BTCI · NEOS Bitcoin High Income ETF ETF

Alerts for BTCI

$32.88 -0.62 (-1.85%) At close · Sep 4

Options Chain

Underlying $32.88 · at close Sep 4, 2026 Options Calculator

Positioning

Sep 18, 2026 · 13 days to expiry · 68 contracts · mixed daily-bar sessions · Mar 17, 2026–Sep 4, 2026; 11 unknown

Put / call OI

0.62

Call-heavy positioning

Open interest

4,780

as of Sep 3, 2026

Volume

—

dated and unknown daily-bar sessions

Max pain

$32.00

$0.88 below spot

ATM implied vol

34.8%

market's expected move

Open interest by strike · near the money

Calls Puts

Chain

Click any strike for greeks, breakeven and the calculator

Expiry

Sep 18 13d Oct 16 41d Dec 18 104d Mar 19 195d

Calls								Puts
OI	Vol	IV	Δ	Bid	Ask	Last	Strike	Last	Bid	Ask	Δ	IV	Vol	OI
—	1	—	—	$7.80	$9.50	$5.88		$0.05	$0.00	$0.20	—	—	5	41
Call · $24 In the money Daily-bar session Jul 21, 2026 Quote as of 2026-09-04 19:59:41.165 UTC Last $5.88 Breakeven $29.88 Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $24 Daily-bar session Aug 26, 2026 Quote as of 2026-09-04 19:55:52.122 UTC Last $0.05 Breakeven $23.95 Implied vol — Delta — Gamma — Theta — Vega — Open interest 41 OI effective date Sep 3, 2026 Model this put
20	1	—	—	$6.80	$8.50	$7.80		$0.13	$0.00	$0.05	—	—	21	38
Call · $25 In the money Daily-bar session Aug 24, 2026 Quote as of 2026-09-04 19:59:50.118 UTC Last $7.80 Breakeven $32.80 Implied vol — Delta — Gamma — Theta — Vega — Open interest 20 OI effective date Sep 3, 2026 Model this call Put · $25 Daily-bar session Sep 3, 2026 Quote as of 2026-09-04 19:55:53.017 UTC Last $0.13 Breakeven $24.87 Implied vol — Delta — Gamma — Theta — Vega — Open interest 38 OI effective date Sep 3, 2026 Model this put
—	1	—	—	$5.90	$7.50	$2.49		$0.05	$0.00	$0.10	—	—	2	58
Call · $26 In the money Daily-bar session Jun 25, 2026 Quote as of 2026-09-04 19:59:41.165 UTC Last $2.49 Breakeven $28.49 Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $26 Daily-bar session Sep 4, 2026 Quote as of 2026-09-04 19:59:59.968 UTC Last $0.05 Breakeven $25.95 Implied vol — Delta — Gamma — Theta — Vega — Open interest 58 OI effective date Sep 3, 2026 Model this put
2	1	—	—	$4.90	$6.50	$4.05		$0.05	$0.00	$0.10	—	—	4	112
Call · $27 In the money Daily-bar session Aug 20, 2026 Quote as of 2026-09-04 19:59:41.165 UTC Last $4.05 Breakeven $31.05 Implied vol — Delta — Gamma — Theta — Vega — Open interest 2 OI effective date Sep 3, 2026 Model this call Put · $27 Daily-bar session Sep 4, 2026 Quote as of 2026-09-04 19:59:59.958 UTC Last $0.05 Breakeven $26.95 Implied vol — Delta — Gamma — Theta — Vega — Open interest 112 OI effective date Sep 3, 2026 Model this put
12	1	—	—	$3.90	$5.50	$1.05		$0.05	$0.00	$0.15	—	—	1	216
Call · $28 In the money Daily-bar session Aug 18, 2026 Quote as of 2026-09-04 19:59:41.165 UTC Last $1.05 Breakeven $29.05 Implied vol — Delta — Gamma — Theta — Vega — Open interest 12 OI effective date Sep 3, 2026 Model this call Put · $28 Daily-bar session Sep 4, 2026 Quote as of 2026-09-04 19:59:55.977 UTC Last $0.05 Breakeven $27.95 Implied vol — Delta — Gamma — Theta — Vega — Open interest 216 OI effective date Sep 3, 2026 Model this put
101	10	—	—	$3.60	$4.20	$3.09		$0.05	$0.00	$0.20	—	—	9	96
Call · $29 In the money Daily-bar session Sep 2, 2026 Quote as of 2026-09-04 19:59:59.712 UTC Last $3.09 Breakeven $32.09 Implied vol — Delta — Gamma — Theta — Vega — Open interest 101 OI effective date Sep 3, 2026 Model this call Put · $29 Daily-bar session Sep 4, 2026 Quote as of 2026-09-04 19:59:15.144 UTC Last $0.05 Breakeven $28.95 Implied vol — Delta — Gamma — Theta — Vega — Open interest 96 OI effective date Sep 3, 2026 Model this put
105	3	—	—	$1.95	$3.50	$2.73		$0.10	$0.05	$0.35	-0.133	46.2%	26	236
Call · $30 In the money Daily-bar session Sep 4, 2026 Quote as of 2026-09-04 19:59:57.903 UTC Last $2.73 Breakeven $32.73 Implied vol — Delta — Gamma — Theta — Vega — Open interest 105 OI effective date Sep 3, 2026 Model this call Put · $30 Daily-bar session Sep 4, 2026 Quote as of 2026-09-04 19:58:20.856 UTC Last $0.10 Breakeven $29.90 Implied vol 46.2% Delta -0.133 ≈13% ITM Gamma 0.075 Theta -0.023 Vega 0.013 Open interest 236 OI effective date Sep 3, 2026 Model this put
122	1	—	—	$1.20	$2.55	$2.17		$0.40	$0.15	$0.40	-0.197	39.1%	3	87
Call · $31 In the money Daily-bar session Sep 3, 2026 Quote as of 2026-09-04 19:59:55.249 UTC Last $2.17 Breakeven $33.17 Implied vol — Delta — Gamma — Theta — Vega — Open interest 122 OI effective date Sep 3, 2026 Model this call Put · $31 Daily-bar session Sep 4, 2026 Quote as of 2026-09-04 19:55:01.606 UTC Last $0.40 Breakeven $30.60 Implied vol 39.1% Delta -0.197 ≈20% ITM Gamma 0.114 Theta -0.025 Vega 0.017 Open interest 87 OI effective date Sep 3, 2026 Model this put
746	1	27.3%	0.719	$0.90	$1.55	$1.93		$0.61	$0.35	$0.65	-0.327	36.3%	89	228
Call · $32 In the money Daily-bar session Sep 4, 2026 Quote as of 2026-09-04 19:59:59.992 UTC Last $1.93 Breakeven $33.93 Implied vol 27.3% Delta 0.719 ≈72% ITM Gamma 0.2 Theta -0.024 Vega 0.021 Open interest 746 OI effective date Sep 3, 2026 Model this call Put · $32 Daily-bar session Sep 4, 2026 Quote as of 2026-09-04 19:59:59.672 UTC Last $0.61 Breakeven $31.39 Implied vol 36.3% Delta -0.327 ≈33% ITM Gamma 0.16 Theta -0.03 Vega 0.022 Open interest 228 OI effective date Sep 3, 2026 Model this put
Underlying $32.88
78	13	20.7%	0.484	$0.40	$0.55	$0.45		$1.25	$0.85	$1.65	-0.492	48.9%	1	116
Call · $33 Daily-bar session Sep 4, 2026 Quote as of 2026-09-04 19:59:56.039 UTC Last $0.45 Breakeven $33.45 Implied vol 20.7% Delta 0.484 ≈48% ITM Gamma 0.311 Theta -0.021 Vega 0.025 Open interest 78 OI effective date Sep 3, 2026 Model this call Put · $33 In the money Daily-bar session Sep 4, 2026 Quote as of 2026-09-04 19:59:57.950 UTC Last $1.25 Breakeven $31.75 Implied vol 48.9% Delta -0.492 ≈49% ITM Gamma 0.132 Theta -0.045 Vega 0.025 Open interest 116 OI effective date Sep 3, 2026 Model this put
377	5	25.9%	0.263	$0.15	$0.35	$0.25		$2.10	$1.60	$2.45	-0.598	56.6%	3	40
Call · $34 Daily-bar session Sep 4, 2026 Quote as of 2026-09-04 19:55:01.402 UTC Last $0.25 Breakeven $34.25 Implied vol 25.9% Delta 0.263 ≈26% ITM Gamma 0.203 Theta -0.021 Vega 0.02 Open interest 377 OI effective date Sep 3, 2026 Model this call Put · $34 In the money Daily-bar session Sep 3, 2026 Quote as of 2026-09-04 19:59:57.128 UTC Last $2.10 Breakeven $31.90 Implied vol 56.6% Delta -0.598 ≈60% ITM Gamma 0.11 Theta -0.05 Vega 0.024 Open interest 40 OI effective date Sep 3, 2026 Model this put
264	3	—	—	$0.00	$0.20	$0.10		$3.00	$2.55	$3.40	-0.659	68.4%	3	274
Call · $35 Daily-bar session Sep 4, 2026 Quote as of 2026-09-04 19:49:55.025 UTC Last $0.10 Breakeven $35.10 Implied vol — Delta — Gamma — Theta — Vega — Open interest 264 OI effective date Sep 3, 2026 Model this call Put · $35 In the money Daily-bar session Sep 4, 2026 Quote as of 2026-09-04 19:59:59.884 UTC Last $3.00 Breakeven $32.00 Implied vol 68.4% Delta -0.659 ≈66% ITM Gamma 0.086 Theta -0.057 Vega 0.023 Open interest 274 OI effective date Sep 3, 2026 Model this put
182	1	—	—	$0.00	$0.15	$0.05		$5.13	$3.50	$4.30	-0.705	77.3%	3	14
Call · $36 Daily-bar session Sep 4, 2026 Quote as of 2026-09-04 13:42:16.333 UTC Last $0.05 Breakeven $36.05 Implied vol — Delta — Gamma — Theta — Vega — Open interest 182 OI effective date Sep 3, 2026 Model this call Put · $36 In the money Daily-bar session Sep 2, 2026 Quote as of 2026-09-04 19:59:55.227 UTC Last $5.13 Breakeven $30.87 Implied vol 77.3% Delta -0.705 ≈71% ITM Gamma 0.072 Theta -0.061 Vega 0.021 Open interest 14 OI effective date Sep 3, 2026 Model this put
197	1	—	—	$0.00	$0.15	$0.10		$6.16	$4.50	$5.40	-0.724	90.8%	2	41
Call · $37 Daily-bar session Aug 27, 2026 Quote as of 2026-09-04 16:02:52.476 UTC Last $0.10 Breakeven $37.10 Implied vol — Delta — Gamma — Theta — Vega — Open interest 197 OI effective date Sep 3, 2026 Model this call Put · $37 In the money Daily-bar session Sep 2, 2026 Quote as of 2026-09-04 19:59:57.127 UTC Last $6.16 Breakeven $30.84 Implied vol 90.8% Delta -0.724 ≈72% ITM Gamma 0.059 Theta -0.07 Vega 0.021 Open interest 41 OI effective date Sep 3, 2026 Model this put
112	1	—	—	$0.00	$0.10	$0.09		$7.10	$5.10	$7.00	-0.731	106.1%	1	19
Call · $38 Daily-bar session Aug 28, 2026 Quote as of 2026-09-04 14:59:55.625 UTC Last $0.09 Breakeven $38.09 Implied vol — Delta — Gamma — Theta — Vega — Open interest 112 OI effective date Sep 3, 2026 Model this call Put · $38 In the money Daily-bar session Sep 2, 2026 Quote as of 2026-09-04 17:55:37.363 UTC Last $7.10 Breakeven $30.90 Implied vol 106.1% Delta -0.731 ≈73% ITM Gamma 0.05 Theta -0.081 Vega 0.021 Open interest 19 OI effective date Sep 3, 2026 Model this put
106	10	—	—	$0.00	$0.10	$0.10		$7.63	$6.50	$7.30	-0.767	108.2%	1	45
Call · $39 Daily-bar session Sep 3, 2026 Quote as of 2026-09-04 19:55:52.213 UTC Last $0.10 Breakeven $39.10 Implied vol — Delta — Gamma — Theta — Vega — Open interest 106 OI effective date Sep 3, 2026 Model this call Put · $39 In the money Daily-bar session Sep 2, 2026 Quote as of 2026-09-04 19:59:57.127 UTC Last $7.63 Breakeven $31.37 Implied vol 108.2% Delta -0.767 ≈77% ITM Gamma 0.046 Theta -0.076 Vega 0.019 Open interest 45 OI effective date Sep 3, 2026 Model this put
94	10	—	—	$0.00	$0.10	$0.05		$7.70	$7.50	$8.30	-0.779	117.2%	10	17
Call · $40 Daily-bar session Aug 31, 2026 Quote as of 2026-09-04 19:55:52.266 UTC Last $0.05 Breakeven $40.05 Implied vol — Delta — Gamma — Theta — Vega — Open interest 94 OI effective date Sep 3, 2026 Model this call Put · $40 In the money Daily-bar session Sep 4, 2026 Quote as of 2026-09-04 19:59:59.721 UTC Last $7.70 Breakeven $32.30 Implied vol 117.2% Delta -0.779 ≈78% ITM Gamma 0.041 Theta -0.08 Vega 0.018 Open interest 17 OI effective date Sep 3, 2026 Model this put
15	7	—	—	$0.00	$0.10	$0.05		$9.66	$8.50	$9.30	-0.79	125.8%	3	7
Call · $41 Daily-bar session Jul 30, 2026 Quote as of 2026-09-04 19:55:52.440 UTC Last $0.05 Breakeven $41.05 Implied vol — Delta — Gamma — Theta — Vega — Open interest 15 OI effective date Sep 3, 2026 Model this call Put · $41 In the money Daily-bar session Sep 2, 2026 Quote as of 2026-09-04 19:59:57.127 UTC Last $9.66 Breakeven $31.34 Implied vol 125.8% Delta -0.79 ≈79% ITM Gamma 0.037 Theta -0.083 Vega 0.018 Open interest 7 OI effective date Sep 3, 2026 Model this put
—	—	—	—	$0.00	$0.10	—		$11.10	$9.50	$10.30	—	—	1	12
Call · $42 Daily-bar session Unknown Quote as of 2026-09-04 19:56:58.083 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $42 In the money Daily-bar session Sep 2, 2026 Quote as of 2026-09-04 19:59:57.127 UTC Last $11.10 Breakeven $30.90 Implied vol — Delta — Gamma — Theta — Vega — Open interest 12 OI effective date Sep 3, 2026 Model this put
—	1	—	—	$0.00	$0.90	$0.05		$11.86	$10.10	$12.00	—	—	1	9
Call · $43 Daily-bar session Aug 17, 2026 Quote as of 2026-09-04 19:59:33.551 UTC Last $0.05 Breakeven $43.05 Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $43 In the money Daily-bar session Sep 2, 2026 Quote as of 2026-09-04 17:55:37.363 UTC Last $11.86 Breakeven $31.14 Implied vol — Delta — Gamma — Theta — Vega — Open interest 9 OI effective date Sep 3, 2026 Model this put
—	—	—	—	$0.00	$0.10	—		$12.74	$11.50	$12.30	—	—	1	16
Call · $44 Daily-bar session Unknown Quote as of 2026-09-04 19:56:58.084 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $44 In the money Daily-bar session Sep 2, 2026 Quote as of 2026-09-04 19:59:59.590 UTC Last $12.74 Breakeven $31.26 Implied vol — Delta — Gamma — Theta — Vega — Open interest 16 OI effective date Sep 3, 2026 Model this put
74	1	—	—	$0.00	$0.10	$0.05		$13.02	$12.50	$13.30	—	—	1	27
Call · $45 Daily-bar session Aug 25, 2026 Quote as of 2026-09-04 19:56:58.083 UTC Last $0.05 Breakeven $45.05 Implied vol — Delta — Gamma — Theta — Vega — Open interest 74 OI effective date Sep 3, 2026 Model this call Put · $45 In the money Daily-bar session Aug 25, 2026 Quote as of 2026-09-04 19:59:59.884 UTC Last $13.02 Breakeven $31.98 Implied vol — Delta — Gamma — Theta — Vega — Open interest 27 OI effective date Sep 3, 2026 Model this put
82	2	—	—	$0.00	$0.10	$0.06		$14.39	$12.90	$15.00	—	—	1	3
Call · $46 Daily-bar session Aug 25, 2026 Quote as of 2026-09-04 19:56:58.098 UTC Last $0.06 Breakeven $46.06 Implied vol — Delta — Gamma — Theta — Vega — Open interest 82 OI effective date Sep 3, 2026 Model this call Put · $46 In the money Daily-bar session Aug 21, 2026 Quote as of 2026-09-04 19:59:50.118 UTC Last $14.39 Breakeven $31.61 Implied vol — Delta — Gamma — Theta — Vega — Open interest 3 OI effective date Sep 3, 2026 Model this put
—	—	—	—	$0.00	$0.90	—		$17.42	$13.90	$16.00	—	—	3	3
Call · $47 Daily-bar session Unknown Quote as of 2026-09-04 19:59:34.523 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $47 In the money Daily-bar session Mar 17, 2026 Quote as of 2026-09-04 19:59:50.118 UTC Last $17.42 Breakeven $29.58 Implied vol — Delta — Gamma — Theta — Vega — Open interest 3 OI effective date Sep 3, 2026 Model this put
22	1	—	—	$0.00	$0.10	$0.04		$17.62	$15.00	$17.00	—	—	1	24
Call · $48 Daily-bar session Jul 23, 2026 Quote as of 2026-09-04 19:56:58.083 UTC Last $0.04 Breakeven $48.04 Implied vol — Delta — Gamma — Theta — Vega — Open interest 22 OI effective date Sep 3, 2026 Model this call Put · $48 In the money Daily-bar session Apr 16, 2026 Quote as of 2026-09-04 19:54:25.799 UTC Last $17.62 Breakeven $30.38 Implied vol — Delta — Gamma — Theta — Vega — Open interest 24 OI effective date Sep 3, 2026 Model this put
—	—	—	—	$0.00	$0.90	—		$20.88	$15.90	$18.00	—	—	5	18
Call · $49 Daily-bar session Unknown Quote as of 2026-09-04 19:59:35.120 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $49 In the money Daily-bar session Jul 22, 2026 Quote as of 2026-09-04 19:59:50.118 UTC Last $20.88 Breakeven $28.12 Implied vol — Delta — Gamma — Theta — Vega — Open interest 18 OI effective date Sep 3, 2026 Model this put
1	1	—	—	$0.00	$0.05	$0.15		$17.98	$17.00	$19.10	—	—	10	14
Call · $50 Daily-bar session Apr 27, 2026 Quote as of 2026-09-04 17:22:43.852 UTC Last $0.15 Breakeven $50.15 Implied vol — Delta — Gamma — Theta — Vega — Open interest 1 OI effective date Sep 3, 2026 Model this call Put · $50 In the money Daily-bar session Aug 28, 2026 Quote as of 2026-09-04 19:54:25.799 UTC Last $17.98 Breakeven $32.02 Implied vol — Delta — Gamma — Theta — Vega — Open interest 14 OI effective date Sep 3, 2026 Model this put
—	—	—	—	$0.00	$0.90	—		$20.00	$17.90	$20.10	—	—	1	1
Call · $51 Daily-bar session Unknown Quote as of 2026-09-04 19:59:35.678 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $51 In the money Daily-bar session Apr 21, 2026 Quote as of 2026-09-04 19:59:50.118 UTC Last $20.00 Breakeven $31.00 Implied vol — Delta — Gamma — Theta — Vega — Open interest 1 OI effective date Sep 3, 2026 Model this put
—	—	—	—	$0.00	$0.20	—		$20.15	$18.90	$21.10	—	—	1	2
Call · $52 Daily-bar session Unknown Quote as of 2026-09-04 13:30:32.894 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $52 In the money Daily-bar session Aug 21, 2026 Quote as of 2026-09-04 19:59:50.118 UTC Last $20.15 Breakeven $31.85 Implied vol — Delta — Gamma — Theta — Vega — Open interest 2 OI effective date Sep 3, 2026 Model this put
—	—	—	—	$0.00	$0.50	—		—	$19.90	$22.10	—	—	—	—
Call · $53 Daily-bar session Unknown Quote as of 2026-09-04 19:55:11.440 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $53 In the money Daily-bar session Unknown Quote as of 2026-09-04 13:31:26.456 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
15	4	—	—	$0.00	$0.90	$0.24		—	$20.90	$22.90	—	—	—	—
Call · $54 Daily-bar session May 5, 2026 Quote as of 2026-09-04 19:59:36.662 UTC Last $0.24 Breakeven $54.24 Implied vol — Delta — Gamma — Theta — Vega — Open interest 15 OI effective date Sep 3, 2026 Model this call Put · $54 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:59:41.427 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
194	1	—	—	$0.00	$0.10	$0.05		$21.78	$22.00	$23.90	—	—	5	20
Call · $55 Daily-bar session Aug 4, 2026 Quote as of 2026-09-04 14:06:54.404 UTC Last $0.05 Breakeven $55.05 Implied vol — Delta — Gamma — Theta — Vega — Open interest 194 OI effective date Sep 3, 2026 Model this call Put · $55 In the money Daily-bar session May 20, 2026 Quote as of 2026-09-04 19:53:55.210 UTC Last $21.78 Breakeven $33.22 Implied vol — Delta — Gamma — Theta — Vega — Open interest 20 OI effective date Sep 3, 2026 Model this put
24	1	—	—	$0.00	$0.25	$0.05		—	$22.90	$24.90	—	—	—	—
Call · $56 Daily-bar session May 14, 2026 Quote as of 2026-09-04 19:59:55.249 UTC Last $0.05 Breakeven $56.05 Implied vol — Delta — Gamma — Theta — Vega — Open interest 24 OI effective date Sep 3, 2026 Model this call Put · $56 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:20:24.665 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
—	—	—	—	$0.00	$0.90	—		$29.35	$23.90	$25.90	—	—	1	1
Call · $57 Daily-bar session Unknown Quote as of 2026-09-04 19:59:37.676 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $57 In the money Daily-bar session Jun 4, 2026 Quote as of 2026-09-04 19:59:46.112 UTC Last $29.35 Breakeven $27.65 Implied vol — Delta — Gamma — Theta — Vega — Open interest 1 OI effective date Sep 3, 2026 Model this put

About this data

Each contract's last price, day range and volume belong to the daily-bar session shown in its details; unknown means the source omitted that timestamp. Open interest has its own effective date shown separately; implied volatility and greeks are model values computed when fetched. This chain has mixed daily-bar sessions · Mar 17, 2026–Sep 4, 2026; 11 unknown. Positioning totals are shown only when every returned open-interest value has the same known effective date. Bid and ask are real-time consolidated OPRA readings.

In-the-money strikes are tinted, deepening toward the money, and the bar beside each open-interest figure scales to the heaviest strike shown. The 22 strikes around the money are shown by default — switch to "All 34" for the wings. Max pain is the listed strike where the most open interest would expire worthless — a positioning reference, not a forecast.