Zacks Investment ResearchT3·30mo ago
SPDN Direxion Daily S&P 500 Bear 1X ETF
ETF 8.39 DelayedETF quote, holdings, sector allocation, technicals, and options analytics. Expected move IV rank history Fibonacci levels
Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.
SPDN
$8.39
—
Key stats
$8.39
Pre-market
$8.49
+1.19%
- 52-Week Range
- $8.28 – $10.28
- YTD
- -11.03%
- IV Rank (30D)
- 32.41
- Straddle Price
- $0.88
- P/C Vol Ratio
- 0.50
- Open
- $8.42
- Day Range
- $8.38 – $8.45
- Volume
- 46,499,596
- Prev Close
- $8.44
About
Direxion Daily S&P 500 Bear 1X ETF (SPDN) ETF
No description available.
- Exchange
- ARCX
- Inception
- 2016-06-08
- Has Options
- Yes
Fund profile
holdings as of Oct 21, 2026issuer datathrough Jul 2026flows, SEC filings
Resets to −1x its benchmark's return each day. Over longer periods the result compounds and can differ sharply from −1x the benchmark, especially when it is volatile. Decay analysis
- Expense ratio
- —
- Assets
- $278M shares × price, Oct 21, 2026
- Trailing yield
- 3.73% paid quarterly
- Average daily volume
- $313M 30 sessions
- Holdings
- 5 top 10 are 0.0%
- Listed
- Jun 8, 2016 NYSE Arca
Costn/a
Liquidity100
Scale54
Diversificationn/a
Moves with. US large-cap stocks (93% of its variance, beta -0.96). These factors explain 96% of its daily moves over the last year.
All 5 holdingsFlow historyOverlap toolAll Inverse Equity ETFs
Fund flows
through Jul 2026SEC filings- Jul 2026
- +$89M latest reported month
- Latest 3 months
- +$70M +24.7% of assets
- Latest 12 months
- +$195M +68.3% of assets
View as a table
| Month | Net flow |
|---|---|
| Jul 2026 | +$89M |
| Jun 2026 | −$5.9M |
| May 2026 | −$13M |
| Apr 2026 | −$62M |
| Mar 2026 | +$63M |
| Feb 2026 | +$28M |
| Jan 2026 | +$16M |
| Dec 2025 | −$39M |
| Nov 2025 | +$108M |
| Oct 2025 | −$16M |
| Sep 2025 | +$18M |
| Aug 2025 | +$8.0M |
Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 84 months ago
Similar funds
| Fund | Overlap | Fee | Assets | 1Y | |
|---|---|---|---|---|---|
| SOXSDirexion Daily Semiconductor Bear 3X ETF | — | — | $3.1B | −94.3% | compare |
| SQQQProShares UltraPro Short QQQ | — | 0.95% | $2.0B | −49.1% | compare |
| SHProShares Short S&P500 | — | 0.89% | $950M | −12.8% | compare |
| PSQProShares Short QQQ | — | 0.95% | $636M | −16.9% | compare |
| SPXUProShares UltraPro Short S&P 500 | — | 0.89% | $436M | −36.5% | compare |
The largest other funds in the Inverse Equity category.
Under the hood
fiscal year to Oct 31, 2025SEC census- Authorized participants
- 9 active of 9 with agreements; top 3 did 86%
- Created · redeemed
- $1.2B · $1.2B over the fiscal year
- Redemptions in kind
- 0% creations 0% in kind
- Creation unit
- 50,000 shares
- Securities lending
- authorized, none lent
- Diversification status
- Non-diversified may concentrate in fewer issuers
From the fund's annual census filing with the SEC. In-kind redemptions are what let an ETF shed appreciated securities without realising gains.
ETF Profile
holdings as of 2026-10-21
Holdings
5
AUM
$10.8M
Provider
Direxion
Inception
2016-06-08
Exchange
ARCX
Data As Of
2026-10-21
Expense Ratio
—
Dividend Yield
3.73%
Distribution
Quarterly
Recent distributions
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-09-22 | 2026-09-29 | $0.1153 | CD |
| 2026-06-23 | 2026-06-30 | $0.0704 | CD |
| 2026-03-24 | 2026-03-31 | $0.0516 | CD |
| 2025-12-23 | 2025-12-31 | $0.0753 | CD |
| 2025-09-23 | 2025-09-30 | $0.0936 | CD |
| 2025-06-24 | 2025-07-01 | $0.1350 | CD |
Asset Allocation
Top Holdings
top 5 of 5 holdings
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| — | DREYFUS GOVT CASH MAN INS | 88.63% | Cash/Money Market | — |
| — | GOLDMAN SACHS FIN GOV 465 INSTITUT | 15.11% | Cash/Money Market | — |
| — | GOLDMAN FINL SQ TRSRY INST 506 | 0.00% | Cash/Money Market | — |
| — | SPX SWAP ASSET LEG | -24.84% | Derivative | — |
| — | SPX SWAP ASSET LEG | -75.16% | Derivative | — |
Non-Equity Breakdown
Direxion Daily S&P 500 Bear 1X Shares ·
NPORT-P period 2026-04-30
(filed 2026-06-29)
Net assets:
$220M
· 5 total positions
· equity 0.00%
· non-equity 100.22%
Non-equity holdings
— 5 positions,
100.22% of NAV
| Category | Weight | Value | Positions |
|---|---|---|---|
| Short-term investment | 104.59% | $230.0M | 3 |
| Derivative (equity) | -4.36% | $-9598495 | 2 |
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | -0.38% | 5.95% | -5.91% | -1.42% | -2.45% | -0.95% | -0.86% |
| Feb | -1.20% | 3.41% | 4.08% | -3.07% | 1.20% | 1.61% | 1.01% |
| Mar | -2.27% | -5.52% | -4.03% | -2.64% | 3.76% | 5.18% | -0.92% |
| Apr | -4.11% | 9.52% | -0.65% | 4.75% | -0.09% | -8.42% | 0.17% |
| May | -0.67% | -0.25% | 0.00% | -4.44% | -4.72% | -4.22% | -2.38% |
| Jun | -2.47% | 7.51% | -6.30% | -4.00% | -5.07% | 0.70% | -1.61% |
| Jul | -1.97% | -7.64% | -2.32% | -0.26% | -1.75% | 0.45% | -2.25% |
| Aug | -3.20% | 3.96% | 2.01% | -3.03% | -2.91% | -0.81% | -0.66% |
| Sep | 4.81% | 10.30% | 4.36% | -4.68% | -4.66% | -1.28% | 1.48% |
| Oct | -5.61% | -5.17% | 2.69% | 0.62% | -1.57% | -0.94%* | -1.66% |
| Nov | 0.82% | -5.67% | -6.96% | -4.68% | 0.32% | -- | -3.23% |
| Dec | -5.70% | 5.63% | -4.80% | 2.13% | -0.84% | -- | -0.72% |
| Total | -20.25% | 21.67% | -17.25% | -19.27% | -17.57% | -8.89% | -10.26% |
Technical Indicators
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
Trend Indicators
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
Volume & Volatility
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
SMA 20: $8.40
SMA 50: $8.48
SMA 200: $8.97
Current: $8.39
EMA 12: $8.42
EMA 26: $8.44
MACD: -0.0192 | Signal: 0.0118
BEARISH
ADX (14): 13.03
RANGE
+DI: 24.78
−DI: 17.98
Momentum Oscillators
RSI (14): 46.05
NEUTRAL
Stoch %K: 61.33
Stoch %D: 70.67
Williams %R: -56.00
Volume & Volatility
BB Upper: $8.52
BB Lower: $8.29
NEUTRAL
OBV: 905,338,189
Vol SMA 20: 39,292,631
Vol ROC: 56.35%
ATR: $0.08
True Range: $0.07
HV 20: 9.4%
HV 30: 11.2%
HV 60: 11.4%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-23T00:00:00 – 2026-10-21T00:00:00
AI Analysis
SPDN Stock Analysis Report
Executive Summary
Overall Assessment: BEARISH | Confidence: 7/10
SPDN is a tactical inverse ETF designed to move opposite the broader market. The current analysis reveals a stock caught between conflicting signals—technical neutrality masking elevated volatility expectations and an extremely lopsided options market structure. The primary driver is the stock's inverse nature (Beta: -0.99), making it a hedge instrument rather than a traditional investment. Key risks include mean-reversion pressure, low absolute momentum, and the structural challenge that inverse ETFs decay over time in sideways or up markets.
Investment Thesis: SPDN shows neutral short-term technicals with RSI at 49.09 (neutral midpoint) and tight trading ranges (Bollinger Band width 4.46%), but the options market is pricing significant expected volatility ($2.48 move by 15 DTE). With IV at 151.7% and IV Rank at 80.2%, implied volatility is substantially elevated above realized volatility (HV30: 10.8%), creating potential compression risk. This inverse ETF's utility is best suited for tactical hedging during market downturns rather than directional positioning.
Recent News Sentiment Impact: News headlines are predominantly neutral to historical references (January-April 2024), with no fresh catalysts directly impacting SPDN. The broader themes (recession concerns, rising rates, market concentration in Mag 7) would theoretically benefit an inverse instrument, but stale headlines suggest limited market attention.
Technical Analysis
Trend Direction
Short-term (1-4 weeks): NEUTRAL-BEARISH
- Current price ($8.50) sits slightly below the 20-day SMA ($8.52) and 50-day SMA ($8.55)
- However, proximity to these moving averages (within $0.05) indicates no decisive downtrend
- The stock is trading in a range, supported by ADX of 9.38 (well below 20.0 = no strong trend)
Medium-term (1-3 months): BEARISH
- Price trades $0.54 below the 200-day SMA ($9.04), representing a 5.97% discount to the long-term moving average
- This 200-day gap suggests a sustained downtrend over the past 3 months
- However, for an inverse ETF, this "bearish" reading means the underlying market (SPY) has been trending upward—which is the intended inverse outcome
Long-term (3-12 months): BEARISH
- Sustained positioning below the 200-day MA indicates the long-term trend is downward for SPDN
- This reflects a persistent uptrend in the broader market during this period
Support/Resistance Levels
| Level | Type | Distance from Current | Significance | |-------|------|----------------------|--------------| | $8.33 | Support (Bollinger Lower Band) | -$0.17 (-2.0%) | Immediate support; mean-reversion target | | $8.50-$8.52 | Resistance (20-day & current price) | At price | Short-term resistance cluster | | $8.55 | Resistance (50-day SMA) | +$0.05 (+0.6%) | Minor resistance | | $8.71 | Resistance (Bollinger Upper Band) | +$0.21 (+2.5%) | Upper volatility bound | | $9.04 | Strong Resistance (200-day SMA) | +$0.54 (+6.4%) | Major technical hurdle |
Momentum Signals
RSI (14): 49.09 — NEUTRAL
- Reading sits precisely at midpoint between overbought (>70) and oversold (<30)
- Neither buying nor selling pressure is evident
- No reversal signals present; momentum is genuinely balanced
- This neutrality is consistent with the ADX reading (no trend) and range-bound trading
MACD: -0.03 / Signal: -0.00 / Histogram: -0.02 — BEARISH DIVERGENCE
- MACD line (-0.03) is below signal line (-0.00), indicating a bearish configuration
- Histogram is negative (-0.02), confirming downward momentum
- However, the magnitude is minimal—all readings are within 0.03 points—suggesting weak bearish pressure
- No decisive crossover has occurred; this is a subtle bearish bias rather than a strong sell signal
Stochastic Oscillators: %K 36.52 / %D 31.22 — OVERSOLD TERRITORY
- Both %K and %D are positioned below 50, indicating momentum weighted toward the downside
- %K (36.52) remains above %D (31.22), which is not yet an oversold cross (would require %K < 20)
- The readings suggest price weakness but not extreme capitulation
Williams %R: -59.51 — NEUTRAL-TO-WEAK
- Positioned between -50 and -80, indicating midpoint to moderately weak conditions
- Not yet at the -80 level that signals strong oversold conditions
- Consistent with the neutral RSI reading
Bollinger Bands Analysis
- Upper Band ($8.71): Price sits $0.21 (2.5%) below upper band
- Middle Band ($8.52): Price at $8.50 is aligned with the middle band
- Lower Band ($8.33): Price sits $0.17 (2.0%) above lower band
- Band Width (4.46): Indicates a squeeze condition — volatility is contracting
- Signal: NEUTRAL with mild consolidation bias
The symmetric positioning (roughly equidistant from upper and lower bands) combined with a narrow band width suggests the market is consolidating before a directional move. The squeeze could precede a breakout in either direction.
Volume Analysis
Volume SMA 20: 36.1M shares/day (baseline)
- Average trading volume is moderate for an inverse ETF
- Suggests typical retail/tactical hedging interest
Volume Rate of Change: +125.12%
- CRITICAL SIGNAL: Volume is currently 125% above its 20-day moving average
- This represents a significant surge in trading activity
- Interpretation: Institutional or large retail positioning is occurring, likely related to:
- Hedging activity against market positions
- Tactical allocation to inverse exposure amid geopolitical concerns (per news on Middle East tension)
- ETF rebalancing or flows
On-Balance Volume (OBV): 1.131B
- Absolute level is less meaningful for ETFs, but the metric confirms substantial cumulative trading activity
- Volume surge on current price action suggests conviction in the current positioning
Data Quality Note: The 125% volume surge is the most actionable signal in the technical suite, indicating institutional interest in establishing or maintaining inverse hedges.
News & Sentiment Analysis
Recent Headlines Summary
All six headlines date from January-April 2024 (3-4 months historical data). Key themes:
- Inverse ETF Positioning (April 12): "Inverse ETFs to Play Now on Middle East Tension & Rising Rates" — Directly supportive of SPDN's utility during geopolitical stress
- Market Warning Signals (February 29): "The Red Flag Looming Over Markets" — Suggests bearish sentiment that would benefit SPDN
- Market Concentration Risk (February 27): "This Is Nuts - An Entire Market Chasing One Stock" — Commentary on Mag 7 concentration; inverse positioning hedges this risk
- Disinflation Narrative (January 25): "More Disinflation, No Recession" — Moderately bullish for broad market, headwind for inverse ETFs
- Magnificent 7 Rotation (January 21): "Exit The Magnificent 7, Enter The Troubling 3" — Sector rotation narrative; neutral to SPDN
- Recession Concerns (January 13): "Full-Time Jobs Suggest Recession Risks" — Recessionary fears support inverse positioning
Sentiment Assessment
Aggregate Sentiment: NEUTRAL with subtle bearish lean
- All headlines are tagged as "NEUTRAL," but content analysis reveals:
- 4 of 6 headlines contain bearish or cautionary themes (recession, red flags, market concentration)
- 1 headline is bullish (disinflation)
- 1 headline is neutral (rotation)
- Data Quality Issue: Stale headlines (January-April vs. current date likely July+ 2024) reduce predictive value
Generated
News
All SPDN news →
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SPDN Options Activity & IV Rank
SPDN IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 37.5%
7-DTE IV: —
Expected Move: $0.88
7-DTE Move: $0.88
Days to Exp: 30 (2026-11-20)
Options Flow
Call Volume: 12
Put Volume: 6
P/C Volume: 0.5
BULLISH
Call OI: 353
Put OI: 6
P/C OI: 0.017
Total OI: 359
ATM Options Pricing
ATM Call: $0.47
ATM Put: $0.40
Call %: 5.7%
Put %: 4.8%
Chain Summary
Chain Volume: 8,474
Chain OI: 15,089
Last Updated: 10/21/2026
Spread Scanner GPU
Each spread is ranked by a composite score built in three stages. Full documentation →
Stage 1 — Base Score (GPU scanner)
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
Stage 2 — Skew Adjustment (±25% cap)
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Enter a ticker to scan for optimal spread opportunities.
Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.
Dealer Positioning
LOW γ vs HISTORY
Estimated net dealer gamma is at the 10th percentile of this name's own daily history, near the low end of its range. This describes current positioning; it is not a forecast or a trading signal.
Gamma percentile
10%
vs own history
GEX tilt
-0.63
OI-weighted, today
Vanna tilt
-0.75
δ-sensitivity to IV
Charm tilt
+0.60
δ-decay vs time
Vanna tilt -0.75: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably if implied volatility changed.
Charm tilt +0.60: the estimated dealer exposure leans positive, so the modeled hedge would shift noticeably as time passes and options approach expiry.
? What is this?
· 6 ATM contracts, 5k total OI
Net dealer gamma is an estimate of the aggregate gamma held by options market makers across this name's option chain, weighted by open interest. Dealer positions aren't public, so it uses a standard simplifying assumption: dealers are treated as long the calls and short the puts that are open. Actual dealer books can differ.
Gamma percentile ranks today's estimate against this name's own daily history, from 0% (the lowest reading on record) to 100% (the highest). Raw gamma scales with how much open interest a chain carries, so it isn't comparable across names; the percentile is. The badge marks the bottom 20% as low and the top 20% as high.
Tilts run from −1 to +1 and show how lopsided the estimated dealer exposure is. GEX tilt compares call gamma with put gamma. Vanna tilt describes how the hedge would shift if implied volatility changed, and charm tilt how it would shift with the passage of time.
This card describes estimated positioning and where it sits historically. It is not a forecast of price direction or volatility and not a trading signal. Market-wide view: Dealer positioning screener.
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Wing vs ATM
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d
—
—
pts
EXTREME
as of Oct 21 · No data
30 DTE / 10d
—
—
pts
EXTREME
as of Oct 21 · ATM 24.4% / Wing —
Extreme reading.
Historically these have been contrarian — on the small set of observed earnings-day cases, large negative wing-vs-ATM gaps (calls pricing much richer than puts at the same delta) preceded sharp drops in the underlying within 1-12 days. Not financial advice and the dataset is small.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Volatility Surface
Enter a ticker to render the implied volatility surface.
Volatility Smile
Enter a ticker to render the implied volatility smile.
IV Rank (7 DTE)
IV Rank (30 DTE)32.4MediumOct 21
Straddle Price (30 DTE)$0.88Oct 21
Beta Analysis
Risk Metrics
Beta: -0.9926
Alpha: 2.49%
Correlation: -0.9809
R-Squared: 96.2%
Stock Volatility: 12.9%
Market Volatility: 12.7%
Analysis Details
Benchmark: SPY
Data Points: 251
Period: 252 trading days
Data Points: 251
Period: 252 trading days
Interpretation:
Negative beta - stock moves opposite to market
Negative beta - stock moves opposite to market
Beta & Alpha Over Time
SPDN Institutional Ownership (13F)
Latest filings — 2026-09-30Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
| # | Filer | Notional Value | % of Total | Period |
|---|
1 filers$564.42K notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Citadel Advisors LLC Custodian | $564.42K | 100.00% | 2026-06-30 |
Short Interest & Float
Regulatory short-interest reports publish on a bi-weekly settlement cadence; short-volume is reported daily by the trade-reporting facilities. Float is derived from insider-ownership filings.
Metric definitions
- Short Interest — total shares currently sold short as of the settlement date. Lags real time by ~8 business days.
- SI % of Float — short interest / free float. The key crowding metric.
- Days to Cover — short interest / avg daily volume. How many full trading days it would take shorts to buy back. High DTC + catalyst = squeeze fuel.
- Short Vol Ratio — today's short-sale volume / total volume. Intraday selling pressure proxy (not the same as short interest).
- Free Float — shares available for public trading (total shares minus insider / restricted).
- Float % — free float / shares outstanding. <50% = tightly held, more prone to squeezes.
How to read the signals
- SI % of Float < 5% — typical, no particular signal.
- 5–15% — elevated; watch for catalysts (earnings, guidance, macro).
- 15–30% — heavily shorted; tight-float names in this range have produced notable squeezes historically.
- >30% — extreme; borrow is likely expensive and squeeze risk is material.
- Days to Cover > 5 combined with high SI% amplifies squeeze potential.
History chart
- Trend matters more than level. Rapidly rising short interest often precedes negative catalysts or heavy hedging.
- A sudden drop in SI after a rally may indicate a squeeze in progress.
Short interest is reported mid-month and end-of-month; short volume is daily.
Short Interest
3.26M
SI % of Float
9.84%
Days to Cover
1.00
Short Vol Ratio
59.0%
Free Float
—
Float %
—
Short interest 2026-09-30 • Short volume 2026-10-21
Constituent Performance
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Constituents
| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
|---|