VPL · VANGUARD PACIFIC STOCK INDEX FUND ETF

Alerts for VPL

$118.42 +1.48 (+1.27%) At close · Sep 4

Options Chain

Underlying $118.42 · at close Sep 4, 2026 Options Calculator

Positioning

Sep 18, 2026 · 12 days to expiry · 72 contracts · mixed daily-bar sessions · Jan 15, 2026–Sep 4, 2026; 25 unknown

Put / call OI

0.96

Balanced positioning

Open interest

470

as of Sep 3, 2026

Volume

—

dated and unknown daily-bar sessions

Max pain

$100.00

$18.42 below spot

ATM implied vol

31.7%

market's expected move

Open interest by strike · near the money

Calls Puts

100

101

102

103

104

105

110

115

120

125

130

135

140

145

Chain

Click any strike for greeks, breakeven and the calculator

Expiry

Sep 18 12d Oct 16 40d Dec 18 103d Mar 19 194d

Calls								Puts
OI	Vol	IV	Δ	Bid	Ask	Last	Strike	Last	Bid	Ask	Δ	IV	Vol	OI
2	2	—	—	$66.00	$69.80	$57.25		$0.40	$0.00	$1.45	—	—	1	2
Call · $50 In the money Daily-bar session Apr 8, 2026 Quote as of 2026-09-04 19:59:15.016 UTC Last $57.25 Breakeven $107.25 Implied vol — Delta — Gamma — Theta — Vega — Open interest 2 OI effective date Sep 3, 2026 Model this call Put · $50 Daily-bar session Apr 1, 2026 Quote as of 2026-09-04 19:59:58.754 UTC Last $0.40 Breakeven $49.60 Implied vol — Delta — Gamma — Theta — Vega — Open interest 2 OI effective date Sep 3, 2026 Model this put
—	2	—	—	$61.00	$64.80	$60.75		—	$0.00	$1.95	—	—	—	—
Call · $55 In the money Daily-bar session Jun 26, 2026 Quote as of 2026-09-04 19:59:26.705 UTC Last $60.75 Breakeven $115.75 Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $55 Daily-bar session Unknown Quote as of 2026-09-04 19:55:02.290 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
2	2	—	—	$56.00	$59.70	$52.30		—	$0.00	$2.45	—	—	—	—
Call · $60 In the money Daily-bar session May 6, 2026 Quote as of 2026-09-04 19:59:16.632 UTC Last $52.30 Breakeven $112.30 Implied vol — Delta — Gamma — Theta — Vega — Open interest 2 OI effective date Sep 3, 2026 Model this call Put · $60 Daily-bar session Unknown Quote as of 2026-09-04 19:59:58.756 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
4	14	—	—	$51.00	$54.80	$37.12		—	$0.00	$2.95	—	—	—	—
Call · $65 In the money Daily-bar session Feb 6, 2026 Quote as of 2026-09-04 19:57:39.115 UTC Last $37.12 Breakeven $102.12 Implied vol — Delta — Gamma — Theta — Vega — Open interest 4 OI effective date Sep 3, 2026 Model this call Put · $65 Daily-bar session Unknown Quote as of 2026-09-04 19:58:30.241 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
—	4	—	—	$46.00	$49.70	$33.95		$0.75	$0.00	$4.80	—	—	1	2
Call · $70 In the money Daily-bar session Feb 9, 2026 Quote as of 2026-09-04 19:59:00.221 UTC Last $33.95 Breakeven $103.95 Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $70 Daily-bar session Apr 6, 2026 Quote as of 2026-09-04 18:28:30.189 UTC Last $0.75 Breakeven $69.25 Implied vol — Delta — Gamma — Theta — Vega — Open interest 2 OI effective date Sep 3, 2026 Model this put
7	2	—	—	$41.00	$44.80	$43.20		$0.80	$0.00	$4.80	—	—	1	5
Call · $75 In the money Daily-bar session Jun 3, 2026 Quote as of 2026-09-04 19:59:06.200 UTC Last $43.20 Breakeven $118.20 Implied vol — Delta — Gamma — Theta — Vega — Open interest 7 OI effective date Sep 3, 2026 Model this call Put · $75 Daily-bar session Apr 24, 2026 Quote as of 2026-09-04 18:28:30.189 UTC Last $0.80 Breakeven $74.20 Implied vol — Delta — Gamma — Theta — Vega — Open interest 5 OI effective date Sep 3, 2026 Model this put
10	10	—	—	$36.00	$40.00	$34.90		$0.70	$0.00	$4.80	—	—	30	66
Call · $80 In the money Daily-bar session May 13, 2026 Quote as of 2026-09-04 19:57:10.894 UTC Last $34.90 Breakeven $114.90 Implied vol — Delta — Gamma — Theta — Vega — Open interest 10 OI effective date Sep 3, 2026 Model this call Put · $80 Daily-bar session May 15, 2026 Quote as of 2026-09-04 18:28:30.184 UTC Last $0.70 Breakeven $79.30 Implied vol — Delta — Gamma — Theta — Vega — Open interest 66 OI effective date Sep 3, 2026 Model this put
—	—	—	—	$31.00	$35.00	—		$0.05	$0.00	$4.80	—	—	5	5
Call · $85 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:56:36.833 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $85 Daily-bar session Aug 27, 2026 Quote as of 2026-09-04 19:50:05.839 UTC Last $0.05 Breakeven $84.95 Implied vol — Delta — Gamma — Theta — Vega — Open interest 5 OI effective date Sep 3, 2026 Model this put
—	—	—	—	$30.00	$34.00	—		—	$0.00	$4.80	—	—	—	—
Call · $86 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:57:10.954 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $86 Daily-bar session Unknown Quote as of 2026-09-04 18:28:30.182 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
1	1	—	—	$29.00	$32.60	$11.50		—	$0.00	$4.80	—	—	—	—
Call · $87 In the money Daily-bar session Jan 21, 2026 Quote as of 2026-09-04 19:59:48.161 UTC Last $11.50 Breakeven $98.50 Implied vol — Delta — Gamma — Theta — Vega — Open interest 1 OI effective date Sep 3, 2026 Model this call Put · $87 Daily-bar session Unknown Quote as of 2026-09-04 18:28:30.182 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
1	1	—	—	$28.00	$31.70	$11.10		—	$0.00	$4.80	—	—	—	—
Call · $88 In the money Daily-bar session Jan 15, 2026 Quote as of 2026-09-04 19:55:40.060 UTC Last $11.10 Breakeven $99.10 Implied vol — Delta — Gamma — Theta — Vega — Open interest 1 OI effective date Sep 3, 2026 Model this call Put · $88 Daily-bar session Unknown Quote as of 2026-09-04 19:50:05.839 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
—	—	—	—	$27.00	$31.20	—		—	$0.00	$4.80	—	—	—	—
Call · $89 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:59:50.451 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $89 Daily-bar session Unknown Quote as of 2026-09-04 18:28:30.188 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
1	1	—	—	$26.00	$29.60	$22.44		$1.70	$0.00	$4.80	—	—	2	3
Call · $90 In the money Daily-bar session Jul 13, 2026 Quote as of 2026-09-04 19:59:20.755 UTC Last $22.44 Breakeven $112.44 Implied vol — Delta — Gamma — Theta — Vega — Open interest 1 OI effective date Sep 3, 2026 Model this call Put · $90 Daily-bar session Mar 4, 2026 Quote as of 2026-09-04 18:28:30.188 UTC Last $1.70 Breakeven $88.30 Implied vol — Delta — Gamma — Theta — Vega — Open interest 3 OI effective date Sep 3, 2026 Model this put
—	—	—	—	$25.00	$28.70	—		—	$0.00	$0.95	—	—	—	—
Call · $91 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:56:14.190 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $91 Daily-bar session Unknown Quote as of 2026-09-04 19:55:02.713 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
—	—	—	—	$24.00	$28.30	—		—	$0.00	$4.80	—	—	—	—
Call · $92 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:59:46.089 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $92 Daily-bar session Unknown Quote as of 2026-09-04 18:28:30.188 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
1	1	—	—	$23.00	$26.70	$20.40		$1.10	$0.00	$4.80	—	—	1	4
Call · $93 In the money Daily-bar session May 6, 2026 Quote as of 2026-09-04 19:59:00.068 UTC Last $20.40 Breakeven $113.40 Implied vol — Delta — Gamma — Theta — Vega — Open interest 1 OI effective date Sep 3, 2026 Model this call Put · $93 Daily-bar session May 12, 2026 Quote as of 2026-09-04 19:50:05.839 UTC Last $1.10 Breakeven $91.90 Implied vol — Delta — Gamma — Theta — Vega — Open interest 4 OI effective date Sep 3, 2026 Model this put
—	—	—	—	$22.00	$25.70	—		$1.28	$0.00	$4.80	—	—	1	1
Call · $94 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:58:39.117 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $94 Daily-bar session May 8, 2026 Quote as of 2026-09-04 18:28:30.187 UTC Last $1.28 Breakeven $92.72 Implied vol — Delta — Gamma — Theta — Vega — Open interest 1 OI effective date Sep 3, 2026 Model this put
62	3	—	—	$21.00	$24.90	$20.85		$1.48	$0.00	$0.95	—	—	1	1
Call · $95 In the money Daily-bar session Aug 25, 2026 Quote as of 2026-09-04 19:59:54.147 UTC Last $20.85 Breakeven $115.85 Implied vol — Delta — Gamma — Theta — Vega — Open interest 62 OI effective date Sep 3, 2026 Model this call Put · $95 Daily-bar session May 8, 2026 Quote as of 2026-09-04 19:55:02.655 UTC Last $1.48 Breakeven $93.52 Implied vol — Delta — Gamma — Theta — Vega — Open interest 1 OI effective date Sep 3, 2026 Model this put
1	1	—	—	$20.00	$23.70	$19.00		—	$0.00	$4.80	—	—	—	—
Call · $96 In the money Daily-bar session May 15, 2026 Quote as of 2026-09-04 19:55:14.177 UTC Last $19.00 Breakeven $115.00 Implied vol — Delta — Gamma — Theta — Vega — Open interest 1 OI effective date Sep 3, 2026 Model this call Put · $96 Daily-bar session Unknown Quote as of 2026-09-04 18:28:30.187 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
4	3	—	—	$19.00	$22.70	$12.20		$2.54	$0.00	$0.95	—	—	6	6
Call · $97 In the money Daily-bar session Apr 27, 2026 Quote as of 2026-09-04 19:59:56.894 UTC Last $12.20 Breakeven $109.20 Implied vol — Delta — Gamma — Theta — Vega — Open interest 4 OI effective date Sep 3, 2026 Model this call Put · $97 Daily-bar session Jul 29, 2026 Quote as of 2026-09-04 19:55:02.655 UTC Last $2.54 Breakeven $94.46 Implied vol — Delta — Gamma — Theta — Vega — Open interest 6 OI effective date Sep 3, 2026 Model this put
—	1	—	—	$18.00	$21.70	$11.19		$5.10	$0.00	$4.80	—	—	1	28
Call · $98 In the money Daily-bar session Apr 30, 2026 Quote as of 2026-09-04 19:59:56.894 UTC Last $11.19 Breakeven $109.19 Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $98 Daily-bar session Mar 25, 2026 Quote as of 2026-09-04 18:28:30.182 UTC Last $5.10 Breakeven $92.90 Implied vol — Delta — Gamma — Theta — Vega — Open interest 28 OI effective date Sep 3, 2026 Model this put
—	—	—	—	$17.00	$21.20	—		$2.80	$0.00	$4.80	—	—	6	7
Call · $99 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:59:28.542 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $99 Daily-bar session Jul 29, 2026 Quote as of 2026-09-04 18:28:30.182 UTC Last $2.80 Breakeven $96.20 Implied vol — Delta — Gamma — Theta — Vega — Open interest 7 OI effective date Sep 3, 2026 Model this put
4	4	—	—	$16.00	$19.70	$13.00		$0.05	$0.00	$0.50	—	—	1	4
Call · $100 In the money Daily-bar session Jul 23, 2026 Quote as of 2026-09-04 19:59:28.542 UTC Last $13.00 Breakeven $113.00 Implied vol — Delta — Gamma — Theta — Vega — Open interest 4 OI effective date Sep 3, 2026 Model this call Put · $100 Daily-bar session Sep 4, 2026 Quote as of 2026-09-04 19:55:11.399 UTC Last $0.05 Breakeven $99.95 Implied vol — Delta — Gamma — Theta — Vega — Open interest 4 OI effective date Sep 3, 2026 Model this put
3	3	—	—	$15.00	$19.20	$12.00		$3.40	$0.00	$4.80	—	—	6	6
Call · $101 In the money Daily-bar session Jul 23, 2026 Quote as of 2026-09-04 19:59:10.964 UTC Last $12.00 Breakeven $113.00 Implied vol — Delta — Gamma — Theta — Vega — Open interest 3 OI effective date Sep 3, 2026 Model this call Put · $101 Daily-bar session Jul 29, 2026 Quote as of 2026-09-04 19:57:02.522 UTC Last $3.40 Breakeven $97.60 Implied vol — Delta — Gamma — Theta — Vega — Open interest 6 OI effective date Sep 3, 2026 Model this put
—	—	—	—	$14.00	$17.70	—		$2.70	$0.00	$0.85	—	—	1	1
Call · $102 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:59:10.964 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $102 Daily-bar session Jul 31, 2026 Quote as of 2026-09-04 19:59:58.756 UTC Last $2.70 Breakeven $99.30 Implied vol — Delta — Gamma — Theta — Vega — Open interest 1 OI effective date Sep 3, 2026 Model this put
1	1	—	—	$13.00	$16.80	$10.20		$3.23	$0.00	$4.80	—	—	12	12
Call · $103 In the money Daily-bar session Feb 26, 2026 Quote as of 2026-09-04 19:55:15.225 UTC Last $10.20 Breakeven $113.20 Implied vol — Delta — Gamma — Theta — Vega — Open interest 1 OI effective date Sep 3, 2026 Model this call Put · $103 Daily-bar session Jul 23, 2026 Quote as of 2026-09-04 19:55:02.581 UTC Last $3.23 Breakeven $99.77 Implied vol — Delta — Gamma — Theta — Vega — Open interest 12 OI effective date Sep 3, 2026 Model this put
1	1	—	—	$12.00	$16.20	$2.65		$3.39	$0.00	$4.80	—	—	14	14
Call · $104 In the money Daily-bar session Jan 26, 2026 Quote as of 2026-09-04 19:59:10.897 UTC Last $2.65 Breakeven $106.65 Implied vol — Delta — Gamma — Theta — Vega — Open interest 1 OI effective date Sep 3, 2026 Model this call Put · $104 Daily-bar session Jul 23, 2026 Quote as of 2026-09-04 19:55:02.581 UTC Last $3.39 Breakeven $100.61 Implied vol — Delta — Gamma — Theta — Vega — Open interest 14 OI effective date Sep 3, 2026 Model this put
7	2	—	—	$11.00	$15.10	$8.85		$0.23	$0.00	$4.80	—	—	1	—
Call · $105 In the money Daily-bar session Jun 5, 2026 Quote as of 2026-09-04 19:59:53.345 UTC Last $8.85 Breakeven $113.85 Implied vol — Delta — Gamma — Theta — Vega — Open interest 7 OI effective date Sep 3, 2026 Model this call Put · $105 Daily-bar session Sep 3, 2026 Quote as of 2026-09-04 19:55:11.482 UTC Last $0.23 Breakeven $104.77 Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
9	3	21.6%	0.973	$6.50	$10.70	$7.05		$0.58	$0.15	$1.05	-0.137	39%	2	21
Call · $110 In the money Daily-bar session Aug 27, 2026 Quote as of 2026-09-04 19:59:49.869 UTC Last $7.05 Breakeven $117.05 Implied vol 21.6% Delta 0.973 ≈97% ITM Gamma 0.013 Theta -0.023 Vega 0.013 Open interest 9 OI effective date Sep 3, 2026 Model this call Put · $110 Daily-bar session Sep 3, 2026 Quote as of 2026-09-04 19:55:01.226 UTC Last $0.58 Breakeven $109.42 Implied vol 39% Delta -0.137 ≈14% ITM Gamma 0.026 Theta -0.075 Vega 0.047 Open interest 21 OI effective date Sep 3, 2026 Model this put
48	40	22.7%	0.777	$3.10	$5.30	$3.20		$1.80	$0.50	$3.80	-0.335	43.4%	40	42
Call · $115 In the money Daily-bar session Sep 3, 2026 Quote as of 2026-09-04 19:55:01.226 UTC Last $3.20 Breakeven $118.20 Implied vol 22.7% Delta 0.777 ≈78% ITM Gamma 0.061 Theta -0.07 Vega 0.064 Open interest 48 OI effective date Sep 3, 2026 Model this call Put · $115 Daily-bar session Sep 3, 2026 Quote as of 2026-09-04 19:55:02.366 UTC Last $1.80 Breakeven $113.20 Implied vol 43.4% Delta -0.335 ≈33% ITM Gamma 0.039 Theta -0.137 Vega 0.078 Open interest 42 OI effective date Sep 3, 2026 Model this put
Underlying $118.42
51	1	22.4%	0.391	$0.40	$2.20	$1.50		$4.70	$3.10	$5.50	-0.55	41%	1	—
Call · $120 Daily-bar session Sep 4, 2026 Quote as of 2026-09-04 19:59:51.354 UTC Last $1.50 Breakeven $121.50 Implied vol 22.4% Delta 0.391 ≈39% ITM Gamma 0.08 Theta -0.082 Vega 0.083 Open interest 51 OI effective date Sep 3, 2026 Model this call Put · $120 In the money Daily-bar session Sep 4, 2026 Quote as of 2026-09-04 19:59:32.870 UTC Last $4.70 Breakeven $115.30 Implied vol 41% Delta -0.55 ≈55% ITM Gamma 0.045 Theta -0.138 Vega 0.085 Open interest — OI effective date — Model this put
3	1	—	—	$0.00	$2.00	$0.50		—	$6.90	$9.50	-0.713	48.1%	—	—
Call · $125 Daily-bar session Aug 24, 2026 Quote as of 2026-09-04 19:55:22.000 UTC Last $0.50 Breakeven $125.50 Implied vol — Delta — Gamma — Theta — Vega — Open interest 3 OI effective date Sep 3, 2026 Model this call Put · $125 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:59:06.104 UTC Last — Breakeven — Implied vol 48.1% Delta -0.713 ≈71% ITM Gamma 0.033 Theta -0.137 Vega 0.073 Open interest — OI effective date — Model this put
1	1	—	—	$0.00	$0.75	$1.10		—	$10.60	$14.50	-0.814	53.9%	—	—
Call · $130 Daily-bar session Jun 30, 2026 Quote as of 2026-09-04 19:49:58.339 UTC Last $1.10 Breakeven $131.10 Implied vol — Delta — Gamma — Theta — Vega — Open interest 1 OI effective date Sep 3, 2026 Model this call Put · $130 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:55:04.722 UTC Last — Breakeven — Implied vol 53.9% Delta -0.814 ≈81% ITM Gamma 0.023 Theta -0.118 Vega 0.058 Open interest — OI effective date — Model this put
16	1	—	—	$0.00	$0.75	$0.75		—	$15.40	$19.50	-0.85	65.3%	—	—
Call · $135 Daily-bar session Jul 9, 2026 Quote as of 2026-09-04 19:49:58.339 UTC Last $0.75 Breakeven $135.75 Implied vol — Delta — Gamma — Theta — Vega — Open interest 16 OI effective date Sep 3, 2026 Model this call Put · $135 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:55:15.225 UTC Last — Breakeven — Implied vol 65.3% Delta -0.85 ≈85% ITM Gamma 0.017 Theta -0.124 Vega 0.05 Open interest — OI effective date — Model this put
—	—	—	—	$0.00	$0.75	—		—	$20.30	$24.50	-0.872	76.2%	—	—
Call · $140 Daily-bar session Unknown Quote as of 2026-09-04 19:49:58.339 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $140 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:55:40.060 UTC Last — Breakeven — Implied vol 76.2% Delta -0.872 ≈87% ITM Gamma 0.013 Theta -0.13 Vega 0.045 Open interest — OI effective date — Model this put
—	—	—	—	$0.00	$0.75	—		—	$25.50	$29.50	-0.877	89.5%	—	—
Call · $145 Daily-bar session Unknown Quote as of 2026-09-04 19:49:58.513 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $145 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:55:04.722 UTC Last — Breakeven — Implied vol 89.5% Delta -0.877 ≈88% ITM Gamma 0.011 Theta -0.15 Vega 0.044 Open interest — OI effective date — 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 · Jan 15, 2026–Sep 4, 2026; 25 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 18 strikes around the money are shown by default — switch to "All 36" for the wings. Max pain is the listed strike where the most open interest would expire worthless — a positioning reference, not a forecast.