DIA

Puts are the richer wing (positive 25Δ RR); near its 180-day baseline.

Persistent, non-event bid — the current structural skew regime.

ρ doesn't confirm — positioning/skew dislocation, not a clean spot-vol signal.

Near baseline: no skew edge today — needs another pillar to carry the trade.

no proven separation for this bucket yet — relative-value read only