snapshot as of Oct 14, 2026.

Spot Price: $7.52
ATM IV: 194.0%
HV 20-Day: 144.9%
HV 60-Day: 172.3%
IV Rank: 20.8%
IV Percentile: 53.4%

As of Oct 14, 2026, Investment Managers Series Trust II - Tradr 2x Long WULF Daily ETF (WULX) ATM implied volatility is 194.0%. 20-day realized volatility is 144.9%, producing an IV-HV spread of +49.1 vol points. Options are pricing in more volatility than the stock has recently delivered, the volatility risk premium. IV rank is 20.8%.

How WULX iv/hv history Data Feeds Strategy Selection

Strategy selection on Investment Managers Series Trust II - Tradr 2x Long WULF Daily 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 194.0% 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 WULX IV vs HV chart

The dual-line chart below 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 194.0%, 20.8% IV rank, against 144.9% realized over the trailing 20 trading days. Implied is pricing above realized by 49.1 vol points, the typical variance-risk-premium positive state in which premium sellers earn the gap. 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.

WULX IV/HV regimes and trade selection

WULX sits in the bottom quartile of its 1-year IV range. Low-IV-rank regimes favor premium-buying or long-vol structures - long calls/puts, debit spreads, calendar spreads, long straddles. The risk: low rank can persist for months while theta decay eats premium-buyers alive without a vol-expansion catalyst.

Using WULX 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 -0.085) 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.

WULX 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. WULX's current 20.8% IV rank places the ticker in the compression phase of that cycle. Compression phases are profitable for theta-harvesting structures but tend to end with abrupt vol-expansion regimes that hit short-vol books fast. The ratio of HV-20 (144.9%) to HV-60 (172.3%) gives a second cycle indicator: when 20-day exceeds 60-day, recent realization is running hotter than the trailing-quarter average - typically a sign that recent days have already started expanding vol regardless of where IV rank prints. Use the time series below 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 WULX over the last ~31 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.

Daily values from end-of-day option_ticker_snapshots. Series sparse on illiquid tickers reflects gaps in the upstream end-of-day options data feed.

Most recent 15 trading days (descending). Older history appears in the chart above.

Date	ATM IV	HV 20d	HV 60d	IV Rank
Oct 14, 2026	194.0%	144.9%	172.3%	20.8%
Oct 13, 2026	202.7%	112.9%	164.1%	23.8%
Oct 12, 2026	177.3%	121.7%	166.1%	15.1%
Oct 9, 2026	146.6%	131.3%	166.1%	4.5%
Oct 8, 2026	157.5%	133.9%	170.2%	8.3%
Oct 7, 2026	149.9%	134.2%	169.4%	5.7%
Oct 6, 2026	133.4%	134.4%	171.6%	0.0%
Oct 5, 2026	140.1%	147.6%	172.4%	0.0%
Oct 2, 2026	140.0%	145.5%	173.9%	0.0%
Oct 1, 2026	154.4%	153.2%	173.7%	3.7%
Sep 30, 2026	146.0%	153.4%	179.8%	0.7%
Sep 29, 2026	144.1%	154.4%	184.3%	0.0%
Sep 28, 2026	155.3%	154.5%	186.5%	2.4%
Sep 25, 2026	149.0%	161.6%	191.9%	0.1%
Sep 24, 2026	151.0%	160.0%	192.2%	0.9%

Frequently asked WULX iv/hv history questions

Is WULX options pricing rich or cheap right now?: As of Oct 14, 2026, Investment Managers Series Trust II - Tradr 2x Long WULF Daily ETF (WULX) ATM IV is 194.0% against 20-day realized volatility of 144.9%. IV rank is 20.8%. WULX options are pricing in more volatility than the stock has recently realized: a positive variance risk premium worth 49.1 vol points.
What is the WULX 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. WULX 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 WULX 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. WULX's current rank of 20.8% 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.