The Motley FoolT3·7mo ago
FIXD First Trust Exchange-Traded Fund VIII First Trust Smith Opportunistic Fixed Income ETF
ETF 41.56 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.
FIXD
$41.56
—
Key stats
$41.56
- 52-Week Range
- $38.56 – $45.16
- YTD
- -6.15%
- IV Rank (30D)
- 3.45
- Straddle Price
- $1.85
- P/C Vol Ratio
- 0.01
- Open
- $41.55
- Day Range
- $41.46 – $41.95
- Volume
- 441,625
- Prev Close
- $41.68
About
First Trust Exchange-Traded Fund VIII First Trust Smith Opportunistic Fixed Income ETF (FIXD) ETF
No description available.
- Exchange
- XNAS
- Inception
- 2017-02-14
- Has Options
- Yes
Fund profile
holdings as of Oct 20, 2026issuer datathrough May 2026flows, SEC filings
- Expense ratio
- 0.65% prospectus, filed Dec 29, 2025
- Assets
- $2.8B issuer-reported, Oct 20, 2026
- Trailing yield
- 4.88% paid monthly
- Average daily volume
- $29M 30 sessions
- Holdings
- 410 top 10 are 26.6%
- Listed
- Feb 14, 2017 Nasdaq
- Net asset value
- $41.73 issuer, Oct 20, 2026
- 30-day SEC yield
- 4.95% issuer, Sep 30, 2026
Cost12
Liquidity82
Scale91
Diversification94
Moves with. Long Treasuries (60% of its variance, beta 0.34); US large-cap stocks (9% of its variance, beta 0.08); High yield over Treasuries (5% of its variance, beta -0.14). These factors explain 80% of its daily moves over the last year.
Stated objective. The investment objective of the First Trust Smith Opportunistic Fixed Income ETF (the Fund ) is to seek to maximize long-term total return. (from the fund's prospectus)
All 410 holdingsFlow historyOverlap toolAll Multisector Bond ETFs
Fund flows
through May 2026SEC filings- May 2026
- −$52M latest reported month
- Latest 3 months
- −$91M −2.8% of assets
- Latest 12 months
- −$85M −2.6% of assets
View as a table
| Month | Net flow |
|---|---|
| May 2026 | −$52M |
| Apr 2026 | −$39M |
| Mar 2026 | $0 |
| Feb 2026 | +$8.9M |
| Jan 2026 | $0 |
| Dec 2025 | +$47M |
| Nov 2025 | +$13M |
| Oct 2025 | +$27M |
| Sep 2025 | $0 |
| Aug 2025 | −$18M |
| Jul 2025 | −$72M |
| Jun 2025 | $0 |
Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 81 months ago
Similar funds
| Fund | Overlap | Fee | Assets | 1Y | |
|---|---|---|---|---|---|
| BINCiShares Flexible Income Active ETF | — | 0.40% | $16.5B | −4.9% | compare |
| PYLDPIMCO Multi Sector Bond Active ETF | — | 0.64% | $16.4B | −5.3% | compare |
| JPIEJPMorgan Income ETF | — | 0.39% | $11.2B | −3.2% | compare |
| BONDPIMCO Active Bond Exchange-Traded Fund | — | 0.54% | $8.6B | −6.8% | compare |
| CGCPCapital Group Core Plus Income ETF | — | 0.34% | $8.5B | −6.8% | compare |
The largest other funds in the Multisector Bond category.
Look-through: what the holdings say
weights as of Oct 20, 2026issuer data- Insider buying
- 0% of weight had net insider buying, 90 days; 0% net selling
- 13F holders
- +146.8% change in shares held by institutions, latest quarter
- Reporting earnings
- 0.0% of weight in 7 days; 0.0% in 14
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.
Under the hood
fiscal year to Aug 31, 2025SEC census- Authorized participants
- 6 active of 22 with agreements; top 3 did 92%
- Created · redeemed
- $461M · $2.3B over the fiscal year
- Redemptions in kind
- 0% creations 0% in kind
- Creation unit
- 50,000 shares
- Securities lending
- authorized, none lent
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
410
AUM
$2.8B
Provider
First Trust
Inception
2017-02-14
Exchange
XNAS
Data As Of
2026-10-20
Expense Ratio
0.65%
Dividend Yield
4.88%
Distribution
Monthly
Recent distributions
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-10-21 | 2026-10-30 | $0.1650 | CD |
| 2026-09-24 | 2026-09-30 | $0.1650 | CD |
| 2026-08-21 | 2026-08-31 | $0.1650 | CD |
| 2026-07-21 | 2026-07-31 | $0.1650 | CD |
| 2026-06-25 | 2026-06-30 | $0.1650 | CD |
| 2026-05-21 | 2026-05-29 | $0.1650 | CD |
Asset Allocation
Top Holdings
top 50 of 410 holdings
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| — | U.S. Treasury Note, 4.375%, due 05/15/2036 | 5.38% | Treasury | US |
| — | U.S. Treasury Bond, 5.125%, due 08/15/2046 | 5.10% | Treasury | US |
| — | U.S. Treasury Bond, 5%, due 05/15/2056 | 3.16% | Treasury | US |
| — | U.S. Treasury Note, 4.125%, due 10/31/2029 | 2.67% | Treasury | US |
| — | U.S. Treasury Note, 4.125%, due 08/31/2028 | 2.66% | Treasury | US |
| — | U.S. Treasury Note, 3.375%, due 02/29/2028 | 2.51% | Treasury | US |
| — | U.S. Treasury Bond, 5%, due 05/15/2046 | 1.79% | Treasury | US |
| — | US Dollar | 1.65% | Cash/Money Market | — |
| — | U.S. Treasury Note, 4.75%, due 09/30/2028 | 1.51% | Treasury | US |
| — | THE BOEING CO 7.008%, due 05/01/2064 | 0.96% | Corporate Bond | — |
| — | GILDAN ACTIVEWEAR INC 5.40%, due 10/07/2035 | 0.89% | Corporate Bond | — |
| — | U.S. Treasury Bond, 1.625%, due 11/15/2050 | 0.81% | Treasury | US |
| — | FIRST CITIZENS BANCSHARES Variable rate, due 03/12/2040 | 0.76% | Corporate Bond | — |
| — | U.S. Treasury Bond, 5.125%, due 08/15/2056 | 0.75% | Treasury | US |
| — | Fannie Mae FN FA4541, 5%, due 02/01/2056 | 0.74% | MBS/ABS | — |
| — | ALBERTSONS COS/SAFEWAY 6.50%, due 02/15/2028 | 0.73% | Corporate Bond | US |
| — | GNMA G2 MA8347, 4.50%, due 10/20/2052 | 0.67% | MBS/ABS | — |
| — | GNMA G2 788648, 2%, due 12/20/2052 | 0.66% | MBS/ABS | — |
| — | VF CORP 2.95%, due 04/23/2030 | 0.65% | Corporate Bond | US |
| — | Freddie Mac FR SD1657, 2.50%, due 02/01/2052 | 0.59% | MBS/ABS | — |
| — | THE BOEING CO 6.528%, due 05/01/2034 | 0.58% | Corporate Bond | — |
| — | TRANSDIGM INC TDG TL J 1L USD | 0.58% | Corporate Bond | — |
| — | U.S. Treasury Inflation Indexed Note, 1.25%, due 04/15/2031 | 0.58% | Treasury | US |
| — | Fannie Mae FN DG2890, 5%, due 02/01/2056 | 0.57% | MBS/ABS | — |
| — | U.S. Treasury Inflation Indexed Note, 1.875%, due 01/15/2036 | 0.57% | Treasury | US |
| — | CARNIVAL CORP LTD 5.75%, due 08/01/2032 | 0.56% | Corporate Bond | US |
| — | Freddie Mac FR SD1460, 3%, due 05/01/2052 | 0.56% | MBS/ABS | — |
| — | RTX CORP 6.10%, due 03/15/2034 | 0.55% | Corporate Bond | — |
| — | PINNACLE FINANCIAL PARTNERS Variable rate, due 11/01/2030 | 0.53% | Corporate Bond | — |
| — | GNMA G2 MA9963, 4.50%, due 10/20/2054 | 0.52% | MBS/ABS | — |
| — | SYNOPSYS INC 5.15%, due 04/01/2035 | 0.51% | Corporate Bond | US |
| — | Freddie Mac FR SD2928, 4.50%, due 05/01/2053 | 0.50% | MBS/ABS | — |
| — | U.S. Treasury Note, 5%, due 09/30/2031 | 0.50% | Treasury | US |
| — | AMNEAL PHARMACEUTICALS LLC 6.875%, due 08/01/2032 | 0.49% | Corporate Bond | US |
| — | AMERICAN ELECTRIC POWER Variable rate, due 02/15/2062 | 0.46% | Corporate Bond | — |
| — | Freddie Mac FR SD2206, 5.50%, due 02/01/2053 | 0.44% | MBS/ABS | — |
| — | MORGAN STANLEY Variable rate, due 04/20/2037 | 0.44% | Corporate Bond | US |
| — | WELLS FARGO & COMPANY Variable rate, due 04/23/2036 | 0.44% | Corporate Bond | US |
| — | AS MILEAGE PLAN IP LTD 5.308%, due 10/20/2031 | 0.43% | Corporate Bond | — |
| — | FOUNDRY JV HOLDCO LLC 6.30%, due 01/25/2039 | 0.43% | Corporate Bond | — |
| — | BANK OF AMERICA CORP Variable rate, due 09/21/2036 | 0.42% | Corporate Bond | US |
| — | Fannie Mae FN MA4978, 5%, due 04/01/2053 | 0.42% | MBS/ABS | — |
| — | Freddie Mac FR SD7509, 3%, due 11/01/2049 | 0.41% | MBS/ABS | — |
| — | U.S. Treasury Note, 4.25%, due 08/15/2029 | 0.41% | Treasury | US |
| — | Fannie Mae FN FA4832, 5%, due 03/01/2056 | 0.40% | MBS/ABS | — |
| — | FORD MOTOR CREDIT CO LLC 6.50%, due 02/07/2035 | 0.40% | Corporate Bond | — |
| — | GNMA Series 2018-78, Class N2, 3.50%, due 06/20/2048 | 0.40% | MBS/ABS | — |
| — | PARAMOUNT GLOBAL 4.95%, due 05/19/2050 | 0.40% | Corporate Bond | — |
| — | PNC FINANCIAL SERVICES Variable rate, due 01/25/2041 | 0.40% | Corporate Bond | US |
| — | BLACK PEARL COMPUTE LLC 6.125%, due 02/15/2031 | 0.39% | Corporate Bond | US |
Non-Equity Breakdown
First Trust Smith Opportunistic Fixed Income ETF ·
NPORT-P period 2026-05-31
(filed 2026-07-22)
Net assets:
$3.32B
· 489 total positions
· equity 0.42%
· non-equity 98.61%
Non-equity holdings
— 485 positions,
98.61% of NAV
| Category | Weight | Value | Positions |
|---|---|---|---|
| Corporate | 59.24% | $1.97B | 301 |
| US Treasury | 18.03% | $598.5M | 12 |
| Mortgage-backed (US Govt-Sponsored Entity) | 15.59% | $517.5M | 118 |
| Mortgage-backed (US Govt Agency) | 2.83% | $93.8M | 26 |
| ABS-O | 1.39% | $46.0M | 20 |
| Corporate | 1.04% | $34.5M | 4 |
| Mortgage-backed (Corporate) | 0.28% | $9.1M | 1 |
| US Govt-Sponsored Entity | 0.20% | $6.5M | 2 |
| Short-term investment | 0.02% | $696462 | 1 |
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | -0.68% | -1.57% | 2.95% | -0.05% | 0.16% | -0.08% | 0.12% |
| Feb | -1.49% | -1.17% | -3.97% | -2.56% | 2.09% | 1.31% | -0.96% |
| Mar | -1.29% | -3.99% | 3.16% | -0.18% | -0.61% | -2.31% | -0.87% |
| Apr | 0.53% | -3.94% | -0.18% | -2.71% | -0.41% | -0.16% | -1.15% |
| May | 0.19% | 0.34% | -0.51% | 1.37% | -0.69% | 0.21% | 0.15% |
| Jun | 0.62% | -2.01% | -1.10% | 0.12% | 1.55% | -0.05% | -0.14% |
| Jul | 1.03% | 1.71% | 0.00% | 2.96% | -0.71% | -1.60% | 0.56% |
| Aug | -0.33% | -3.52% | -0.50% | 0.79% | 0.03% | -0.23% | -0.63% |
| Sep | -0.91% | -4.87% | -2.92% | 0.65% | 1.31% | -3.20% | -1.66% |
| Oct | -0.48% | -2.67% | -1.47% | -3.70% | 0.04% | 0.56%* | -1.29% |
| Nov | 0.26% | 3.10% | 3.52% | 1.24% | 0.33% | -- | 1.69% |
| Dec | -0.40% | -1.61% | 2.59% | -2.30% | -0.31% | -- | -0.41% |
| Total | -2.94% | -18.70% | 1.25% | -4.50% | 2.77% | -5.50% | -4.60% |
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: $41.49
SMA 50: $42.19
SMA 200: $43.40
Current: $41.56
EMA 12: $41.61
EMA 26: $41.75
MACD: -0.1421 | Signal: 0.0716
BEARISH
ADX (14): 37.53
TREND
+DI: 30.36
−DI: 37.58
Momentum Oscillators
RSI (14): 41.58
NEUTRAL
Stoch %K: 48.05
Stoch %D: 49.71
Williams %R: -53.80
Volume & Volatility
BB Upper: $41.82
BB Lower: $41.16
NEUTRAL
OBV: -8,576,751
Vol SMA 20: 805,708
Vol ROC: -9.10%
ATR: $0.56
True Range: $0.49
HV 20: 5.2%
HV 30: 5.7%
HV 60: 5.1%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-23T00:00:00 – 2026-10-21T00:00:00
AI Analysis
FIXD Stock Analysis Report
First Trust Smith Opportunistic Fixed Income ETF
Executive Summary
Overall Assessment: NEUTRAL | Confidence Level: 6/10
FIXD is a $2.8B actively managed multisector bond ETF experiencing significant headwinds from recent redemptions and technical deterioration, despite historically low volatility characteristic of fixed-income vehicles. The fund's 4.92% trailing yield and diversified 408-position portfolio provide defensive positioning, but net outflows of $52M in the latest month (-2.8% annualized) and a bearish MACD crossover signal emerging weakness. The technical setup shows a strong downtrend (ADX 44.39) with price breaking below the 50-day and 200-day moving averages, conflicting with the fund's fundamentally stable nature.
Key Drivers:
- Negative: Fund redemptions accelerating, bearish MACD histogram (-0.27), price below all major moving averages, heavy institutional selling pressure
- Positive: Ultra-low volatility (Beta 0.16), Treasury-heavy positioning provides ballast, $2.8B asset base, neutral RSI suggesting no extreme positioning
Investment Thesis: FIXD faces redemption pressure typical of bond ETFs in uncertain rate environments, with technical deterioration suggesting near-term consolidation or further weakness. The fund's defensive characteristics and Treasury concentration make it suitable only for risk-averse allocators, but current fund flows and trend direction warrant caution before new positions.
Recent News Sentiment Impact: Negative headline (USAdvisors selling $3.8M stake, Feb 24, 2026) aligns with technical breakdown timing. Older headlines from 2021-2023 reflect period-specific rate commentary; their relevance to current positioning is limited. Data Quality Flag: News data contains significant date anomalies (2021-2026 span with conflicting dates), reducing reliability of sentiment attribution.
Technical Analysis
Trend Direction
| Timeframe | Direction | Status | |-----------|-----------|--------| | Short-term (1-4 weeks) | BEARISH | Price $41.78 trading below SMA 20 ($41.58), SMA 50 ($42.27), and SMA 200 ($43.44); strong downtrend confirmed by ADX 44.39 | | Medium-term (1-3 months) | BEARISH | Consistent positioning below all major moving averages; EMA 12 ($41.60) crossing below EMA 26 ($41.78) suggests momentum loss | | Long-term (3-12 months) | BEARISH | 200-day MA at $43.44 represents significant resistance; price 3.8% below long-term average |
Support/Resistance Levels
| Level | Value | Relevance | Implication | |-------|-------|-----------|-------------| | Immediate Support | $40.92 | Bollinger Band lower; psychological | Break below triggers acceleration downside | | Primary Support | $40.50-$41.00 | 20-day volume cluster (inferred from SMA) | Institutional buyer likely here | | Secondary Support | $39.50 | Technical (3% below current) | Capitulation zone | | Resistance | $42.27 | SMA 50; major moving average | Rally barrier; recapture needed for uptrend confirmation | | Key Resistance | $43.44 | SMA 200; 3.8% overhead | Critical level for trend reversal |
Momentum Signals
RSI (14): 49.26 - NEUTRAL
- Reading at midpoint suggests balanced buyer/seller positioning with no extreme conviction
- Not overbought (>70) or oversold (<30); indicates continued range-trading risk
- Slight bearish bias as RSI remains below 50 despite price near 20-day MA
MACD: -0.18 / Signal: 0.09 / Histogram: -0.27 - BEARISH CROSSOVER
- Critical Signal: MACD line (-0.18) trading below signal line (0.09) with negative histogram (-0.27)
- Histogram width of -0.27 indicates accelerating downside momentum
- This is a bearish crossover pattern suggesting the downtrend is strengthening, not reversing
- No upside momentum catalyst visible in MACD structure
Stochastic Oscillators - MIXED/BEARISH
- %K at 64.43 (approaching overbought at 80) while %D at 74.61 (already overbought)
- %D above %K suggests momentum is rolling over; potential sell signal forming
- Williams %R at -47.83 (neutral, between -20 and -80) confirms absence of extreme conditions
- Stochastic suggests short-term bounce risk but within overall downtrend context
Bollinger Bands: NEUTRAL/CONSOLIDATION SIGNAL
- Price $41.78 positioned between middle band ($41.58) and upper band ($42.24)
- Band width of 3.16 is relatively narrow (6.2% of price), indicating low volatility squeeze
- No breakout imminent; price hugging middle band suggests consolidation phase
- Typical for bond ETFs; narrow bands reflect fundamental stability
Volume Analysis
Volume Metrics - DETERIORATING INSTITUTIONAL SUPPORT
- Volume Rate of Change: +103.26% — Volume doubled year-over-year, but direction matters
- Combined with price weakness = institutional capitulation or rebalancing selling
- Suggests redemptions are accelerating (consistent with $52M monthly outflow)
- On-Balance Volume: -11.96M — Deeply negative OBV indicates selling pressure exceeding buying
- Heavy accumulation of sell-side volume; bears in control
- Volume SMA 20: 774,825 — Average daily volume baseline
- Current volume elevated relative to baseline, confirming heavy redemption activity
- Interpretation: Volume pattern shows institutional exit, not profit-taking bounce
News & Sentiment Analysis
Recent Headlines Summary
| Headline | Date | Sentiment | Relevance | |----------|------|-----------|-----------| | USAdvisors Sells $3.8M of FIXD | 2026-02-24 | NEGATIVE | Directly aligns with 52M monthly outflow; institutional liquidation | | Is The Bond Market Set To Roar? | 2023-12-27 | NEUTRAL | Historical rate discussion; predates current cycle | | Taxable Total Return Q2 2022 Review | 2022-07-06 | NEUTRAL | Retroactive performance commentary | | Sentiment Speaks: Bond Rally Coming | 2022-06-02 | NEUTRAL | Rate cycle commentary from 2022; obsolete | | The Critical Role Of Fixed Income | 2022-04-22 | NEUTRAL | Generic thematic; no FIXD-specific catalyst | | A Wobbly World | 2021-12-06 | NEUTRAL | Dated macro commentary |
Sentiment Assessment
Aggregate Sentiment: NEGATIVE (1 of 6 headlines) / STALE (5 of 6 headlines)
- Data Quality Issue: News headlines span 2021-2026 with conflicting temporal references, severely limiting their reliability for current analysis
- Actionable Signal: Only the USAdvisors sale (Feb 24, 2026) is contemporaneous and materially relevant
- Missing Context: No recent headlines addressing current rate environment, Fed policy shifts, or fund performance catalysts
- Interpretation: The single negative headline (institutional selling) correlates precisely with technical breakdown timing, suggesting capital flight rather than normal churn
Catalyst Identification
Immediate Catalysts (1-7 days):
- Federal Reserve policy signals/communications
- Treasury yield movements (fund's primary holdings are UST securities)
- Further fund redemption announcements
Near-term Catalysts (1-4 weeks):
- Monthly net flows reports (next SEC update due)
- Yield curve repricing events
- Credit spreads on Boeing (1.0% weight) and other corporate holdings
Medium-term Catalysts (1-3 months):
- Quarterly earnings from fund holdings (Treasury bonds don't report earnings; corporate bond issuer reports matter)
- Fed rate decision cycles
- Fund performance reviews driving allocation decisions
Market Narrative
Narrative Conflict Assessment: MODERATE
| Signal | Technical | News | Alignment | |--------|-----------|------|-----------| | Direction | Strong downtrend (ADX 44.39) | Institutional selling (USAdvisors) |
Generated
News
All FIXD news →
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FIXD Options Activity & IV Rank
FIXD IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 13.2%
7-DTE IV: —
Expected Move: $1.85
7-DTE Move: $1.85
Days to Exp: 30 (2026-11-20)
Options Flow
Call Volume: 252
Put Volume: 2
P/C Volume: 0.008
BULLISH
Call OI: 250
Put OI: 0
P/C OI: —
Total OI: 250
ATM Options Pricing
ATM Call: $0.78
ATM Put: $1.07
Call %: 1.9%
Put %: 2.6%
Chain Summary
Chain Volume: 254
Chain OI: 250
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.
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
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pts
EXTREME
as of Oct 21 · No data
30 DTE / 10d
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pts
EXTREME
as of Oct 21 · ATM 12.7% / 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)3.5LowOct 21
Straddle Price (30 DTE)$1.85Oct 21
Beta Analysis
Risk Metrics
Beta: 0.1614
Alpha: -9.96%
Correlation: 0.4429
R-Squared: 19.6%
Stock Volatility: 4.6%
Market Volatility: 12.7%
Analysis Details
Benchmark: SPY
Data Points: 251
Period: 252 trading days
Data Points: 251
Period: 252 trading days
Interpretation:
Low volatility - stock moves less than market
Low volatility - stock moves less than market
Beta & Alpha Over Time
FIXD Institutional Ownership (13F)
Latest filings — 2026-09-30Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
| # | Filer | Notional Value | % of Total | Period |
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| # | Filer | Notional Value | % of Total | Period |
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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
414.87K
SI % of Float
0.60%
Days to Cover
1.00
Short Vol Ratio
19.1%
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 |
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