A 2-leg, $14.11M options structure landed in $SOXX on Friday, built around the $345 to $620 strikes. The legs lean bullish: the bought side profits as SOXX rises, and the sold side helps pay for it.
What happened
The legs printed together in the afternoon, around 2:20 p.m. ET on Friday, October 30, with $SOXX near $462.14, for $14.11M in combined premium across 2,500 contracts.
Trading the legs as one ticket locks in the price of the whole structure at once, which is how professional desks usually put on spreads.
Netting the legs, the trader paid about $1.35M to put the position on. The sold legs mean the risk does not stop at that debit if the stock moves hard against them.
- SOXX Jan 19, 2029 $345 Put: 1,500 contracts at $42.52 (sold)
- SOXX Jan 19, 2029 $620 Call: 1,000 contracts at $77.28 (bought)
Why it matters
A risk reversal buys one side and sells the other, using the premium from one leg to pay for the other. It is a directional view financed with the opposite option.
Net of all legs, the structure behaves like being long roughly 77,100 shares of SOXX, about $35.65M of stock exposure.
The strikes run from $345.00 (25.3% below the stock) to $620.00 (34.2% above the stock), so the trade is built around a zone rather than a single target.
With 812 days until Jan 19, 2029, this is a long-dated position measured in years, the kind of trade built around a thesis rather than the next headline. Implied volatility sat near 42%, a middle-of-the-road price for movement.
Over the last 12 sessions $SOXX has traded between $463.01 and $524.61 and is down 8.9% over that stretch. The stock came into this trade near the bottom of that range.
The numbers
| Structure | Risk reversal (2 legs) |
|---|---|
| Lean | Bullish |
| Expirations | Jan 19, 2029 (nearest in 812 days) |
| Strikes | $345, $620 |
| Contracts | 2,500 |
| Total premium | $14.11M |
| Net cost | $1.35M debit |
| Stock at the trade | $462.14 |
Three ways this could play out
Bullish continuation
A move through $620.00 puts $SOXX above every strike. That is where this bullish structure does its best work.
Bearish rejection
A drop under $345.00 takes $SOXX below every strike. With the lean on the bullish side, that is where the position takes its worst damage.
Neutral stabilization
If $SOXX settles between $345.00 and $620.00 into Jan 19, 2029, time decay and the final price decide who wins, which is exactly what spreads are built to control.
What to watch next
- $345.00 and $620.00: the outer strikes that define this trade.
- Open interest on each leg in the next session, to confirm the structure was opened rather than closed.
- Jan 19, 2029: expiration, 812 days out for the nearest leg, when the structure resolves.
- Follow-on spreads at nearby strikes, which would show a desk building a larger position.
- $463.01 and $524.61: the edges of SOXX’s recent trading range.
