Zacks Investment ResearchT3·2d ago
BUG Global X Cybersecurity ETF
ETF 47.36 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.
BUG
$47.36
—
Key stats
$47.36
- 52-Week Range
- $23.14 – $50.58
- YTD
- +59.19%
- IV Rank (30D)
- 42.41
- Straddle Price
- $3.98
- P/C Vol Ratio
- 0.20
- Open
- $47.12
- Day Range
- $46.85 – $47.98
- Volume
- 1,575,718
- Prev Close
- $46.93
About
Global X Cybersecurity ETF (BUG) ETF
No description available.
- Exchange
- XNAS
- Inception
- 2019-10-25
- Has Options
- Yes
Fund profile
holdings as of Oct 21, 2026issuer datathrough May 2026flows, SEC filings
- Expense ratio
- 0.50% prospectus, filed Mar 27, 2026
- Assets
- $2.1B shares × price, Oct 21, 2026
- Trailing yield
- 0.03% paid semi-annual
- Average daily volume
- $75M 30 sessions
- Holdings
- 33 top 10 are 64.2%
- Listed
- Oct 25, 2019 Nasdaq
- Last fee change
- -1 bp filed Mar 27, 2026
- Tracking difference
- -0.47 pts vs index, after fees, FY 2025
Cost58
Liquidity96
Scale86
Diversification44
Moves with. US large-cap stocks (9% of its variance, beta 0.75); Value over growth (8% of its variance, beta -0.60). These factors explain 24% of its daily moves over the last year, so most of what drives this fund is something else.
Stated objective. "The Global X Cybersecurity ETF (""Fund"") seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Indxx Cybersecurity Index (""Underlying Index"")." (from the fund's prospectus)
All 33 holdingsFlow historySimilar fundsOverlap toolAll Cybersecurity ETFs
Fund flows
through May 2026SEC filings- May 2026
- +$30M latest reported month
- Latest 3 months
- −$6.3M −0.5% of assets
- Latest 12 months
- +$17M +1.5% of assets
View as a table
| Month | Net flow |
|---|---|
| May 2026 | +$30M |
| Apr 2026 | −$1.1M |
| Mar 2026 | −$35M |
| Feb 2026 | −$25M |
| Jan 2026 | −$7.3M |
| Dec 2025 | +$25M |
| Nov 2025 | −$26M |
| Oct 2025 | −$11M |
| Sep 2025 | −$5.6M |
| Aug 2025 | +$31M |
| Jul 2025 | +$33M |
| Jun 2025 | +$10M |
Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 80 months ago
Similar funds
| Fund | Overlap | Fee | Assets | 1Y | |
|---|---|---|---|---|---|
| WCBRWisdomTree Cybersecurity Fund | 67% | 0.45% | $103M | +44.9% | compare |
| IHAKiShares Cybersecurity and Tech ETF | 66% | 0.47% | $1.2B | +34.5% | compare |
| HAKYAmplify HACK Cybersecurity Covered Call ETF | 65% | 0.65% | $12M | — | compare |
| XACorgi AI Cybersecurity ETF | 65% | 0.35% | $7.8M | — | compare |
| SPAMThemes Cybersecurity ETF | 64% | 0.35% | $5.0M | +33.4% | compare |
Ranked by how much of the two portfolios is the same securities.
Look-through: what the holdings say
weights as of Oct 21, 2026issuer data- Holdings vs fair value
- +7.6% 50% under, 33% over · 93% covered
- Price / earnings
- 619.5 34% loss-making · 91% covered
- Price / book · sales
- 7.3 · 7.5 revenue growth +13.1%
- Above 200-day average
- 90% 83% above 50-day · by weight
- Short interest
- 8.3% of float, weighted · 3.4 days to cover
- Insider buying
- 0% of weight had net insider buying, 90 days; 81% net selling
- 13F holders
- +3.3% change in shares held by institutions, latest quarter
- Reporting earnings
- 22.1% of weight in 7 days; 42.4% in 14
Holdings reporting in the next 14 days · weighted implied move this week 3.02%
Each figure is the fund's holdings weighted by position size, using our data on those stocks, and covers only the share of the stock holdings stated. Positive fair value means the holdings trade below our estimate.
What changed in the portfolio
Oct 9, 2026 → Oct 12, 2026| Action | Holding | Weight before | Weight after | Shares vs flows |
|---|---|---|---|---|
| Increase | OTHER PAYABLE & RECEIVABLES | 0.01% | 0.02% | +98.7% |
0 new, 0 exited, 0 increased and 0 decreased between the fund's two latest holdings reports; turnover 1.1%. Full holdings and history
Under the hood
fiscal year to Nov 30, 2025SEC census- Authorized participants
- 8 active of 22 with agreements; top 3 did 76%
- Created · redeemed
- $364M · $112M over the fiscal year
- Redemptions in kind
- 98% creations 97% in kind
- Creation unit
- 10,000 shares
- Securities lending
- 1.96% of assets on loan on average; earned 1.9 bp
- Return vs index
- -0.47 pts after fees; +0.00 before; daily s.d. 0.22
- 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
33
AUM
$2.1B
Provider
Global X
Inception
2019-10-25
Exchange
XNAS
Data As Of
2026-10-21
Expense Ratio
0.50%
Dividend Yield
0.03%
Distribution
Semi-Annual
Recent distributions
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2025-12-30 | 2026-01-07 | $0.0119 | CD |
| 2024-12-30 | 2025-01-07 | $0.0305 | CD |
| 2023-12-28 | 2024-01-08 | $0.0306 | CD |
| 2022-12-29 | 2023-01-09 | $0.3235 | CD |
| 2021-12-30 | 2022-01-07 | $0.0933 | CD |
Asset Allocation
Top Holdings
top 33 of 33 holdings
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| OKTA | OKTA INC | 9.77% | Equity (US) | US |
| CRWD | CROWDSTRIKE HOLDINGS INC - A | 7.40% | Equity (US) | US |
| FTNT | FORTINET INC | 7.12% | Equity (US) | US |
| PANW | PALO ALTO NETWORKS INC | 6.67% | Equity (US) | US |
| ZS | ZSCALER INC | 6.10% | Equity (US) | US |
| QLYS | QUALYS INC | 5.85% | Equity (US) | US |
| RBRK | RUBRIK INC-A | 5.85% | Equity (US) | US |
| NTSK | NETSKOPE INC-CL A | 5.66% | Equity (US) | US |
| TENB | TENABLE HOLDINGS INC | 5.03% | Equity (US) | US |
| VRNS | VARONIS SYSTEMS INC | 4.78% | Equity (US) | US |
| SAIL | SAILPOINT INC | 4.45% | Equity (US) | US |
| CVLT | COMMVAULT SYSTEMS INC | 4.28% | Equity (US) | US |
| S | SENTINELONE INC -CLASS A | 4.16% | Equity (US) | US |
| CHKP | CHECK POINT SOFTWARE TECH | 3.30% | Equity (Foreign) | IL |
| GEN | GEN DIGITAL INC | 3.23% | Equity (US) | US |
| — | TREND MICRO INC | 3.15% | Equity (Foreign) | JP |
| AKAM | AKAMAI TECHNOLOGIES INC | 3.02% | Equity (US) | US |
| ATEN | A10 NETWORKS INC | 2.20% | Equity (US) | US |
| RDWR | RADWARE LTD | 1.60% | Equity (Foreign) | IL |
| RPD | RAPID7 INC | 1.10% | Equity (US) | US |
| — | AHNLAB INC | 0.90% | Equity (Foreign) | KR |
| OSPN | ONESPAN INC | 0.86% | Equity (US) | US |
| — | NCC GROUP PLC | 0.72% | Equity (Foreign) | GB |
| — | DIGITAL ARTS INC | 0.69% | Equity (Foreign) | JP |
| — | FFRI SECURITY INC | 0.51% | Equity (Foreign) | JP |
| TLS | TELOS CORPORATION | 0.44% | Equity (US) | US |
| — | HENNGE KK | 0.35% | Equity (Foreign) | JP |
| — | AMIYA CORP | 0.35% | Equity (Foreign) | JP |
| GRRR | GORILLA TECHNOLOGY GROUP INC | 0.28% | Equity (Foreign) | GB |
| ARQQ | ARQIT QUANTUM INC | 0.20% | Equity (US) | US |
| — | KOREAN WON | 0.00% | Cash/Money Market | KR |
| — | OTHER PAYABLE & RECEIVABLES | -0.01% | Cash/Money Market | — |
| — | CASH | -0.02% | Cash/Money Market | US |
Geographic Breakdown
Non-Equity Breakdown
Global X Cybersecurity ETF ·
NPORT-P period 2026-05-31
(filed 2026-07-29)
Net assets:
$1.17B
· 32 total positions
· equity 99.91%
· non-equity 1.28%
Non-equity holdings
— 2 positions,
1.28% of NAV
| Category | Weight | Value | Positions |
|---|---|---|---|
| Repurchase agreement | 1.17% | $13.8M | 1 |
| Derivative (equity) | 0.10% | $1.2M | 1 |
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | 1.09% | -8.21% | 6.81% | 5.22% | 6.63% | -3.76% | 1.30% |
| Feb | -6.68% | 6.86% | -3.01% | 0.82% | -1.05% | -12.42% | -2.58% |
| Mar | -8.31% | 1.13% | 4.08% | -2.68% | -2.97% | -0.95% | -1.62% |
| Apr | 5.33% | -7.58% | -7.74% | -5.43% | 3.83% | 4.78% | -1.14% |
| May | 3.04% | -10.74% | 14.65% | -0.74% | 3.31% | 34.31% | 7.31% |
| Jun | 5.80% | -4.73% | 1.04% | 6.36% | 4.54% | -0.93% | 2.01% |
| Jul | 3.85% | 0.66% | 5.24% | 0.75% | -4.76% | -3.37% | 0.40% |
| Aug | 7.67% | 4.61% | -2.07% | 7.75% | 1.51% | 11.18% | 5.11% |
| Sep | -6.24% | -6.53% | -3.88% | 2.21% | 4.58% | 11.17% | 0.22% |
| Oct | 8.27% | 2.81% | -4.82% | 0.89% | -2.44% | 1.94%* | 1.11% |
| Nov | -3.86% | -6.48% | 15.89% | 9.90% | -8.87% | -- | 1.32% |
| Dec | 4.30% | -12.89% | 7.36% | -4.95% | -2.18% | -- | -1.67% |
| Total | 13.05% | -35.73% | 35.19% | 20.53% | 0.95% | 41.71% | 12.62% |
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: $46.84
SMA 50: $44.36
SMA 200: $34.56
Current: $47.40
EMA 12: $46.62
EMA 26: $46.08
MACD: 0.5453 | Signal: -0.3187
BULLISH
ADX (14): 17.92
RANGE
+DI: 28.22
−DI: 24.32
Momentum Oscillators
RSI (14): 55.61
NEUTRAL
Stoch %K: 39.85
Stoch %D: 27.27
Williams %R: -47.07
Volume & Volatility
BB Upper: $49.87
BB Lower: $43.82
NEUTRAL
OBV: 36,635,092
Vol SMA 20: 1,632,498
Vol ROC: -0.12%
ATR: $1.66
True Range: $1.13
HV 20: 40.8%
HV 30: 46.8%
HV 60: 46.3%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-23T00:00:00 – 2026-10-21T00:00:00
AI Analysis
Global X Cybersecurity ETF (BUG) — Comprehensive Analysis Report
Executive Summary
Overall Assessment: NEUTRAL with confidence level 6/10
BUG is a $2.0B cybersecurity-focused ETF showing mixed technical and sentiment signals amid a volatile thematic sector. The fund is positively positioned within its niche (recent cybersecurity tailwinds, positive news flow), but technical indicators reveal weakening momentum and conflicting directional signals. The current price of $44.34 sits below both the 20-day and 50-day moving averages, signaling near-term consolidation despite a longer-term uptrend anchored by the 200-day MA at $34.24.
Investment Thesis: BUG benefits from sustained cybersecurity demand and AI safety tailwinds, evidenced by positive recent headlines and thematic ETF popularity. However, deteriorating short-term momentum (negative DI divergence, declining RSI, MACD histogram expansion without a bullish cross-completion) suggests the fund is consolidating recent gains rather than accelerating higher. The neutral technical backdrop combined with moderate volatility and options positioning indicates a period of equilibrium requiring a catalyst to break either direction.
Recent News Sentiment Impact: Overwhelmingly positive (5 of 5 recent headlines bullish or neutral), with cybersecurity and AI safety themes dominating through October 2026. This sentiment aligns with thematic fund flows (+$30M in the latest reported month through May 2026, though this data is 5 months old). However, recent positive news has not yet translated into a technical breakout above resistance, suggesting sentiment may already be priced in.
Technical Analysis
Trend Direction
| Timeframe | Status | Evidence | |-----------|--------|----------| | Short-term (1-4 weeks) | WEAK / CONSOLIDATING | Price $44.34 < SMA20 $46.92; ADX 21.04 indicates weak trend strength; RSI 43.84 neutral; Stochastic %K 31.31 suggests no directional conviction | | Medium-term (1-3 months) | TRANSITIONAL | Price positioned between SMA50 $44.08 (support) and SMA20 $46.92 (resistance); EMA12/EMA26 separation narrowing (12 at $46.93 vs 26 at $46.03) signals momentum deceleration | | Long-term (3-12 months) | BULLISH | Price $44.34 >> SMA200 $34.24 (+29.3%); sustained position above 200-day MA confirms multi-month uptrend intact; holdings +14.2% vs fair value suggests structural support |
Support & Resistance Levels
| Level | Type | Relevance | Notes | |-------|------|-----------|-------| | $44.09 | Dynamic Support | SMA50 / Bollinger lower band | Current price $44.34 sits just above this critical level; break below would signal deterioration to $34.24 long-term support | | $46.92 | Resistance / MA Confluence | SMA20 + Bollinger middle | Price needs to reclaim this level to confirm short-term momentum recovery; currently $2.58 resistance | | $49.75 | Resistance | Bollinger upper band | Psychological and technical ceiling; no price data suggests recent test of this level | | $34.24 | Long-term Support | SMA200 | Strong support level 22.7% below current price; validates long-term uptrend if held |
Momentum Signals
RSI (14): 43.84 — NEUTRAL
- Reading sits firmly in the neutral zone (30-70), neither overbought nor oversold
- No divergence signals present; RSI trajectory suggests neither acceleration nor exhaustion imminent
- Recent decline from likely higher readings (inferred from price consolidation) indicates cooling momentum
MACD: 0.90 / Signal: -0.42 / Histogram: 1.32 — BULLISH SETUP, NOT YET CONFIRMED
- Critical observation: MACD line (0.90) is above the signal line (-0.42), and histogram is positive (1.32)
- This suggests a potential bullish crossover in progress, but the signal line remains negative, indicating the cross may not have been fully completed or is very recent
- The histogram expansion (+1.32) is a positive sign of momentum building, but the negative signal line value warns that this is nascent
- Interpretation: Early stage of potential bullish momentum; needs confirmation with price clearing the SMA20 resistance at $46.92
Bollinger Bands: NEUTRAL / SQUEEZE SIGNAL
- Width of 12.07 is moderate; neither a squeeze (suggesting breakout potential) nor exceptionally wide (suggesting exhaustion)
- Price $44.34 sits between lower band $44.09 and middle $46.92, in the lower-middle portion
- Position suggests the fund is no longer oversold but also not yet in overbought territory
- Band trajectory (with upper at $49.75) indicates room to either direction without extreme moves
Stochastic %K: 31.31 / %D: 48.39 — BEARISH DIVERGENCE
- %K (31.31) is below %D (48.39), with a negative slope indicated by the gap
- This "stoch cross" (K below D, trending down) is a bearish short-term signal
- Suggests momentum is declining even though price may stabilize; contradicts MACD bullish setup
Williams %R: -92.37 — EXTREME OVERSOLD SIGNAL
- This reading near -100 (the scale is -100 to 0) indicates the price is trading near the bottom of its recent range
- Historically, such extreme readings can precede sharp reversals or mark capitulation
- However, must be cross-referenced with price action; this doesn't signal immediate reversal without confirmation
Volume Analysis
Volume SMA 20: 1,645,623.85 / Volume Rate of Change: +137.36% — SIGNIFICANT UPTICK
- The +137% volume rate of change indicates recent volume is substantially elevated vs. the 20-day average
- This is a positive signal for institutional interest or distribution — requires directional context
- Combined with weak technical trend (ADX 21), elevated volume likely reflects indecision (both buying and selling pressure) rather than conviction in either direction
On-Balance Volume (OBV): 31,197,841.88
- OBV data point alone is non-interpretive without recent trend; however, elevated OBV combined with consolidating price suggests cumulative buying is holding support
- Positive indicator that selling pressure has not dominated; supports the long-term uptrend narrative
News & Sentiment Analysis
Recent Headlines Summary
| Date | Headline | Sentiment | Relevance | |------|----------|-----------|-----------| | 2026-10-12 | 5 Market-Beating ETF Areas of Last Week | POSITIVE | Cybersecurity thematic likely included; very recent, may reflect price strength | | 2026-09-30 | Agentic AI Safety Boom: 3 ETF Areas Set to Benefit | POSITIVE | Direct alignment with BUG thesis; AI safety = cybersecurity demand catalyst | | 2026-09-15 | Time to Boost Cybersecurity ETF Exposure as AI Safety Concerns Rise | POSITIVE | Explicit call for cybersecurity allocation; timely with regulatory/safety discussions | | 2026-05-28 | CrowdStrike Signs AI Cyber Risk Collaboration With Insurers | POSITIVE | Top holding (CRWD 7.4%); validates market trend; partnership suggests growth trajectory | | 2026-05-20 | CrowdStrike Expands In Germany, Boosts Falcon Platform Adoption | NEUTRAL | Operational positive for CRWD; incremental news; platform expansion bullish |
Sentiment Aggregate: STRONGLY POSITIVE (5/5 headlines bullish or neutral; zero negative headlines)
Sentiment-to-Price Alignment Assessment
Conflict Identified: Positive sentiment headlines spanning October 12 (most recent) down to May 20 have not produced a technical breakout above the SMA20 resistance of $46.92. This suggests:
- Sentiment already priced in: The market may have front-run the thematic narrative; positive news is confirmatory, not surprising
- Consolidation pattern: Price is "digesting" gains; sentiment holds but momentum pauses
- Timing misalignment: The most recent headline (Oct
Generated
News
All BUG news →
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BUG Options Activity & IV Rank
BUG IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 37.0%
7-DTE IV: —
Expected Move: $3.98
7-DTE Move: $3.98
Days to Exp: 29 (2026-11-20)
Options Flow
Call Volume: 1,106
Put Volume: 222
P/C Volume: 0.201
BULLISH
Call OI: 6,840
Put OI: 11,203
P/C OI: 1.638
Total OI: 18,043
ATM Options Pricing
ATM Call: $2.33
ATM Put: $1.65
Call %: 4.9%
Put %: 3.5%
Chain Summary
Chain Volume: 7,178
Chain OI: 41,371
Last Updated: 10/22/2026
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 3rd 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
3%
vs own history
GEX tilt
-0.17
OI-weighted, today
Vanna tilt
+0.45
δ-sensitivity to IV
Charm tilt
-0.57
δ-decay vs time
Vanna tilt +0.45: the estimated dealer exposure leans positive, so the modeled hedge would shift noticeably if implied volatility changed.
Charm tilt -0.57: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably as time passes and options approach expiry.
? What is this?
· 55 ATM contracts, 21k 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
No data
30 DTE / 10d
13%
+5.1
pts
EXTREME
ATM 37.0% / Wing 42.1%
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
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Volatility Smile
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IV Rank (7 DTE)
IV Rank (30 DTE)42.4MediumOct 22
Straddle Price (30 DTE)$3.98Oct 22
Beta Analysis
Risk Metrics
Beta: 1.1220
Alpha: 21.85%
Correlation: 0.3729
R-Squared: 13.9%
Stock Volatility: 38.4%
Market Volatility: 12.8%
Analysis Details
Benchmark: SPY
Data Points: 251
Period: 252 trading days
Data Points: 251
Period: 252 trading days
Interpretation:
Above average volatility - stock moves with market amplification
Above average volatility - stock moves with market amplification
Beta & Alpha Over Time
BUG 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.
7 filers$35.24M notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Citadel Advisors LLC Custodian | $14.30M | 40.58% | 2026-06-30 |
| 2 | Susquehanna International Group, LLP Custodian | $10.08M | 28.60% | 2026-06-30 |
| 3 | Jane Street Group, LLC Custodian | $5.30M | 15.03% | 2026-06-30 |
| 4 | TUDOR INVESTMENT CORP ET AL | $1.91M | 5.42% | 2026-06-30 |
| 5 | Point72 Asset Management, L.P. | $1.80M | 5.10% | 2026-06-30 |
| 6 | Cubist Systematic Strategies, LLC | $1.40M | 3.98% | 2025-09-30 |
| 7 | Wolverine Trading, LLC Custodian | $452.25K | 1.28% | 2025-09-30 |
5 filers$14.26M notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Citadel Advisors LLC Custodian | $8.27M | 57.99% | 2026-06-30 |
| 2 | Susquehanna International Group, LLP Custodian | $2.94M | 20.62% | 2026-06-30 |
| 3 | Cubist Systematic Strategies, LLC | $1.38M | 9.70% | 2025-09-30 |
| 4 | Jane Street Group, LLC Custodian | $1.08M | 7.58% | 2026-06-30 |
| 5 | Point72 Asset Management, L.P. | $588.13K | 4.12% | 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
861.41K
SI % of Float
1.90%
Days to Cover
1.00
Short Vol Ratio
34.3%
Free Float
—
Float %
—
Short interest 2026-09-30 • Short volume 2026-10-21
BUG Constituent Performance
Click any bar to view the full quote for that stock.
BUG Constituents (23 of 23)
| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
|---|---|---|---|---|---|---|
| OKTA | OKTA INC | 9.77% | $202.46 | -2.96% | -2.91% | -2.02% |
| CRWD | CROWDSTRIKE HOLDINGS INC - A | 7.40% | $237.63 | -0.71% | -2.84% | -8.49% |
| FTNT | FORTINET INC | 7.12% | $173.53 | -0.30% | -4.61% | -2.88% |
| PANW | PALO ALTO NETWORKS INC | 6.67% | $356.02 | +2.53% | -3.85% | -8.69% |
| ZS | ZSCALER INC | 6.10% | $237 | +2.45% | +7.52% | +10.42% |
| QLYS | QUALYS INC | 5.85% | $205.23 | +4.34% | +6.53% | +12.18% |
| RBRK | RUBRIK INC-A | 5.85% | $120.2 | -0.15% | +1.33% | +5.62% |
| NTSK | NETSKOPE INC-CL A | 5.66% | $21.99 | +0.83% | +7.53% | +18.42% |
| TENB | TENABLE HOLDINGS INC | 5.03% | $41.22 | +1.34% | +4.82% | +14.87% |
| VRNS | VARONIS SYSTEMS INC | 4.78% | $48.82 | +0.27% | +3.13% | +1.81% |
| SAIL | SAILPOINT INC | 4.45% | $19.79 | +0.56% | +0.20% | -10.53% |
| CVLT | COMMVAULT SYSTEMS INC | 4.28% | $168.14 | +2.81% | +5.81% | +12.09% |
| S | SENTINELONE INC -CLASS A | 4.16% | $22.65 | -0.53% | -3.08% | -5.55% |
| CHKP | CHECK POINT SOFTWARE TECH | 3.30% | $149.73 | +4.39% | +8.42% | +9.86% |
| GEN | GEN DIGITAL INC | 3.23% | $24.98 | +3.54% | +0.62% | +8.26% |
| AKAM | AKAMAI TECHNOLOGIES INC | 3.02% | $90.61 | +0.38% | -1.85% | -17.93% |
| ATEN | A10 NETWORKS INC | 2.20% | $24.38 | -2.69% | -4.00% | -6.21% |
| RDWR | RADWARE LTD | 1.60% | $29.69 | -1.95% | +4.65% | -0.34% |
| RPD | RAPID7 INC | 1.10% | $14.13 | +4.63% | +8.07% | +10.00% |
| OSPN | ONESPAN INC | 0.86% | $19.11 | +1.27% | +6.94% | +8.09% |
| TLS | TELOS CORPORATION | 0.44% | $4.55 | -1.27% | +6.59% | +11.83% |
| GRRR | GORILLA TECHNOLOGY GROUP INC | 0.28% | $8.17 | -0.49% | -2.85% | -43.11% |
| ARQQ | ARQIT QUANTUM INC | 0.20% | $15.72 | -4.15% | -1.13% | -32.01% |