OEF, the iShares S&P 100 ETF, is sending a notable signal this week — not from its lending market, which has loosened dramatically since the August 19 note, but from options positioning, which has swung to its most call-heavy reading in recent memory.
The options picture is the standout this week. The put/call ratio has dropped to 0.85, nearly three standard deviations below its 20-day average of 0.97 — the most bullish relative options reading in months. For context, the PCR ranged between 0.97 and 1.01 throughout most of August before breaking sharply lower in the past two sessions. That kind of z-score move (-2.8) reflects a meaningful rotation into calls relative to puts, suggesting options traders are expressing more directional confidence in large-cap US equities than they have for some time.
The lending market has continued to evolve since last week's note described it as "deeply relaxed." Availability has now expanded well beyond even that loose reading — it hit the data ceiling at 9,999% on August 25, meaning lendable supply dwarfs the tiny amount currently borrowed by an overwhelming margin. Short interest edged up 39% on August 25 to roughly 121,000 shares, recovering from a low of around 75,000 shares earlier this month, but at just 0.14% of float it remains essentially negligible. Cost to borrow ticked up 8% on the week to 0.47%, but that remains far below the mid-July peak of 1.74%. The ORTEX short score has also eased, falling from 33 two weeks ago to 25.8 — reflecting reduced bearish conviction across the model's inputs. The lending market is loose, short interest is trivial, and the directional pressure in this ETF is now clearly from the long side.
The institutional ownership picture is broadly stable. Managed Account Advisors holds the largest reported stake at just under 6% of shares, with Edward Jones Trust notably adding 207,000 shares in the most recent filing period. Eaton Vance also added significantly, taking on over 527,000 shares. On the other side, Focus Partners trimmed by 610,000 shares and LPL Financial cut by around 203,000. The net picture across the top holders is modestly positive, consistent with the fund's role as a core passive vehicle rather than an active trade.
The price has held broadly firm. OEF closed at $378.15, up 4.1% over the past month despite a slight softening of 0.16% on the week. No earnings event is scheduled — as expected for an ETF — but the most recent fund-level distribution events show quarterly dividends of $0.73 and $0.92 per share paid in 2026, reflecting the underlying income of the S&P 100 basket.
What to watch next: whether the put/call ratio continues to compress below its 20-day average or reverts toward the 0.97 level that held throughout most of August — that convergence or divergence will clarify whether the options shift this week was a genuine sentiment rotation or a short-term positioning artifact.
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