Zed Francis
speaker
109 appearances
2 recordings
1 series
first heard May 2026
last heard 8 Jul
Zed Francis’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 2 in all, peaking in Jul 2026 with 1.
Appearances
The spread of volatility in the semiconductor ETFs in comparison to QQQ.
Again, massive overlap of constituents.
That spread is at its 100th percentile.
You know, SMH volatility on its own is near its all-time 100th percentile.
This is a sector that's obviously performed very well.
Yes, it's, you know, 10-ish percent off of those highs from, you know, a couple weeks back.
But it's a common theme that folks are using options to bet against the space.
And why I can say with a little bit more conviction is when you look at the indices, again, SOX, SMH, things along, you know, that basket of style of trading instruments, daily volumes are about four to one puts to calls.
Open interest is similarly about four to one puts to calls.
And during Q2, implied volatility just kept on climbing during all that trading activity that was heavily put slanted, suggesting that it's mostly people buying puts as volatility is expanding.
Well, that's mostly trading.
And additionally,
As the semiconductor space has faded, as you said, over the last, you know, five-ish trading days, volatility in those ETS is actually fading a little bit with it.
So we're seeing that stocks up, vol up, stocks down, vol down, which again suggests to me a significant amount of hedging and potentially over hedging in that space.
Why?
When?
you know, it's profitable to be hedging the space.
There's a little bit of that monetization actually pushing volatility lower.
So I think it's, we'll call it not a unique view by a famous short participant.
And frankly, the options are pricing it in.
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