Do you guys think that some of the OTM put options on commodities ETFs (e.g. USO) are overvalued? It is a norm to observe pronounced volatility skew on stock put options (more OTM = higher IV) due to demand for protection against black swan fat-tail events. But for commodities ETF??? if anything with commodities, the risk-aversion of most trader is against the upside risk. Selling OTM puts on commodities seemed to provide a decent risk/reward proposition. Am I missing something here?