Term structure — front vs back IV, calendar setups

Front-tenor IV ÷ back-tenor IV ?. Above 1 = backwardated — the near-dated options are richer than the longer ones (event-loaded); the classic calendar ? seller's setup (sell the rich front, own the back). Below 1 = contango, the normal upward term structure. 84 backwardated · 571 contango · Aug 15, 9:08 PM

Universe

84 names

Term crush = ~1-month IV ÷ ~3-month IV, solved nightly from the chain. Steep backwardation is usually an EVENT (earnings/catalyst inside the front) — near-earnings names are flagged, and a calendar there is really an event trade. The ⚡ tag is an AI headline read. Decision support, not advice.

Ticker	Sector	ATM IV?	Term?	Setup	IV / RV?	Next earnings
CZR Caesars Entertainment, Inc.	Consumer Discretionary	22%	2.84×	front IV rich — sell front / calendar	2.75×	73d
NVST Envista Holdings Corporation	Health Care	110%	2.60×	front IV rich — sell front / calendar	3.22×	74d
PIPR Piper Sandler Companies	Financials	115%	2.27×	front IV rich — sell front / calendar	3.84×	76d
HAS Hasbro, Inc.	Consumer Discretionary	62%	2.09×	front IV rich — sell front / calendar	1.47×	68d
OUT OUTFRONT Media Inc.	Real Estate	43%	2.08×	front IV rich — sell front / calendar	2.01×	82d
ZBH Zimmer Biomet Holdings, Inc.	Health Care	67%	2.07×	front IV rich — sell front / calendar	2.24×	82d
APAM Artisan Partners Asset Management Inc.	Financials	55%	1.81×	front IV rich — sell front / calendar	1.51×	73d
JBSS John B. Sanfilippo & Son, Inc.	Consumer Staples	119%	1.79×	front IV rich — sell front / calendar	4.95×	earnings 4d
WBS Webster Financial Corporation	Financials	70%	1.69×	front IV rich — sell front / calendar	4.82×	68d
ARHS Arhaus, Inc.	Consumer Discretionary	119%	1.50×	front IV rich — sell front / calendar	1.50×	82d
CHCO City Holding Company	Financials	69%	1.49×	front IV rich — sell front / calendar	4.03×	67d
VVV Valvoline Inc.	Materials	63%	1.48×	front IV rich — sell front / calendar	1.74×	—
FRHC Freedom Holdings Corp.	Financials	75%	1.47×	front IV rich — sell front / calendar	1.99×	83d
FCN FTI Consulting, Inc.	Industrials	38%	1.43×	front IV rich — sell front / calendar	1.30×	75d
WCC WESCO International, Inc.	Industrials	64%	1.39×	front IV rich — sell front / calendar	1.20×	75d
SMMT Summit Therapeutics Inc.	Health Care	111%	1.34×	front IV rich — sell front / calendar	1.54×	65d
MAX MediaAlpha, Inc.	Communication Services	90%	1.33×	front IV rich — sell front / calendar	1.62×	74d
HLI Houlihan Lokey, Inc.	Financials	36%	1.33×	front IV rich — sell front / calendar	0.72×	75d
FE FirstEnergy Corp.	Utilities	22%	1.29×	front IV rich — sell front / calendar	1.56×	67d
CACC Credit Acceptance Corporation	Financials	125%	1.27×	front IV rich — sell front / calendar	4.12×	75d
LAUR Laureate Education, Inc.	Consumer Discretionary	68%	1.26×	front IV rich — sell front / calendar	2.95×	75d
CCSI Consensus Cloud Solutions, Inc.	Information Technology	71%	1.25×	front IV rich — sell front / calendar	1.47×	81d
WTRG Essential Utilities, Inc.	Utilities	30%	1.25×	front IV rich — sell front / calendar	1.49×	81d
PAG Penske Automotive Group, Inc.	Consumer Discretionary	32%	1.24×	front IV rich — sell front / calendar	0.81×	74d
PCG PG&E Corporation	Utilities	53%	1.24×	front IV rich — sell front / calendar	1.92×	68d
JAZZ Jazz Pharmaceuticals plc	Health Care	43%	1.24×	front IV rich — sell front / calendar	1.45×	—
STAG STAG Industrial, Inc.	Real Estate	25%	1.24×	front IV rich — sell front / calendar	1.14×	74d
GFF Griffon Corporation	Industrials	91%	1.23×	front IV rich — sell front / calendar	1.72×	—
ZS Zscaler, Inc.	Information Technology	74%	1.23×	front IV rich — sell front / calendar	1.60×	earnings 19d
WDAY Workday, Inc.	Information Technology	53%	1.22×	front IV rich — sell front / calendar	0.58×	earnings 12d
YELP Yelp Inc.	Communication Services	47%	1.21×	front IV rich — sell front / calendar	0.97×	82d
SAIC Science Applications International Corporation	Industrials	47%	1.21×	front IV rich — sell front / calendar	1.60×	earnings 16d
RBA RB Global, Inc.	Industrials	29%	1.21×	front IV rich — sell front / calendar	0.46×	—
DLTR Dollar Tree, Inc.	Consumer Staples	49%	1.21×	front IV rich — sell front / calendar	1.71×	earnings 12d
NSC Norfolk Southern Corporation	Industrials	24%	1.20×	front IV rich — sell front / calendar	0.95×	68d
MDB MongoDB, Inc.	Information Technology	81%	1.19×	front IV rich — sell front / calendar	1.41×	earnings 17d
COLL Collegium Pharmaceutical, Inc.	Health Care	65%	1.19×	front IV rich — sell front / calendar	0.74×	82d
CCC CCC Intelligent Solutions Holdings Inc.	Information Technology	59%	1.18×	front IV rich — sell front / calendar	1.41×	75d
WU The Western Union Company	Information Technology	51%	1.18×	front IV rich — sell front / calendar	0.60×	68d
ULTA Ulta Beauty, Inc.	Consumer Discretionary	47%	1.18×	front IV rich — sell front / calendar	1.30×	earnings 12d
ESTC Elastic N.V.	Information Technology	84%	1.17×	front IV rich — sell front / calendar	1.54×	earnings 12d
AWI Armstrong World Industries, Inc.	Industrials	25%	1.17×	front IV rich — sell front / calendar	0.66×	73d
SRE DBA Sempra	Utilities	29%	1.17×	front IV rich — sell front / calendar	1.48×	81d
NNN NNN REIT, Inc.	Real Estate	20%	1.16×	front IV rich — sell front / calendar	1.41×	80d
HPQ HP Inc.	Information Technology	58%	1.15×	front IV rich — sell front / calendar	1.00×	earnings 11d
CTSH Cognizant Technology Solutions Corporation	Information Technology	49%	1.15×	front IV rich — sell front / calendar	0.94×	74d
FBP First BanCorp. New	Financials	36%	1.15×	front IV rich — sell front / calendar	1.92×	68d
LPG Dorian LPG Ltd.	Energy	48%	1.15×	front IV rich — sell front / calendar	0.95×	82d
BHF Brighthouse Financial, Inc.	Financials	52%	1.15×	front IV rich — sell front / calendar	2.57×	82d
SNOW Snowflake Inc.	Information Technology	68%	1.15×	front IV rich — sell front / calendar	1.86×	earnings 18d
CHWY Chewy, Inc.	Consumer Discretionary	59%	1.15×	front IV rich — sell front / calendar	1.29×	earnings 18d
INGR Ingredion Incorporated	Consumer Staples	25%	1.15×	front IV rich — sell front / calendar	1.14×	80d
MDT Medtronic plc.	Health Care	32%	1.14×	front IV rich — sell front / calendar	1.62×	earnings 17d
OGE OGE Energy Corp.	Utilities	25%	1.14×	front IV rich — sell front / calendar	1.39×	74d
WEN Wendy's Company (The)	Consumer Discretionary	56%	1.14×	front IV rich — sell front / calendar	0.75×	83d
SAIL SailPoint, Inc.	Information Technology	81%	1.14×	front IV rich — sell front / calendar	1.72×	earnings 25d
PLOW Douglas Dynamics, Inc.	Industrials	72%	1.14×	front IV rich — sell front / calendar	1.72×	79d
DKS DICK'S Sporting Goods, Inc.	Consumer Discretionary	49%	1.14×	front IV rich — sell front / calendar	1.32×	earnings 10d
OKTA Okta, Inc.	Information Technology	72%	1.14×	front IV rich — sell front / calendar	1.67×	earnings 11d
RPM RPM International Inc.	Materials	33%	1.14×	front IV rich — sell front / calendar	0.84×	47d
ANF Abercrombie & Fitch Co.	Consumer Discretionary	65%	1.14×	front IV rich — sell front / calendar	1.11×	earnings 11d
DG Dollar General Corporation	Consumer Staples	48%	1.13×	front IV rich — sell front / calendar	1.40×	earnings 12d
PATH UiPath, Inc.	Information Technology	81%	1.13×	front IV rich — sell front / calendar	1.00×	earnings 19d
RH RH	Consumer Discretionary	76%	1.13×	front IV rich — sell front / calendar	1.22×	earnings 26d
ORCL Oracle Corporation	Information Technology	71%	1.13×	front IV rich — sell front / calendar	1.10×	earnings 26d
RVMD Revolution Medicines, Inc.	Health Care	60%	1.13×	front IV rich — sell front / calendar	1.43×	81d
UWMC UWM Holdings Corporation	Financials	93%	1.12×	front IV rich — sell front / calendar	0.53×	82d
LULU lululemon athletica inc.	Consumer Discretionary	53%	1.12×	front IV rich — sell front / calendar	1.59×	earnings 19d
ADSK Autodesk, Inc.	Information Technology	53%	1.12×	front IV rich — sell front / calendar	1.12×	earnings 12d
ROIV Roivant Sciences Ltd.	Health Care	62%	1.12×	front IV rich — sell front / calendar	1.77×	—
RIGL Rigel Pharmaceuticals, Inc.	Health Care	60%	1.11×	front IV rich — sell front / calendar	1.50×	80d
ROST Ross Stores, Inc.	Consumer Discretionary	38%	1.11×	front IV rich — sell front / calendar	1.77×	earnings 5d
FLO Flowers Foods, Inc.	Consumer Staples	50%	1.11×	front IV rich — sell front / calendar	1.23×	earnings 5d
LAZ Lazard, Inc.	Financials	52%	1.11×	front IV rich — sell front / calendar	1.19×	68d
NTNX Nutanix, Inc.	Information Technology	62%	1.11×	front IV rich — sell front / calendar	1.66×	earnings 11d
ES Eversource Energy	Utilities	21%	1.11×	front IV rich — sell front / calendar	1.19×	81d
BBWI Bath & Body Works, Inc.	Consumer Discretionary	66%	1.11×	front IV rich — sell front / calendar	1.45×	earnings 11d
PPL PPL Corporation	Utilities	20%	1.11×	front IV rich — sell front / calendar	1.19×	81d
CPRT Copart, Inc.	Industrials	43%	1.10×	front IV rich — sell front / calendar	1.02×	earnings 19d
VIK Viking Holdings Ltd	Consumer Discretionary	45%	1.10×	front IV rich — sell front / calendar	1.16×	earnings 4d
PCAR PACCAR Inc	Industrials	29%	1.10×	front IV rich — sell front / calendar	1.01×	73d
SNPS Synopsys, Inc.	Information Technology	53%	1.10×	front IV rich — sell front / calendar	1.57×	earnings 11d
SJM The J. M. Smucker Company	Consumer Staples	33%	1.10×	front IV rich — sell front / calendar	1.15×	earnings 11d
BURL Burlington Stores, Inc.	Consumer Discretionary	44%	1.10×	front IV rich — sell front / calendar	1.46×	earnings 12d

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Term structure — front vs back IV, calendar setups

Ticker

Sector

ATM IV?

Term?

Setup

IV / RV?

Next earnings

CZR

Caesars Entertainment, Inc.

Consumer Discretionary

22%

2.84×

front IV rich — sell front / calendar

2.75×

73d

NVST

Envista Holdings Corporation

Health Care

110%

2.60×

front IV rich — sell front / calendar

3.22×

74d

PIPR

Piper Sandler Companies

Financials

115%

2.27×

front IV rich — sell front / calendar

3.84×

76d

HAS

Hasbro, Inc.

Consumer Discretionary

62%

2.09×

front IV rich — sell front / calendar

1.47×

68d

OUT

OUTFRONT Media Inc.

Real Estate

43%

2.08×

front IV rich — sell front / calendar

2.01×

82d

ZBH

Zimmer Biomet Holdings, Inc.

Health Care

67%

2.07×

front IV rich — sell front / calendar

2.24×

82d

APAM

Artisan Partners Asset Management Inc.

Financials

55%

1.81×

front IV rich — sell front / calendar

1.51×

73d

JBSS

John B. Sanfilippo & Son, Inc.

Consumer Staples

119%

1.79×

front IV rich — sell front / calendar

4.95×

earnings 4d

WBS

Webster Financial Corporation

Financials

70%

1.69×

front IV rich — sell front / calendar

4.82×

68d

ARHS

Arhaus, Inc.

Consumer Discretionary

119%

1.50×

front IV rich — sell front / calendar

1.50×

82d

CHCO

City Holding Company

Financials

69%

1.49×

front IV rich — sell front / calendar

4.03×

67d

VVV

Valvoline Inc.

Materials

63%

1.48×

front IV rich — sell front / calendar

1.74×

—

FRHC

Freedom Holdings Corp.

Financials

75%

1.47×

front IV rich — sell front / calendar

1.99×

83d

FCN

FTI Consulting, Inc.

Industrials

38%

1.43×

front IV rich — sell front / calendar

1.30×

75d

WCC

WESCO International, Inc.

Industrials

64%

1.39×

front IV rich — sell front / calendar

1.20×

75d

SMMT

Summit Therapeutics Inc.

Health Care

111%

1.34×

front IV rich — sell front / calendar

1.54×

65d

MAX

MediaAlpha, Inc.

Communication Services

90%

1.33×

front IV rich — sell front / calendar

1.62×

74d

HLI

Houlihan Lokey, Inc.

Financials

36%

1.33×

front IV rich — sell front / calendar

0.72×

75d

FirstEnergy Corp.

Utilities

22%

1.29×

front IV rich — sell front / calendar

1.56×

67d

CACC

Credit Acceptance Corporation

Financials

125%

1.27×

front IV rich — sell front / calendar

4.12×

75d

LAUR

Laureate Education, Inc.

Consumer Discretionary

68%

1.26×

front IV rich — sell front / calendar

2.95×

75d

CCSI

Consensus Cloud Solutions, Inc.

Information Technology

71%

1.25×

front IV rich — sell front / calendar

1.47×

81d

WTRG

Essential Utilities, Inc.

Utilities

30%

1.25×

front IV rich — sell front / calendar

1.49×

81d

PAG

Penske Automotive Group, Inc.

Consumer Discretionary

32%

1.24×

front IV rich — sell front / calendar

0.81×

74d

PCG

PG&E Corporation

Utilities

53%

1.24×

front IV rich — sell front / calendar

1.92×

68d

JAZZ

Jazz Pharmaceuticals plc

Health Care

43%

1.24×

front IV rich — sell front / calendar

1.45×

—

STAG

STAG Industrial, Inc.

Real Estate

25%

1.24×

front IV rich — sell front / calendar

1.14×

74d

GFF

Griffon Corporation

Industrials

91%

1.23×

front IV rich — sell front / calendar

1.72×

—

Zscaler, Inc.

Information Technology

74%

1.23×

front IV rich — sell front / calendar

1.60×

earnings 19d

WDAY

Workday, Inc.

Information Technology

53%

1.22×

front IV rich — sell front / calendar

0.58×

earnings 12d

YELP

Yelp Inc.

Communication Services

47%

1.21×

front IV rich — sell front / calendar

0.97×

82d

SAIC

Science Applications International Corporation

Industrials

47%

1.21×

front IV rich — sell front / calendar

1.60×

earnings 16d

RBA

RB Global, Inc.

Industrials

29%

1.21×

front IV rich — sell front / calendar

0.46×

—

DLTR

Dollar Tree, Inc.

Consumer Staples

49%

1.21×

front IV rich — sell front / calendar

1.71×

earnings 12d

NSC

Norfolk Southern Corporation

Industrials

24%

1.20×

front IV rich — sell front / calendar

0.95×

68d

MDB

MongoDB, Inc.

Information Technology

81%

1.19×

front IV rich — sell front / calendar

1.41×

earnings 17d

COLL

Collegium Pharmaceutical, Inc.

Health Care

65%

1.19×

front IV rich — sell front / calendar

0.74×

82d

CCC

CCC Intelligent Solutions Holdings Inc.

Information Technology

59%

1.18×

front IV rich — sell front / calendar

1.41×

75d

The Western Union Company

Information Technology

51%

1.18×

front IV rich — sell front / calendar

0.60×

68d

ULTA

Ulta Beauty, Inc.

Consumer Discretionary

47%

1.18×

front IV rich — sell front / calendar

1.30×

earnings 12d

ESTC

Elastic N.V.

Information Technology

84%

1.17×

front IV rich — sell front / calendar

1.54×

earnings 12d

AWI

Armstrong World Industries, Inc.

Industrials

25%

1.17×

front IV rich — sell front / calendar

0.66×

73d

SRE

DBA Sempra

Utilities

29%

1.17×

front IV rich — sell front / calendar

1.48×

81d

NNN

NNN REIT, Inc.

Real Estate

20%

1.16×

front IV rich — sell front / calendar

1.41×

80d

HPQ

HP Inc.

Information Technology

58%

1.15×

front IV rich — sell front / calendar

1.00×

earnings 11d

CTSH

Cognizant Technology Solutions Corporation

Information Technology

49%

1.15×

front IV rich — sell front / calendar

0.94×

74d

FBP

First BanCorp. New

Financials

36%

1.15×

front IV rich — sell front / calendar

1.92×

68d

LPG

Dorian LPG Ltd.

Energy

48%

1.15×

front IV rich — sell front / calendar

0.95×

82d

BHF

Brighthouse Financial, Inc.

Financials

52%

1.15×

front IV rich — sell front / calendar

2.57×

82d

SNOW

Snowflake Inc.

Information Technology

68%

1.15×

front IV rich — sell front / calendar

1.86×

earnings 18d

CHWY

Chewy, Inc.

Consumer Discretionary

59%

1.15×

front IV rich — sell front / calendar

1.29×

earnings 18d

INGR

Ingredion Incorporated

Consumer Staples

25%

1.15×

front IV rich — sell front / calendar

1.14×

80d

MDT

Medtronic plc.

Health Care

32%

1.14×

front IV rich — sell front / calendar

1.62×

earnings 17d

OGE

OGE Energy Corp.

Utilities

25%

1.14×

front IV rich — sell front / calendar

1.39×

74d

WEN

Wendy's Company (The)

Consumer Discretionary

56%

1.14×

front IV rich — sell front / calendar

0.75×

83d

SAIL

SailPoint, Inc.

Information Technology

81%

1.14×

front IV rich — sell front / calendar

1.72×

earnings 25d

PLOW

Douglas Dynamics, Inc.

Industrials

72%

1.14×

front IV rich — sell front / calendar

1.72×

79d

DKS

DICK'S Sporting Goods, Inc.

Consumer Discretionary

49%

1.14×

front IV rich — sell front / calendar

1.32×

earnings 10d

OKTA

Okta, Inc.

Information Technology

72%

1.14×

front IV rich — sell front / calendar

1.67×

earnings 11d

RPM

RPM International Inc.

Materials

33%

1.14×

front IV rich — sell front / calendar

0.84×

47d

ANF

Abercrombie & Fitch Co.

Consumer Discretionary

65%

1.14×

front IV rich — sell front / calendar

1.11×

earnings 11d

Dollar General Corporation

Consumer Staples

48%

1.13×

front IV rich — sell front / calendar

1.40×

earnings 12d

PATH

UiPath, Inc.

Information Technology

81%

1.13×

front IV rich — sell front / calendar

1.00×

earnings 19d

Consumer Discretionary

76%

1.13×

front IV rich — sell front / calendar

1.22×

earnings 26d

ORCL

Oracle Corporation

Information Technology

71%

1.13×

front IV rich — sell front / calendar

1.10×

earnings 26d

RVMD

Revolution Medicines, Inc.

Health Care

60%

1.13×

front IV rich — sell front / calendar

1.43×

81d

UWMC

UWM Holdings Corporation

Financials

93%

1.12×

front IV rich — sell front / calendar

0.53×

82d

LULU

lululemon athletica inc.

Consumer Discretionary

53%

1.12×

front IV rich — sell front / calendar

1.59×

earnings 19d

ADSK

Autodesk, Inc.

Information Technology

53%

1.12×

front IV rich — sell front / calendar

1.12×

earnings 12d

ROIV

Roivant Sciences Ltd.

Health Care

62%

1.12×

front IV rich — sell front / calendar

1.77×

—

RIGL

Rigel Pharmaceuticals, Inc.

Health Care

60%

1.11×

front IV rich — sell front / calendar

1.50×

80d

ROST

Ross Stores, Inc.

Consumer Discretionary

38%

1.11×

front IV rich — sell front / calendar

1.77×

earnings 5d

FLO

Flowers Foods, Inc.

Consumer Staples

50%

1.11×

front IV rich — sell front / calendar

1.23×

earnings 5d

LAZ

Lazard, Inc.

Financials

52%

1.11×

front IV rich — sell front / calendar

1.19×

68d

NTNX

Nutanix, Inc.

Information Technology

62%

1.11×

front IV rich — sell front / calendar

1.66×

earnings 11d

Eversource Energy

Utilities

21%

1.11×

front IV rich — sell front / calendar

1.19×

81d

BBWI

Bath & Body Works, Inc.

Consumer Discretionary

66%

1.11×

front IV rich — sell front / calendar

1.45×

earnings 11d

PPL

PPL Corporation

Utilities

20%

1.11×

front IV rich — sell front / calendar

1.19×

81d

CPRT

Copart, Inc.

Industrials

43%

1.10×

front IV rich — sell front / calendar

1.02×

earnings 19d

VIK

Viking Holdings Ltd

Consumer Discretionary

45%

1.10×

front IV rich — sell front / calendar

1.16×

earnings 4d

PCAR

PACCAR Inc

Industrials

29%

1.10×

front IV rich — sell front / calendar

1.01×

73d

SNPS

Synopsys, Inc.

Information Technology

53%

1.10×

front IV rich — sell front / calendar

1.57×

earnings 11d

SJM

The J. M. Smucker Company

Consumer Staples

33%

1.10×

front IV rich — sell front / calendar

1.15×

earnings 11d

BURL

Burlington Stores, Inc.

Consumer Discretionary

44%

1.10×

front IV rich — sell front / calendar

1.46×

earnings 12d