The IV of the ATM put for the DJX (102 djvsx) is 15.5%. The average IV of the ATM Puts of all 30 DJIA stocks is 22.9%. That makes sense. But when you add up the value of the 30 ATM Puts (1 contract for each stock) you get $2,850. The value of the DJX Puts (14 DJX contracts to get the same total position value $143,660 as 100 shares of each of the Dow components) I get $2,989...almost the same. I would think the sum of the individual 30 component puts would have a much greater value due to it's greater IV. Any Ideas?