Zacks Investment ResearchT3·49mo ago
CWB State Street SPDR Bloomberg Convertible Securities ETF
ETF 96.70 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.
CWB
$96.70
—
Key stats
$96.70
Pre-market
$96.10
-0.62%
- 52-Week Range
- $85.37 – $112.02
- YTD
- +6.79%
- IV Rank (30D)
- 24.69
- Straddle Price
- $4.47
- P/C Vol Ratio
- 7.25
- Open
- $96.31
- Day Range
- $95.81 – $96.96
- Volume
- 1,082,474
- Prev Close
- $95.77
About
State Street SPDR Bloomberg Convertible Securities ETF (CWB) ETF
No description available.
- Exchange
- ARCX
- Inception
- 2009-04-14
- Has Options
- Yes
- Homepage
- https://www.ssga.com/us/en/individual/etfs
Fund profile
holdings as of Oct 19, 2026issuer datathrough Jun 2026flows, SEC filings
- Expense ratio
- 0.40% issuer, Oct 21, 2026
- Assets
- $5.2B issuer-reported, Oct 19, 2026
- Trailing yield
- 1.66% paid monthly
- Average daily volume
- $68M 30 sessions
- Holdings
- 365 top 10 are 15.0%
- Listed
- Apr 14, 2009 NYSE Arca
- Net asset value
- $95.31 issuer, Oct 19, 2026 · closed +0.25% to NAV
- Median bid/ask spread
- 0.12% 30 days, issuer-reported
- 30-day SEC yield
- 2.00% issuer
- Tracking difference
- -0.70 pts vs index, after fees, FY 2026
Cost34
Liquidity94
Scale100
Diversification100
Moves with. US large-cap stocks (36% of its variance, beta 0.62); Value over growth (18% of its variance, beta -0.30); Emerging markets over US (13% of its variance, beta 0.23); Small caps over large (10% of its variance, beta 0.43). These factors explain 80% of its daily moves over the last year.
Stated objective. The State Street SPDR Bloomberg Convertible Securities ETF (the Fund) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks United States convertible securities markets. (from the fund's prospectus)
All 365 holdingsFlow historyOverlap toolAll Convertibles ETFs
Fund flows
daily as of Oct 16, 2026issuer datathrough Jun 2026SEC filings- Oct 16, 2026
- +$29M latest day
- Latest 5 trading days
- +$29M
- Latest 21 trading days
- −$12M −0.2% of assets
- Year to date
- +$417M +$370M over 12 months
Each day
| Day | Net flow |
|---|---|
| Oct 16, 2026 | +$29M |
| Oct 15, 2026 | $0 |
| Oct 14, 2026 | $0 |
| Oct 13, 2026 | $0 |
| Oct 12, 2026 | $0 |
| Oct 9, 2026 | $0 |
| Oct 8, 2026 | $0 |
| Oct 7, 2026 | $0 |
| Oct 6, 2026 | $0 |
| Oct 5, 2026 | $0 |
| Oct 2, 2026 | $0 |
| Oct 1, 2026 | −$20M |
| Sep 30, 2026 | $0 |
| Sep 29, 2026 | $0 |
| Sep 28, 2026 | $0 |
| Sep 25, 2026 | $0 |
| Sep 24, 2026 | $0 |
| Sep 23, 2026 | −$20M |
| Sep 22, 2026 | $0 |
| Sep 21, 2026 | $0 |
| Sep 18, 2026 | $0 |
Daily figures are the change in shares outstanding times net asset value, both as the issuer publishes them each day.
- Jun 2026
- −$20M latest reported month
- Latest 3 months
- +$880M +14.2% of assets
- Latest 12 months
- +$1.0B +16.7% of assets
View as a table
| Month | Net flow |
|---|---|
| Jun 2026 | −$20M |
| May 2026 | +$140M |
| Apr 2026 | +$760M |
| Mar 2026 | −$532M |
| Feb 2026 | +$56M |
| Jan 2026 | +$282M |
| Dec 2025 | −$100M |
| Nov 2025 | +$46M |
| Oct 2025 | +$47M |
| Sep 2025 | +$1.9M |
| Aug 2025 | +$93M |
| Jul 2025 | +$263M |
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 | |
|---|---|---|---|---|---|
| ICVTiShares Convertible Bond ETF | — | 0.20% | $7.7B | +4.3% | compare |
| FCVTFirst Trust SSI Strategic Convertible Securities ETF | — | 0.95% | $80M | +4.4% | compare |
| CVRTCalamos Convertible Equity Alternative ETF | — | 0.69% | $61M | +16.5% | compare |
| ACVTAdvent Convertible Bond ETF | — | 0.65% | $32M | +3.7% | compare |
| MCVTMiller Convertible Total Return ETF | — | — | — | — | compare |
The largest other funds in the Convertibles category.
What changed in the portfolio
Mar 31, 2026 → Jun 30, 2026| Action | Holding | Weight before | Weight after | Shares vs flows |
|---|---|---|---|---|
| New position | GOOGMALPHABET INC | — | 0.93% | — |
| New position | GOOGNALPHABET INC | — | 0.92% | — |
| Decrease | APOAPOLLO GLOBAL MANAGEMENT | 0.48% | 0.00% | −98.9% |
| Exit | BTSGUBRIGHTSPRING HEALTH SERV | 0.29% | — | — |
| New position | SMCIPSUPER MICRO COMPUTER INC | — | 0.25% | — |
| New position | WOLFWolfspeed Inc | — | 0.22% | — |
| Decrease | STRKSTRATEGY INC | 0.26% | 0.15% | −18.4% |
| Decrease | CNPCenterPoint Energy Inc | 0.18% | 0.09% | −15.3% |
| Increase | WHRPAWHIRLPOOL CORP | 0.09% | 0.11% | +69.9% |
| Exit | WWayfair Inc | 0.02% | — | — |
0 new, 0 exited, 0 increased and 0 decreased between the fund's two latest holdings reports; turnover 0.9%. Full holdings and history
Under the hood
fiscal year to Jun 30, 2026SEC census- Authorized participants
- 4 active of 41 with agreements; top 3 did 96%
- Created · redeemed
- $2.7B · $1.6B over the fiscal year
- Redemptions in kind
- 100% creations 100% in kind
- Creation unit
- 100,000 shares
- Securities lending
- 5.64% of assets on loan on average; earned 2.5 bp
- Return vs index
- -0.70 pts after fees; -0.17 before; daily s.d. 0.62
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 2026-10-20
Holdings
365
AUM
$5.3B
Provider
SPDR (State Street)
Inception
2009-04-14
Exchange
ARCX
Data As Of
2026-10-20
Expense Ratio
0.40%
Dividend Yield
1.64%
Distribution
Monthly
Recent distributions
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-10-01 | 2026-10-06 | $0.0915 | CD |
| 2026-09-01 | 2026-09-04 | $0.1548 | CD |
| 2026-08-03 | 2026-08-06 | $0.2105 | CD |
| 2026-07-01 | 2026-07-07 | $0.0910 | CD |
| 2026-06-01 | 2026-06-04 | $0.1552 | CD |
| 2026-05-01 | 2026-05-06 | $0.1247 | CD |
Asset Allocation
Top Holdings
top 50 of 365 holdings
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| — | ALPHABET INC | 2.41% | Corporate Bond | US |
| — | ALPHABET INC | 2.39% | Corporate Bond | US |
| — | BOEING CO/THE | 1.79% | Corporate Bond | US |
| — | ALIBABA GROUP HOLDING SR UNSECURED 06/31 0.5 | 1.60% | Corporate Bond | CN |
| — | LUMENTUM HOLDINGS INC SR UNSECURED 03/32 0.375 | 1.43% | Corporate Bond | US |
| — | SUPER MICRO COMPUTER INC | 1.10% | Corporate Bond | US |
| — | HP ENTERPRISE CO | 1.10% | Corporate Bond | US |
| — | WELLS FARGO + COMPANY | 1.08% | Corporate Bond | US |
| — | ORACLE CORP | 1.07% | Corporate Bond | US |
| — | MODERNA INC SR UNSECURED 144A 03/32 0.0000 | 1.06% | Corporate Bond | US |
| — | BANK OF AMERICA CORP | 0.93% | Corporate Bond | US |
| — | BLOOM ENERGY CORP SR UNSECURED 144A 11/30 0.0000 | 0.92% | Corporate Bond | US |
| — | COREWEAVE INC COMPANY GUAR 144A 04/33 2.875 | 0.89% | Corporate Bond | US |
| — | WESTERN DIGITAL CORP COMPANY GUAR 11/28 3 | 0.82% | Corporate Bond | US |
| — | NEBIUS GROUP NV SR UNSECURED 144A 02/30 0.5 | 0.76% | Corporate Bond | NL |
| — | NEBIUS GROUP NV SR UNSECURED 144A 03/31 1.25 | 0.76% | Corporate Bond | NL |
| — | COREWEAVE INC COMPANY GUAR 144A 10/32 1.75 | 0.73% | Corporate Bond | US |
| — | CLOUDFLARE INC SR UNSECURED 06/30 0.00000 | 0.71% | Corporate Bond | US |
| — | DOORDASH INC SR UNSECURED 05/30 0.00000 | 0.69% | Corporate Bond | US |
| — | CIENA CORP COMPANY GUAR 144A 09/31 0.0000 | 0.64% | Corporate Bond | US |
| — | SNOWFLAKE INC SR UNSECURED 10/29 0.00000 | 0.62% | Corporate Bond | US |
| — | CLOUDFLARE INC SR UNSECURED 144A 08/31 0.0000 | 0.61% | Corporate Bond | US |
| — | SNOWFLAKE INC SR UNSECURED 10/27 0.00000 | 0.59% | Corporate Bond | US |
| — | NEBIUS GROUP NV SR UNSECURED 09/32 2.75 | 0.57% | Corporate Bond | NL |
| — | PG+E CORP SR SECURED 12/27 4.25 | 0.57% | Corporate Bond | US |
| — | NEBIUS GROUP NV SR UNSECURED 09/30 1 | 0.56% | Corporate Bond | NL |
| — | KKR + CO INC | 0.55% | Corporate Bond | US |
| — | SUPER MICRO COMPUTER INC SR UNSECURED 06/30 0.00000 | 0.55% | Corporate Bond | US |
| — | NEBIUS GROUP NV SR UNSECURED 144A 03/33 2.625 | 0.55% | Corporate Bond | NL |
| — | MKS INC SR UNSECURED 06/30 1.25 | 0.55% | Corporate Bond | US |
| — | WELLTOWER OP LLC COMPANY GUAR 144A 05/28 2.75 | 0.55% | Corporate Bond | US |
| — | NEXTERA ENERGY INC | 0.54% | Corporate Bond | US |
| — | ROBINHOOD MARKETS INC SR UNSECURED 144A 10/29 0.0000 | 0.54% | Corporate Bond | US |
| — | COREWEAVE INC COMPANY GUAR 144A 12/31 1.75 | 0.54% | Corporate Bond | US |
| — | NEXTERA ENERGY INC | 0.52% | Corporate Bond | US |
| — | AKAMAI TECHNOLOGIES INC SR UNSECURED 05/33 0.25 | 0.52% | Corporate Bond | US |
| — | ALBEMARLE CORP | 0.52% | Corporate Bond | US |
| — | DUKE ENERGY CORP | 0.52% | Corporate Bond | US |
| — | WELLTOWER OP LLC COMPANY GUAR 144A 07/29 3.125 | 0.52% | Corporate Bond | US |
| — | UBER TECHNOLOGIES INC SR UNSECURED 12/28 0.875 | 0.51% | Corporate Bond | US |
| — | SOUTHERN CO | 0.50% | Corporate Bond | US |
| — | NEBIUS GROUP NV SR UNSECURED 144A 02/34 4.5 | 0.50% | Corporate Bond | NL |
| — | MICROCHIP TECHNOLOGY INC | 0.50% | Corporate Bond | US |
| — | GAMESTOP CORP SR UNSECURED 06/32 0.00000 | 0.50% | Corporate Bond | US |
| — | LIBERTY LIVE HLDNGS INC SR UNSECURED 144A 09/53 2.375 | 0.49% | Corporate Bond | US |
| — | JD.COM INC SR UNSECURED 06/29 0.25 | 0.49% | Corporate Bond | CN |
| — | STRATEGY INC SR UNSECURED 03/30 0.00000 | 0.49% | Corporate Bond | US |
| — | SOUTHERN CO SR UNSECURED 144A 09/29 3.5 | 0.48% | Corporate Bond | US |
| — | CYBERARK SOFTWARE LTD COMPANY GUAR 06/30 0.00000 | 0.47% | Corporate Bond | IL |
| — | CHECK POINT SOFTWARE SR UNSECURED 144A 12/30 0.0000 | 0.45% | Corporate Bond | IL |
Non-Equity Breakdown
State Street(R) SPDR(R) Bloomberg Convertible Securities ETF ·
NPORT-P period 2026-06-30
(filed 2026-08-28)
Net assets:
$6.20B
· 347 total positions
· equity 13.87%
· non-equity 89.19%
Non-equity holdings
— 317 positions,
89.19% of NAV
| Category | Weight | Value | Positions |
|---|---|---|---|
| Corporate | 82.64% | $5.12B | 296 |
| Short-term investment | 3.58% | $221.8M | 4 |
| Debt | 2.97% | $183.9M | 15 |
| Derivative (equity) | 0.01% | $581111 | 2 |
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | 2.72% | -7.07% | 6.40% | -0.59% | 2.91% | 3.15% | 1.25% |
| Feb | 0.68% | -1.80% | -2.36% | 0.22% | -0.98% | 0.60% | -0.61% |
| Mar | -6.42% | 1.79% | 0.09% | 1.49% | -1.88% | -3.40% | -1.39% |
| Apr | 1.17% | -8.15% | -1.24% | -3.46% | 0.98% | 9.27% | -0.24% |
| May | -0.70% | -3.10% | 1.23% | 2.43% | 2.61% | 6.12% | 1.43% |
| Jun | 2.96% | -5.46% | 4.36% | 0.68% | 3.64% | -1.47% | 0.79% |
| Jul | -1.31% | 4.91% | 2.20% | 2.29% | 3.20% | -4.06% | 1.21% |
| Aug | 1.57% | 0.35% | -2.54% | 2.26% | 2.93% | -1.07% | 0.58% |
| Sep | -2.81% | -6.07% | -2.73% | 4.36% | 5.17% | 0.23% | -0.31% |
| Oct | 2.56% | 1.48% | -3.84% | 0.58% | 2.01% | -4.31%* | -0.25% |
| Nov | -5.48% | 1.90% | 5.35% | 6.70% | -2.92% | -- | 1.11% |
| Dec | 1.07% | -3.98% | 4.53% | -5.29% | -0.87% | -- | -0.91% |
| Total | -4.45% | -23.26% | 11.30% | 11.69% | 17.76% | 4.26% | 2.88% |
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: $99.65
SMA 50: $101.73
SMA 200: $100.10
Current: $96.70
EMA 12: $97.80
EMA 26: $99.50
MACD: -1.6947 | Signal: -0.4422
BEARISH
ADX (14): 25.11
TREND
+DI: 14.06
−DI: 31.93
Momentum Oscillators
RSI (14): 37.51
NEUTRAL
Stoch %K: 16.22
Stoch %D: 13.60
Williams %R: -75.41
Volume & Volatility
BB Upper: $104.73
BB Lower: $94.57
NEUTRAL
OBV: 71,787,106
Vol SMA 20: 716,597
Vol ROC: 102.97%
ATR: $1.70
True Range: $1.19
HV 20: 16.9%
HV 30: 16.4%
HV 60: 17.8%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-23T00:00:00 – 2026-10-21T00:00:00
AI Analysis
LLM Stock Analysis Report
Executive Summary
Overall Assessment: NEUTRAL with confidence level (6/10)
Key drivers:
- Technical indicators point to a range-bound market, with no clear direction
- Recent news headlines are neutral, not significantly impacting the stock's price action
- Risk metrics indicate above-average volatility, but the beta remains relatively low
Primary risks:
- The stock is trading within a tight range, making it vulnerable to sudden movements
- News sentiment could shift if recent trends continue or unexpected events occur
Investment thesis: This stock is likely to consolidate within its current range, with potential for breakout or breakdown depending on future news and market developments.
Recent news sentiment impact: Neutral headlines have not significantly influenced the stock's price action.
Technical Analysis
Trend Direction: Range-bound (short-term), consolidation (medium-term), neutral (long-term)
Support/Resistance Levels:
- Upper support: $106.87 (Bollinger Bands upper band)
- Middle support: $103.73 (SMA 20 and EMA 12)
- Lower resistance: $100.59 (Bollinger Bands lower band)
Momentum Signals:
- RSI interpretation: Neutral (48.35), indicating a lack of strong momentum
- MACD signal: Bearish (-0.48 / -0.17 / -0.31)
- Bollinger Bands position: Squeeze, with the stock trading within the middle band
Volume Analysis: Volume is relatively low, indicating a lack of conviction in market participants.
News & Sentiment Analysis
Recent Headlines Summary: Recent news headlines are neutral, not significantly impacting the stock's price action.
Sentiment Assessment: Neutral sentiment dominates, with no strong bullish or bearish signals emerging.
Catalyst Identification: No immediate catalysts are apparent, but future market developments and unexpected events could impact the stock's price.
Market Narrative: The technical analysis is consistent with a range-bound market, while news headlines suggest a lack of directional conviction.
Risk & Volatility Assessment
Beta Interpretation: Beta is relatively low (1.08), indicating moderate volatility compared to the broader market.
Volatility Regime: Current volatility is above average, but not extreme.
Options Market Signals:
- IV Rank: 17.1% (Low)
- Put/Call Volume Ratio: 20.28 (Bearish sentiment)
Downside Protection: Support levels are in place, with the stock trading within a relatively tight range.
Market Context & Positioning
Sector Performance: This stock is performing similarly to its sector peers.
Institutional Activity: Institutional interest is moderate, with no strong signals of buying or selling pressure.
Correlation Analysis: The stock's movement is correlated with the broader market (R-squared interpretation).
Relative Valuation: The stock is positioned within a trading range, with no clear valuation multiple dominance.
Key Levels & Action Items
Critical Price Levels:
- Support: $103.73 (SMA 20 and EMA 12)
- Resistance: $106.87 (Bollinger Bands upper band)
Breakout/Breakdown Levels: No immediate levels are apparent, but future market developments could trigger significant moves.
Time-Sensitive Catalysts: No upcoming earnings or regulatory events are scheduled to impact the stock's price.
Risk Management: Consider using stop-loss levels and position sizing considerations to manage risk within this trading range.
This comprehensive analysis provides a neutral assessment of the stock's current state, highlighting its consolidation within a trading range. The technical indicators suggest a lack of strong momentum, while news headlines are neutral and not significantly impacting the stock's price action. The options market signals indicate moderate volatility, but no extreme events are anticipated in the near future.
Generated
News
All CWB news →
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Showing 1–10 of 11
Page 1 of 2
CWB Options Activity & IV Rank
CWB IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 20.8%
7-DTE IV: —
Expected Move: $4.47
7-DTE Move: $4.47
Days to Exp: 30 (2026-11-20)
Options Flow
Call Volume: 8
Put Volume: 58
P/C Volume: 7.25
BEARISH
Call OI: 8
Put OI: 60
P/C OI: 7.5
Total OI: 68
ATM Options Pricing
ATM Call: $1.62
ATM Put: $2.85
Call %: 1.7%
Put %: 2.9%
Chain Summary
Chain Volume: 158
Chain OI: 142
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 13th 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
13%
vs own history
GEX tilt
-0.95
OI-weighted, today
Vanna tilt
+0.74
δ-sensitivity to IV
Charm tilt
-0.55
δ-decay vs time
Vanna tilt +0.74: the estimated dealer exposure leans positive, so the modeled hedge would shift noticeably if implied volatility changed.
Charm tilt -0.55: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably as time passes and options approach expiry.
? What is this?
· 17 ATM contracts, 4k 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 20.1% / 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
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Volatility Smile
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IV Rank (7 DTE)
IV Rank (30 DTE)24.7LowOct 21
Straddle Price (30 DTE)$4.47Oct 21
Beta Analysis
Risk Metrics
Beta: 1.1096
Alpha: -10.15%
Correlation: 0.7992
R-Squared: 63.9%
Stock Volatility: 17.6%
Market Volatility: 12.7%
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
CWB 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.
2 filers$593.01K notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Susquehanna International Group, LLP Custodian | $582.23K | 98.18% | 2026-06-30 |
| 2 | Belvedere Trading LLC | $10.78K | 1.82% | 2026-06-30 |
6 filers$30.06M notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Jefferies Financial Group Inc. | $21.56M | 71.74% | 2026-06-30 |
| 2 | Susquehanna International Group, LLP Custodian | $2.89M | 9.61% | 2026-06-30 |
| 3 | Citadel Advisors LLC Custodian | $2.81M | 9.36% | 2026-06-30 |
| 4 | Jane Street Group, LLC Custodian | $1.56M | 5.20% | 2026-06-30 |
| 5 | K2 PRINCIPAL FUND, L.P. | $690.05K | 2.30% | 2026-06-30 |
| 6 | Belvedere Trading LLC | $539.10K | 1.79% | 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
2.65M
SI % of Float
4.85%
Days to Cover
4.25
Short Vol Ratio
50.5%
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 |
|---|