QQQ options: $816M premium turnover into 2026-08-13; largest line QQQ261120P00725000 $34MQQQ 期权异动：期权成交额约 $816M，到期 2026-08-13，最大合约 QQQ261120P00725000 约 $34M
English Section
On August 13, 2026, the Invesco QQQ Trust (QQQ), which tracks the NASDAQ-100 Index, recorded total options volume of 1,751,283 contracts, with total option premium turnover of $816 million, equal to 4.1% of the underlying ETF’s daily stock trading volume. The most active options contract was the put option QQQ261120P00725000, with a $725 strike price, November 20, 2026 expiration, and $34 million in premium turnover. The at-the-money (ATM) straddle implied a 0.7% price move for the session, with average near-the-money call IV at 46.2% and average near-the-money put IV at 63.2%, creating a 16.95 percentage point put-call IV skew. This activity ranked 2nd out of the top 10 across 30 tracked symbols over 3 trading days.
Options Flow Snapshot
Total options volume for the session was 1,751,283 contracts, with 859,665 call contracts and 891,618 put contracts for a 0.96 call-to-put volume ratio. The top active contract was QQQ261120P00725000 with 11,483 contracts traded, and the overall options turnover matched 4.1% of the underlying ETF’s daily stock volume.
Signal Read-Through
This signal is defined by concentrated put option positioning and elevated put implied volatility relative to call volatility, indicating the options market is pricing in heightened near-term downside risk for QQQ. The overall high options turnover and top-ranked activity across the broader market scan point to a focused downside risk theme in QQQ’s options trading on August 13, 2026.
Fundamental and Event Cross-Check
To validate this market signal, we reference official SEC filings: On May 28, 2026, QQQ’s manager Invesco filed a Form NPORT-P monthly portfolio report with the SEC, which disclosed fund holdings as of May 2026 with no evidence of unusual near-term position adjustments. A subsequent Form 497K filing on June 10, 2026, updated the fund’s prospectus supplements with no mention of temporary liquidity adjustments or special positioning strategies, providing a neutral baseline for the fund’s typical operations relative to that day’s options activity.
Follow-Up Markers
This signal only reflects the options market trading and volatility pricing on August 13, 2026, and does not confirm the specific trading motivation behind the options positions (whether hedging or speculative) nor directly predict the underlying ETF’s future price movement. Follow-up items include monitoring changes in open interest for QQQ’s $725 strike put options, whether the underlying price breaks the $725 strike level, and the continuity of elevated options activity on subsequent trading days.
中文部分
2026年8月13日，追踪纳斯达克100指数的景顺QQQ ETF出现了175.13万份期权合约的总成交量，对应期权保费成交额达8.16亿美元，占当日标的股票总成交额的4.1%。当日最活跃的期权合约为行权价725美元的看跌期权QQQ261120P00725000，到期日为2026年11月20日，成交额约3400万美元。当日平价期权隐含涨跌幅约0.7%，看涨期权平均隐含波动率（IV）为46.2%，看跌期权平均IV为63.2%，看跌看涨波动率价差达16.95个百分点，该交易活跃度在30个跟踪标的的3日扫描排名中位列第2。
期权成交结构
当日QQQ期权总成交量为1,751,283份，其中看涨期权成交量859,665份，看跌期权成交量891,618份，看涨看跌成交量比约0.96；期权保费成交额8.16亿美元；最活跃合约为看跌期权QQQ261120P00725000，成交量11,483份；平价期权隐含波动对应的涨跌幅为0.7%；近价看涨期权平均IV 46.2%，近价看跌期权平均IV 63.2%，波动率skew为16.95个百分点。
信号含义
本次信号以看跌期权主导的成交结构为核心，叠加看跌期权隐含波动率显著高于看涨期权，反映市场对QQQ短期内的下行风险定价偏高，同时整体期权交易活跃度处于近期高位，属于集中性的下行风险期权信号。
基本面与事件交叉验证
本次信号可通过官方备案文件交叉验证：2026年5月28日，QQQ管理人景顺向美国SEC提交了Form NPORT-P月度投资组合报告，该文件披露了截至2026年5月底的基金持仓情况，未显示大规模的临时持仓调整；2026年6月10日提交的497K补充招募说明书文件，也未提及针对近期市场波动的特殊流动性策略或持仓调整，为本次期权成交信号提供了中性的基本面背景。
后续关注
该信号仅反映2026年8月13日的期权市场成交与波动率定价特征，无法确认当前期权持仓的具体交易动机（对冲或投机），也无法直接证明标的股票未来的价格走势。后续可关注QQQ的725美元行权价看跌期权持仓变化、标的价格是否突破该行权价，以及下一交易日的期权成交延续性。
This analysis was generated by InvestLog AI based on SEC filings, Form 4 insider transactions, Form 144 planned-sale notices, 13F institutional holdings, analyst ratings, and market data. It is for informational purposes only and does not constitute investment advice.这篇研究由 InvestLog AI 基于 SEC 披露、Form 4 内部人交易、Form 144 计划减持、13F 机构持仓、分析师评级和市场数据生成。内容仅供参考，不构成投资建议。