Zacks Investment ResearchT3·1mo ago
FDN First Trust Dow Jones Internet Index Fund ETF
ETF 287.70 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.
FDN
$287.70
—
Key stats
$287.70
- 52-Week Range
- $224.47 – $302.79
- YTD
- +8.34%
- IV Rank (30D)
- 28.35
- Straddle Price
- $14.50
- P/C Vol Ratio
- 9.50
- Open
- $287.33
- Day Range
- $287.05 – $289.62
- Volume
- 106,414
- Prev Close
- $287.73
About
First Trust Dow Jones Internet Index Fund ETF (FDN) ETF
No description available.
- Exchange
- ARCX
- Inception
- 2006-06-19
- Has Options
- Yes
Fund profile
holdings as of Oct 20, 2026issuer datathrough Jun 2026flows, SEC filings
- Expense ratio
- 0.49% prospectus, filed Apr 30, 2026
- Assets
- $5.2B issuer-reported, Oct 20, 2026
- Trailing yield
- —
- Average daily volume
- $45M 30 sessions
- Holdings
- 42 top 10 are 62.2%
- Listed
- Jun 19, 2006 NYSE Arca
- Last fee change
- -2 bp filed Apr 30, 2025
- Net asset value
- $287.64 issuer, Oct 20, 2026
- Tracking difference
- -0.56 pts vs index, after fees, FY 2025
Cost64
Liquidity89
Scale100
Diversification45
Moves with. US large-cap stocks (53% of its variance, beta 1.18); Developed markets ex-US over US (5% of its variance, beta -0.38); Value over growth (4% of its variance, beta -0.11); Bitcoin (3% of its variance, beta 0.04). These factors explain 64% of its daily moves over the last year.
Stated objective. The First Trust Dow Jones Internet Index Fund (the Fund ) seeks investment results that correspond generally to the price and yield (before the Funds fees and expenses) of an equity index called the Dow Jones Internet Composite Index SM (the Index ). (from the fund's prospectus)
All 42 holdingsFlow historySimilar fundsOverlap toolAll Internet & Innovation ETFs
Fund flows
through Jun 2026SEC filings- Jun 2026
- −$106M latest reported month
- Latest 3 months
- −$161M −3.3% of assets
- Latest 12 months
- −$2.1B −43.0% of assets
View as a table
| Month | Net flow |
|---|---|
| Jun 2026 | −$106M |
| May 2026 | +$50M |
| Apr 2026 | −$106M |
| Mar 2026 | −$719M |
| Feb 2026 | −$433M |
| Jan 2026 | −$53M |
| Dec 2025 | −$364M |
| Nov 2025 | −$360M |
| Oct 2025 | −$213M |
| Sep 2025 | −$196M |
| Aug 2025 | +$267M |
| Jul 2025 | +$94M |
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 | |
|---|---|---|---|---|---|
| FDNDFT Vest Dow Jones Internet & Target Income ETF | 99% | — | $10M | −8.1% | compare |
| WEBLDirexion Daily Dow Jones Internet Bull 3X ETF | 65% | — | $84M | −15.7% | compare |
| PNQIInvesco NASDAQ Internet ETF | 45% | 0.60% | $548M | −6.1% | compare |
| OGIGALPS O'Shares Global Internet Giants ETF | 40% | 0.48% | $102M | −11.6% | compare |
| AIUPFINQ FIRST U.S. Large Cap AI-Managed Equity ETF | 37% | 0.70% | $4.0M | — | compare |
Ranked by how much of the two portfolios is the same securities.
Look-through: what the holdings say
weights as of Oct 20, 2026issuer data- Holdings vs fair value
- +7.7% 45% under, 20% over · 100% covered
- Price / earnings
- 28.9 11% loss-making · 100% covered
- Price / book · sales
- 7.5 · 5.9 revenue growth +15.6%
- Above 200-day average
- 68% 47% above 50-day · by weight
- Short interest
- 3.0% of float, weighted · 2.5 days to cover
- Insider buying
- 5% of weight had net insider buying, 90 days; 85% net selling
- 13F holders
- +1.3% change in shares held by institutions, latest quarter
- Reporting earnings
- 29.7% of weight in 7 days; 52.9% in 14
Holdings reporting in the next 14 days · weighted implied move this week 1.74%
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
Mar 31, 2026 → Jun 30, 2026| Action | Holding | Weight before | Weight after | Shares vs flows |
|---|---|---|---|---|
| Decrease | NFLXNETFLIX INC | 8.98% | 3.90% | −29.2% |
| New position | ORCLORACLE CORP | — | 4.59% | — |
| Increase | METAMETA PLATFORMS INC | 9.14% | 9.83% | +32.1% |
| Increase | CRMSALESFORCE INC | 4.53% | 4.11% | +30.9% |
| Increase | BKNGBOOKING HOLDINGS INC | 4.59% | 4.98% | +24.0% |
| Exit | DBXDropbox Inc | 0.21% | — | — |
| Exit | BOXBox Inc. | 0.18% | — | — |
| New position | CRCLCIRCLE INTERNET GROUP INC | — | 0.15% | — |
| Decrease | TEAMATLASSIAN CORP | 0.61% | 0.51% | −11.3% |
| Decrease | PAYCPAYCOM SOFTWARE INC | 0.31% | 0.22% | −17.5% |
0 new, 0 exited, 0 increased and 0 decreased between the fund's two latest holdings reports; turnover 0.6%. Full holdings and history
Under the hood
fiscal year to Dec 31, 2025SEC census- Authorized participants
- 12 active of 26 with agreements; top 3 did 49%
- Created · redeemed
- $8.6B · $9.5B over the fiscal year
- Redemptions in kind
- 100% creations 100% in kind
- Creation unit
- 50,000 shares
- Securities lending
- 0.12% of assets on loan on average; earned 0.0 bp
- Return vs index
- -0.56 pts after fees; -0.01 before; daily s.d. 0.02
- 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 2026-10-20
Holdings
42
AUM
$5.2B
Provider
First Trust
Inception
2006-06-19
Exchange
ARCX
Data As Of
2026-10-20
Expense Ratio
0.49%
Dividend Yield
—
Distribution
—
Asset Allocation
Top Holdings
top 42 of 42 holdings
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| META | Meta Platforms, Inc. (Class A) | 10.63% | Equity (US) | US |
| AMZN | Amazon.com, Inc. | 10.42% | Equity (US) | US |
| CSCO | Cisco Systems, Inc. | 8.50% | Equity (US) | US |
| GOOGL | Alphabet Inc. (Class A) | 5.71% | Equity (US) | US |
| NFLX | Netflix, Inc. | 5.69% | Equity (US) | US |
| GOOG | Alphabet Inc. (Class C) | 4.57% | Equity (US) | US |
| CRM | Salesforce, Inc. | 4.47% | Equity (US) | US |
| ANET | Arista Networks, Inc. | 4.23% | Equity (US) | US |
| BKNG | Booking Holdings Inc. | 4.21% | Equity (US) | US |
| SNOW | Snowflake Inc. (Class A) | 3.78% | Equity (US) | US |
| ORCL | Oracle Corporation | 3.65% | Equity (US) | US |
| NET | Cloudflare, Inc. (Class A) | 3.20% | Equity (US) | US |
| DDOG | Datadog, Inc. (Class A) | 2.94% | Equity (US) | US |
| ABNB | Airbnb, Inc. (Class A) | 2.54% | Equity (US) | US |
| DASH | DoorDash, Inc. (Class A) | 2.46% | Equity (US) | US |
| CIEN | Ciena Corporation | 1.66% | Equity (US) | US |
| PYPL | PayPal Holdings, Inc. | 1.66% | Equity (US) | US |
| EBAY | eBay Inc. | 1.65% | Equity (US) | US |
| VEEV | Veeva Systems Inc. (Class A) | 1.62% | Equity (US) | US |
| CVNA | Carvana Co. (Class A) | 1.48% | Equity (US) | US |
| WDAY | Workday, Inc. (Class A) | 1.40% | Equity (US) | US |
| TEAM | Atlassian Corporation (Class A) | 1.21% | Equity (US) | US |
| RBLX | Roblox Corporation (Class A) | 1.20% | Equity (US) | US |
| OKTA | Okta, Inc. | 1.11% | Equity (US) | US |
| FFIV | F5, Inc. | 0.88% | Equity (US) | US |
| ZM | Zoom Communications, Inc. (Class A) | 0.88% | Equity (US) | US |
| VRSN | VeriSign, Inc. | 0.85% | Equity (US) | US |
| CRWV | CoreWeave, Inc. (Class A) | 0.81% | Equity (US) | US |
| CPRT | Copart, Inc. | 0.80% | Equity (US) | US |
| RDDT | Reddit, Inc. (Class A) | 0.78% | Equity (US) | US |
| NTNX | Nutanix, Inc. (Class A) | 0.63% | Equity (US) | US |
| CRCL | Circle Internet Group, Inc. (Class A) | 0.59% | Equity (US) | US |
| IOT | Samsara Inc. (Class A) | 0.54% | Equity (US) | US |
| DOCU | DocuSign, Inc. | 0.52% | Equity (US) | US |
| GDDY | GoDaddy Inc. (Class A) | 0.47% | Equity (US) | US |
| AKAM | Akamai Technologies, Inc. | 0.44% | Equity (US) | US |
| HUBS | HubSpot, Inc. | 0.43% | Equity (US) | US |
| FLUT | Flutter Entertainment Plc | 0.38% | Equity (US) | US |
| PAYC | Paycom Software, Inc. | 0.35% | Equity (US) | US |
| DKNG | DraftKings Inc. | 0.34% | Equity (US) | US |
| DUOL | Duolingo, Inc. | 0.19% | Equity (US) | US |
| — | US Dollar | 0.10% | Cash/Money Market | — |
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | 2.74% | -12.37% | 14.42% | 5.06% | 7.88% | -1.85% | 2.65% |
| Feb | 0.97% | -6.81% | -5.12% | 4.53% | -6.08% | -7.10% | -3.27% |
| Mar | -5.72% | 1.43% | 8.96% | 0.02% | -8.00% | -3.48% | -1.13% |
| Apr | 2.37% | -18.11% | -3.10% | -5.13% | 3.20% | 11.67% | -1.52% |
| May | 0.47% | -11.84% | 10.52% | -1.71% | 7.00% | 6.49% | 1.82% |
| Jun | 8.45% | -8.90% | 3.11% | 5.48% | 6.42% | -8.64% | 0.99% |
| Jul | -1.28% | 9.31% | 6.02% | -3.42% | 2.99% | 1.71% | 2.56% |
| Aug | 3.38% | -2.14% | -1.99% | 3.40% | 4.46% | 3.41% | 1.75% |
| Sep | -5.83% | -8.24% | -6.61% | 6.96% | 2.19% | 0.46% | -1.84% |
| Oct | 2.34% | -0.02% | -4.68% | 4.27% | 1.97% | -0.56%* | 0.55% |
| Nov | -5.99% | 3.90% | 11.59% | 8.99% | -4.87% | -- | 2.72% |
| Dec | 2.13% | -8.06% | 6.83% | -0.43% | -0.08% | -- | 0.08% |
| Total | 3.02% | -48.93% | 44.04% | 30.58% | 16.73% | 0.46% | 7.65% |
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: $291.98
SMA 50: $290.58
SMA 200: $267.59
Current: $287.70
EMA 12: $290.88
EMA 26: $291.10
MACD: -0.2246 | Signal: -1.1778
BULLISH
ADX (14): 16.10
RANGE
+DI: 18.04
−DI: 26.68
Momentum Oscillators
RSI (14): 45.77
NEUTRAL
Stoch %K: 24.81
Stoch %D: 23.47
Williams %R: -75.04
Volume & Volatility
BB Upper: $301.37
BB Lower: $282.60
NEUTRAL
OBV: 16,285,141
Vol SMA 20: 143,294
Vol ROC: -22.80%
ATR: $5.01
True Range: $2.56
HV 20: 21.8%
HV 30: 21.8%
HV 60: 21.1%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-23T00:00:00 – 2026-10-21T00:00:00
AI Analysis
FDN (First Trust Dow Jones Internet ETF) - Comprehensive Stock Analysis
Executive Summary
Overall Assessment: NEUTRAL with Confidence Level: 6/10
FDN presents a mixed technical and sentiment picture with conflicting signals that warrant cautious observation rather than directional conviction. While the ETF shows constructive price structure above key moving averages and bullish MACD momentum, significant headwinds from extreme put/call ratios (5.73), elevated implied volatility premium (181.9% above realized), and weak volume trends suggest institutional positioning for downside protection. The recent positive Zacks headline appears isolated against a backdrop of deteriorating breadth signals and bearish options positioning.
Key Drivers:
- Bullish: Price above all major SMAs; positive MACD histogram; +DI > -DI strength
- Bearish: Extreme put/call imbalance; elevated IV premium; -73.52% volume ROC; weak ADX trend confirmation
Primary Risks:
- High beta (1.21) amplifies any market correction impact
- Options market pricing $9.55 downside moves with heavy put positioning
- Volume deterioration suggests institutional de-risking
Investment Thesis: FDN is an internet sector ETF caught in consolidation with technical support intact but weakening participation. The disconnect between positive recent news sentiment and heavily defensive options positioning suggests market participants are hedging downside risk. Current price structure supports tactical range trading rather than conviction-driven directional exposure.
Recent News Sentiment Impact: The September 21 Zacks positive recommendation appears recent but lacks supporting volume confirmation. The three neutral headlines from June-March (including Salesforce commentary and MGM privatization chatter) are outdated. The March 27 Nasdaq correction article aligns with sector weakness narrative, suggesting the positive recent sentiment may be lagging indicator of underlying weakness.
Technical Analysis
Trend Direction
Short-term (1-4 weeks): SIDEWAYS-BULLISH
- Price: $291.61 trading above SMA 20 ($289.97) and SMA 50 ($286.65)
- Current position 1.64 above 20-day average and 5.96 above 50-day
- Within Bollinger Bands ($284.61-$295.33), positioned slightly above middle band
- ADX 13.57 indicates weak trend strength—market in ranging/consolidation mode
Medium-term (1-3 months): NEUTRAL-BEARISH
- Price 9.56 above SMA 200 ($266.05), still maintaining uptrend structure technically
- However, weakening momentum and deteriorating volume suggest potential break below short-term support
- 0.75 correlation with market and 1.21 beta indicates ETF will likely follow broader tech sector direction
- Gap between SMA 20/50 only 3.32 points—convergence typical of consolidation
Long-term (3-12 months): BULLISH STRUCTURE
- Price 9.6% above 200-day MA indicates longer-term uptrend remains intact
- However, this assessment is conditional on sector rotation and rate environment
Support/Resistance Levels
Immediate Support (Critical):
- $289.97 - SMA 20 (current touch point, first line of defense)
- $286.65 - SMA 50 (secondary support, currently 5.96 below price)
- $284.61 - Lower Bollinger Band (technical floor, coincides with statistical mean reversion zone)
Intermediate Support:
- $281-282 - Gap zone (estimated based on Bollinger Band width and ATR)
Resistance Levels:
- $295.33 - Upper Bollinger Band (immediate ceiling, 1.3% above current price)
- $298-300 - Round number and likely consolidation breakout level
- $304-306 - Extended resistance (ATR 4.41 x 3 projections)
Momentum Signals
RSI (14): 53.55 - NEUTRAL INTERPRETATION
- Mid-range reading indicates neither overbought nor oversold conditions
- Not signaling exhaustion or capitulation—stock has room to move either direction
- Suggests current consolidation is balanced rather than climactic
- Lacks conviction for mean reversion trades
MACD Analysis: BULLISH BUT WEAKENING
- MACD line: 0.79 / Signal line: -0.45 / Histogram: +1.24
- Critical anomaly: MACD positive but signal line negative indicates recent bullish momentum just beginning to establish
- Positive histogram suggests MACD rolling over toward potential bearish crossover
- This is NOT a clean bullish crossover—rather early-stage positive divergence with unknown follow-through
- Momentum likely peaked recently; confirmation needed to sustain upside
Stochastic Oscillators: BEARISH MOMENTUM
- %K: 34.87 / %D: 25.86 (%K > %D but both in lower half)
- Both readings below 50-line indicate momentum skewed toward lower values
- %K above %D = slight upside, but low absolute readings show weak bullish force
- Suggests oscillators have more room to decline before oversold signals emerge
- Contradicts RSI neutral reading—Stochastic shows bearish momentum bias
Williams %R: -52.30 - NEUTRAL
- Mid-range reading (-50 to 0 zone) indicates neutral positioning
- Not in oversold (<-80) or overbought (0 to -20) extremes
- Supports consolidation interpretation
Volume Analysis
Volume Rate of Change: -73.52% - MAJOR RED FLAG
- Dramatic 73% decline in volume relative to 20-day average indicates severe participation collapse
- This is most concerning technical signal in dataset
- Suggests both retail and institutional interest dramatically waning
- Reduces confidence in technical breakouts—without volume, breaks are vulnerable to reversal
On-Balance Volume: 18,047,725.98
- Absolute level without historical context difficult to assess
- Requires comparison to recent peaks/troughs for directional signal
- No clear volume confirmation on recent price structure
Volume Trends Summary:
- Current condition: Institutional participation appears weak; consolidation lacking conviction
- Risk implication: Any downside break likely to accelerate due to lack of buy support at lower levels
- Positive corollary: Shallow rebounds may indicate capitulation incomplete; sustained volume increase could signal reversal
News & Sentiment Analysis
Recent Headlines Summary
Positive Sentiment (1 article):
- Zacks positive recommendation (Sept 21, 2026) - "Should You Invest in the First Trust Dow Jones Internet ETF?"
- Most recent headline, provides constructive thesis
- However, lacks specificity on catalysts or sector tailwinds
- Published during potential inflection period; needs technical confirmation
Neutral Sentiment (4 articles):
- Salesforce commentary (June 1) - Generic "What's Going On?" market movement analysis
- MGM privatization (June 1) - Unrelated to internet sector; Barry Diller's media focus
- Netflix TikTok Feed (April 22) - Positive product development but generic industry news
- Salesforce update (March 19) - Routine trading commentary
Negative Sentiment (1 article):
- Nasdaq correction warning (March 27, 2026) - "Nasdaq 100 Enters Correction As 30-Year Yields Near 5%"
- Directly impacts FDN holdings
- Dated but indicates sector vulnerability to rate environment
- Aligns with current technical weakness narrative
Sentiment Assessment
Aggregate Sentiment: MIXED-TO-SLIGHTLY-NEGATIVE (Confidence: 6/10)
- Data Quality Issue: Most headlines are 3+ months old; September Zacks article is only recent data point
- Recency Problem: News flow appears sparse, suggesting either lack of material developments or data collection gaps
- Sector Context: Internet/tech ETF highly sensitive to rate expectations—March rate commentary remains relevant
- Catalyst Vacuum: No earnings dates, product launches, or regulatory events mentioned; suggests low near-term catalysts
Catalyst Identification
Immediate Catalysts (1-7 days):
- None identified in available data
- No earnings announcements listed
- Potential for earnings reports from major FDN holdings (Salesforce, Netflix, etc.) but specific dates not provided
Near-term Catalysts (1-4 weeks):
- Earnings season from major tech holdings (typical pattern suggests late September-early October for Q3)
Generated
News
All FDN news →
BenzingaT3·4mo ago
BenzingaT3·4mo ago
BenzingaT3·6mo ago
BenzingaT3·6mo ago
BenzingaT3·7mo ago
BenzingaT3·7mo ago
BenzingaT3·9mo ago
BenzingaT3·9mo ago
BenzingaT3·20mo ago
Showing 1–10 of 50
Page 1 of 5
FDN Options Activity & IV Rank
FDN IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 22.2%
7-DTE IV: —
Expected Move: $14.50
7-DTE Move: $14.50
Days to Exp: 30 (2026-11-20)
Options Flow
Call Volume: 14
Put Volume: 133
P/C Volume: 9.5
BEARISH
Call OI: 19
Put OI: 205
P/C OI: 10.789
Total OI: 224
ATM Options Pricing
ATM Call: $6.65
ATM Put: $7.85
Call %: 2.3%
Put %: 2.7%
Chain Summary
Chain Volume: 1,783
Chain OI: 2,125
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 2nd 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
2%
vs own history
GEX tilt
-0.51
OI-weighted, today
Vanna tilt
-0.11
δ-sensitivity to IV
Charm tilt
+0.48
δ-decay vs time
Charm tilt +0.48: the estimated dealer exposure leans positive, so the modeled hedge would shift noticeably as time passes and options approach expiry.
? What is this?
· 18 ATM contracts, 1k 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
98%
+18.8
pts
EXTREME
as of Oct 21 · ATM 21.6% / Wing 40.4%
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)28.4MediumOct 21
Straddle Price (30 DTE)$14.50Oct 21
Beta Analysis
Risk Metrics
Beta: 1.2423
Alpha: -15.23%
Correlation: 0.7456
R-Squared: 55.6%
Stock Volatility: 21.2%
Market Volatility: 12.7%
Analysis Details
Benchmark: SPY
Data Points: 251
Period: 252 trading days
Data Points: 251
Period: 252 trading days
Interpretation:
High volatility - stock moves more than market
High volatility - stock moves more than market
Beta & Alpha Over Time
FDN 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.
5 filers$26.39M notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Susquehanna International Group, LLP Custodian | $15.94M | 60.39% | 2026-06-30 |
| 2 | Citadel Advisors LLC Custodian | $6.57M | 24.88% | 2026-06-30 |
| 3 | Point72 Asset Management, L.P. | $2.46M | 9.33% | 2026-06-30 |
| 4 | Jane Street Group, LLC Custodian | $1.03M | 3.91% | 2026-06-30 |
| 5 | Cubist Systematic Strategies, LLC | $391.78K | 1.48% | 2025-09-30 |
6 filers$34.43M notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Susquehanna International Group, LLP Custodian | $19.22M | 55.82% | 2026-06-30 |
| 2 | Citadel Advisors LLC Custodian | $9.64M | 27.98% | 2026-06-30 |
| 3 | Point72 Asset Management, L.P. | $2.57M | 7.46% | 2026-06-30 |
| 4 | LPL Financial LLC Custodian | $1.75M | 5.07% | 2026-06-30 |
| 5 | Cubist Systematic Strategies, LLC | $839.52K | 2.44% | 2025-09-30 |
| 6 | Jane Street Group, LLC Custodian | $423.55K | 1.23% | 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
166.09K
SI % of Float
0.91%
Days to Cover
1.00
Short Vol Ratio
58.9%
Free Float
—
Float %
—
Short interest 2026-09-30 • Short volume 2026-10-21
FDN Constituent Performance
Click any bar to view the full quote for that stock.
FDN Constituents (41 of 41)
| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
|---|---|---|---|---|---|---|
| META | Meta Platforms, Inc. (Class A) | 10.63% | $697.52 | +0.47% | -5.43% | -6.26% |
| AMZN | Amazon.com, Inc. | 10.42% | $262.37 | -0.10% | +3.26% | +5.26% |
| CSCO | Cisco Systems, Inc. | 8.50% | $107.26 | +0.52% | -5.61% | +0.78% |
| GOOGL | Alphabet Inc. (Class A) | 5.71% | $334.76 | -1.62% | -3.70% | -0.91% |
| NFLX | Netflix, Inc. | 5.69% | $65.04 | -5.31% | -7.84% | -8.86% |
| GOOG | Alphabet Inc. (Class C) | 4.57% | $330.95 | -1.62% | -3.70% | -1.20% |
| CRM | Salesforce, Inc. | 4.47% | $241.78 | -0.27% | +2.47% | +1.77% |
| ANET | Arista Networks, Inc. | 4.23% | $184.33 | +1.73% | -5.67% | -9.41% |
| BKNG | Booking Holdings Inc. | 4.21% | $158.38 | -3.38% | -1.43% | +1.59% |
| SNOW | Snowflake Inc. (Class A) | 3.78% | $322.73 | +0.98% | -3.69% | -3.61% |
| ORCL | Oracle Corporation | 3.65% | $129.13 | -1.53% | -1.09% | -10.67% |
| NET | Cloudflare, Inc. (Class A) | 3.20% | $307.22 | +5.32% | -5.28% | -12.80% |
| DDOG | Datadog, Inc. (Class A) | 2.94% | $273.09 | +6.50% | +1.40% | +8.59% |
| ABNB | Airbnb, Inc. (Class A) | 2.54% | $173.69 | -1.84% | +3.97% | +16.12% |
| DASH | DoorDash, Inc. (Class A) | 2.46% | $184.45 | -3.77% | +0.24% | -2.55% |
| CIEN | Ciena Corporation | 1.66% | $361.34 | +5.67% | +0.48% | +1.53% |
| PYPL | PayPal Holdings, Inc. | 1.66% | $57.2 | +0.11% | +1.96% | +8.93% |
| EBAY | eBay Inc. | 1.65% | $122.9 | +1.41% | +5.15% | +12.66% |
| VEEV | Veeva Systems Inc. (Class A) | 1.62% | $320.55 | +0.59% | +7.80% | +18.39% |
| CVNA | Carvana Co. (Class A) | 1.48% | $59.19 | -1.78% | +2.12% | -7.44% |
| WDAY | Workday, Inc. (Class A) | 1.40% | $202.96 | -0.50% | +7.52% | +5.50% |
| TEAM | Atlassian Corporation (Class A) | 1.21% | $225.5 | +1.99% | +10.19% | +15.60% |
| RBLX | Roblox Corporation (Class A) | 1.20% | $52.55 | +0.38% | +10.54% | +7.27% |
| OKTA | Okta, Inc. | 1.11% | $208.64 | +7.54% | -1.55% | +1.60% |
| ZM | Zoom Communications, Inc. (Class A) | 0.88% | $99.44 | +2.03% | +5.26% | +8.20% |
| FFIV | F5, Inc. | 0.88% | $458.59 | +0.41% | +0.29% | +0.57% |
| VRSN | VeriSign, Inc. | 0.85% | $307.25 | +0.23% | +1.94% | +4.76% |
| CRWV | CoreWeave, Inc. (Class A) | 0.81% | $61.82 | -0.50% | -6.02% | -28.86% |
| CPRT | Copart, Inc. | 0.80% | $27.59 | -0.88% | +5.01% | -4.43% |
| RDDT | Reddit, Inc. (Class A) | 0.78% | $153.28 | -1.52% | +3.15% | +0.86% |
| NTNX | Nutanix, Inc. (Class A) | 0.63% | $70.11 | +2.80% | +0.37% | +0.62% |
| CRCL | Circle Internet Group, Inc. (Class A) | 0.59% | $89.71 | +4.47% | +12.77% | -2.19% |
| IOT | Samsara Inc. (Class A) | 0.54% | $43.24 | +2.01% | +5.98% | +10.64% |
| DOCU | DocuSign, Inc. | 0.52% | $81.48 | +1.49% | +8.31% | +17.25% |
| GDDY | GoDaddy Inc. (Class A) | 0.47% | $108.22 | -0.53% | +4.70% | +12.28% |
| AKAM | Akamai Technologies, Inc. | 0.44% | $90.27 | +0.71% | -1.57% | -23.78% |
| HUBS | HubSpot, Inc. | 0.43% | $249.9 | -0.34% | +10.46% | +10.56% |
| FLUT | Flutter Entertainment Plc | 0.38% | $78.26 | -0.91% | +5.39% | -8.88% |
| PAYC | Paycom Software, Inc. | 0.35% | $261.01 | -0.50% | +9.21% | +17.74% |
| DKNG | DraftKings Inc. | 0.34% | $20.53 | +0.24% | +8.62% | -3.39% |
| DUOL | Duolingo, Inc. | 0.19% | $137.32 | -1.62% | -1.72% | -5.93% |