SPY options skew: ELEVATED — SPY options skew is elevated: left-tail hedge demand, with implied volatility rising across expiries.
  2026-08-21: put IV 27.3%, call IV 19.9%, Risk reversal -7.4%
  2026-09-18: put IV 29.4%, call IV 18.8%, Risk reversal -10.6%
  2026-10-16: put IV 32.9%, call IV 19.8%, Risk reversal -13.1%