FHLC offers broader sector exposure at a 0.08% expense ratio, compared with IBB's concentrated biotech focus at 0.44%, but IBB delivered stronger 1-year returns despite higher volatility.
IBB iShares Biotechnology ETF
ETF 209.54 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.
IBB
$209.54
—
Key stats
$209.54
- 52-Week Range
- $153.25 – $217.12
- YTD
- +23.99%
- IV Rank (30D)
- 100.0
- Straddle Price
- $13.60
- P/C Vol Ratio
- 0.55
- Open
- $210.50
- Day Range
- $206.79 – $212.98
- Volume
- 2,166,154
- Prev Close
- $211.55
About
iShares Biotechnology ETF (IBB) ETF
No description available.
- Exchange
- XNAS
- Inception
- 2001-02-05
- Has Options
- Yes
- Homepage
- https://www.ishares.com/us
Fund profile
holdings as of Oct 20, 2026issuer datathrough Jun 2026flows, SEC filings
- Expense ratio
- 0.44% issuer, Oct 22, 2026
- Assets
- $11.0B issuer-reported, Oct 20, 2026
- Trailing yield
- 0.16% paid quarterly
- Average daily volume
- $341M 30 sessions
- Holdings
- 248 top 10 are 51.1%
- Listed
- Feb 5, 2001 Nasdaq
- Last fee change
- -1 bp filed Jul 22, 2025
- Net asset value
- $211.49 issuer, Oct 21, 2026 · closed -0.01% to NAV
- Median bid/ask spread
- 0.03% 30 days, issuer-reported
- 30-day SEC yield
- -0.15% issuer, Sep 30, 2026
- Return on NAV, 1 year
- +46.1% issuer, through Sep 30, 2026 · 3 years +20.1% a year · 5 years +5.7% · 10 years +8.4%
- Distributions, 12 months
- $0.34 a share issuer, through Sep 15, 2026: 100% income
- Tracking difference
- -0.48 pts vs index, after fees, FY 2026
Cost74
Liquidity100
Scale100
Diversification58
Moves with. US large-cap stocks (14% of its variance, beta 0.55); Small caps over large (9% of its variance, beta 0.47); Long Treasuries (6% of its variance, beta 0.45); Gold (3% of its variance, beta 0.08). These factors explain 36% of its daily moves over the last year.
Stated objective. The iShares Biotechnology ETF (the Fund ) seeks to track the investment results of an index composed of U.S.-listed equities in the biotechnology sector. (from the fund's prospectus)
All 248 holdingsFlow historySimilar fundsOverlap toolAll Biotech & Health Innovation ETFs
Fund flows
daily as of Oct 20, 2026issuer datathrough Jun 2026SEC filings- Oct 20, 2026
- +$21M latest day
- Latest 5 trading days
- −$233M
- Latest 21 trading days
- +$155M +1.4% of assets
- Year to date
- +$507M +$1.6B over 12 months
Each day
| Day | Net flow |
|---|---|
| Oct 20, 2026 | +$21M |
| Oct 19, 2026 | −$112M |
| Oct 16, 2026 | +$51M |
| Oct 15, 2026 | +$31M |
| Oct 14, 2026 | −$224M |
| Oct 13, 2026 | +$40M |
| Oct 12, 2026 | +$20M |
| Oct 9, 2026 | +$258M |
| Oct 8, 2026 | $0 |
| Oct 7, 2026 | $0 |
| Oct 6, 2026 | +$71M |
| Oct 5, 2026 | −$114M |
| Oct 2, 2026 | −$287M |
| Oct 1, 2026 | −$82M |
| Sep 30, 2026 | +$526M |
| Sep 29, 2026 | +$11M |
| Sep 28, 2026 | −$21M |
| Sep 25, 2026 | −$63M |
| Sep 24, 2026 | $0 |
| Sep 23, 2026 | +$62M |
| Sep 22, 2026 | −$32M |
Daily figures are the change in shares outstanding times net asset value, both as the issuer publishes them each day.
- Jun 2026
- +$299M latest reported month
- Latest 3 months
- −$43M −0.5% of assets
- Latest 12 months
- +$1.0B +11.4% of assets
View as a table
| Month | Net flow |
|---|---|
| Jun 2026 | +$299M |
| May 2026 | −$175M |
| Apr 2026 | −$167M |
| Mar 2026 | −$332M |
| Feb 2026 | +$102M |
| Jan 2026 | +$21M |
| Dec 2025 | −$209M |
| Nov 2025 | +$1.6B |
| Oct 2025 | +$10M |
| Sep 2025 | +$151M |
| Aug 2025 | −$71M |
| Jul 2025 | −$146M |
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 | |
|---|---|---|---|---|---|
| IBBQInvesco Nasdaq Biotechnology ETF | 76% | 0.19% | $67M | +34.5% | compare |
| BBHVanEck Biotech ETF | 65% | 0.35% | $507M | +39.8% | compare |
| BIBProShares Ultra NASDAQ Biotechnology | 55% | 0.95% | $96M | +66.7% | compare |
| XBIState Street SPDR S&P Biotech ETF | 44% | 0.35% | $10.4B | +38.7% | compare |
| FBTFirst Trust NYSE Arca Biotechnology Index Fund | 44% | 0.55% | $3.0B | +43.9% | 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
- +0.4% 25% under, 36% over · 100% covered
- Price / earnings
- — 52% loss-making · 92% covered
- Price / book · sales
- 6.3 · 7.6 revenue growth +8.1%
- Above 200-day average
- 81% 65% above 50-day · by weight
- Short interest
- 8.1% of float, weighted · 4.9 days to cover
- Insider buying
- 3% of weight had net insider buying, 90 days; 58% net selling
- 13F holders
- +2.7% change in shares held by institutions, latest quarter
- Reporting earnings
- 27.2% of weight in 7 days; 83.0% in 14
Holdings reporting in the next 14 days · weighted implied move this week 2.86%
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 |
|---|---|---|---|---|
| New position | Ascendis Pharma A/S | — | 1.29% | — |
| Exit | ASNDAscendis Pharma A/S | 0.96% | — | — |
| Increase | GILDGilead Sciences, Inc. | 7.75% | 6.84% | +12.3% |
| Increase | ARGXArgenx SE | 3.07% | 3.76% | +11.0% |
| Increase | VRTXVertex Pharmaceuticals, Inc. | 7.44% | 8.08% | +12.5% |
| Exit | ACLXArcellx, Inc. | 0.47% | — | — |
| Exit | TERNTerns Pharmaceuticals, Inc. | 0.46% | — | — |
| Exit | FOLDAmicus Therapeutics, Inc. | 0.41% | — | — |
| Exit | APLSApellis Pharmaceuticals, Inc. | 0.39% | — | — |
| Increase | AMGNAmgen, Inc. | 7.51% | 7.83% | +16.8% |
0 new, 0 exited, 0 increased and 0 decreased between the fund's two latest holdings reports; turnover 0.8%. Full holdings and history
Under the hood
fiscal year to Mar 31, 2026SEC census- Authorized participants
- 15 active of 36 with agreements; top 3 did 44%
- Created · redeemed
- $10.7B · $10.0B over the fiscal year
- Redemptions in kind
- 100% creations 100% in kind
- Creation unit
- 50,000 shares
- Securities lending
- 10.04% of assets on loan on average; earned 8.8 bp
- Return vs index
- -0.48 pts after fees; +0.10 before; daily s.d. 0.04
- 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
248
AUM
$11.0B
Provider
iShares (BlackRock)
Inception
2001-02-05
Exchange
XNAS
Data As Of
2026-10-20
Expense Ratio
0.44%
Dividend Yield
0.16%
Distribution
Quarterly
Recent distributions
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-09-15 | 2026-09-18 | $0.0112 | CD |
| 2026-06-15 | 2026-06-18 | $0.0238 | CD |
| 2026-03-17 | 2026-03-20 | $0.1218 | CD |
| 2025-12-16 | 2025-12-19 | $0.1831 | CD |
| 2025-09-16 | 2025-09-19 | $0.0828 | CD |
| 2025-03-18 | 2025-03-21 | $0.1212 | CD |
Asset Allocation
Top Holdings
top 50 of 248 holdings
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| GILD | GILEAD SCIENCES | 8.49% | Equity (US) | US |
| AMGN | AMGEN INC | 8.10% | Equity (US) | US |
| VRTX | VERTEX PHARMACEUTICALS | 7.50% | Equity (US) | US |
| MRNA | MODERNA | 6.21% | Equity (US) | US |
| REGN | REGENERON PHARMACEUTICALS | 5.62% | Equity (US) | US |
| NTRA | NATERA | 3.84% | Equity (US) | US |
| ARGX | ARGENX SE ADR | 3.39% | Equity (Foreign) | BE |
| ILMN | ILLUMINA INC | 2.83% | Equity (US) | US |
| RVMD | REVOLUTION MEDICINES | 2.66% | Equity (US) | US |
| BIIB | BIOGEN | 2.50% | Equity (US) | US |
| ONC | BEONE MEDICINES AG | 2.27% | Equity (Foreign) | CN |
| ALNY | ALNYLAM PHARMACEUTICALS | 2.16% | Equity (US) | US |
| INCY | INCYTE CORP | 1.64% | Equity (US) | US |
| UTHR | UNITED THERAPEUTICS | 1.61% | Equity (US) | US |
| GMAB | GENMAB SPONSORED ADR | 1.52% | Equity (Foreign) | DK |
| INSM | INSMED | 1.44% | Equity (US) | US |
| ROIV | ROIVANT SCIENCES LTD | 1.28% | Equity (US) | US |
| EXEL | EXELIXIS INC | 1.08% | Equity (US) | US |
| CRL | CHARLES RIVER LABORATORIES INTERNA | 1.05% | Equity (US) | US |
| ASND | ASCENDIS PHARMA | 1.01% | Equity (US) | US |
| NBIX | NEUROCRINE BIOSCIENCES | 1.00% | Equity (US) | US |
| MEDP | MEDPACE HOLDINGS | 0.98% | Equity (US) | US |
| HALO | HALOZYME THERAPEUTICS | 0.98% | Equity (US) | US |
| BBIO | BRIDGEBIO PHARMA | 0.83% | Equity (US) | US |
| TECH | BIO TECHNE | 0.79% | Equity (US) | US |
| BMRN | BIOMARIN PHARMACEUTICAL | 0.76% | Equity (US) | US |
| MDGL | MADRIGAL PHARMACEUTICALS | 0.71% | Equity (US) | US |
| PCVX | VAXCYTE | 0.68% | Equity (US) | US |
| RGEN | REPLIGEN | 0.67% | Equity (US) | US |
| TWST | TWIST BIOSCIENCE | 0.64% | Equity (US) | US |
| BNTX | BIONTECH SE ADR | 0.61% | Equity (Foreign) | DE |
| CYTK | CYTOKINETICS | 0.60% | Equity (US) | US |
| KYMR | KYMERA THERAPEUTICS | 0.59% | Equity (US) | US |
| PTGX | PROTAGONIST THERAPEUTICS | 0.59% | Equity (US) | US |
| KRYS | KRYSTAL BIOTECH | 0.59% | Equity (US) | US |
| TXG | 10X GENOMICS CLASS A | 0.58% | Equity (US) | US |
| ARWR | ARROWHEAD PHARMACEUTICALS | 0.55% | Equity (US) | US |
| IONS | IONIS PHARMACEUTICALS | 0.52% | Equity (US) | US |
| SYRE | SPYRE THERAPEUTICS INC | 0.51% | Equity (US) | US |
| TEM | TEMPUS AI CLASS A | 0.50% | Equity (US) | US |
| ALKS | ALKERMES | 0.50% | Equity (US) | US |
| AXSM | AXSOME THERAPEUTICS | 0.49% | Equity (US) | US |
| PRAX | PRAXIS PRECISION MEDICINES | 0.49% | Equity (US) | US |
| ABVX | ABIVAX AMERICAN DEPOSITARY SHARES | 0.47% | Equity (Foreign) | FR |
| BRKR | BRUKER | 0.44% | Equity (US) | US |
| RYTM | RHYTHM PHARMACEUTICALS | 0.42% | Equity (US) | US |
| IOVA | IOVANCE BIOTHERAPEUTICS INC | 0.41% | Equity (US) | US |
| KOD | KODIAK SCIENCES | 0.38% | Equity (US) | US |
| GRAL | GRAIL INC | 0.37% | Equity (US) | US |
| PTCT | PTC THERAPEUTICS | 0.35% | Equity (US) | US |
Geographic Breakdown
Non-Equity Breakdown
iShares Biotechnology ETF ·
NPORT-P period 2026-06-30
(filed 2026-08-25)
Net assets:
$9.09B
· 252 total positions
· equity 99.88%
· non-equity 12.05%
Non-equity holdings
— 13 positions,
12.05% of NAV
| Category | Weight | Value | Positions |
|---|---|---|---|
| Short-term investment | 12.04% | $1.09B | 2 |
| Other | 0.00% | $416353 | 9 |
| Derivative (equity) | 0.00% | $373650 | 2 |
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | 6.74% | -13.46% | 5.01% | -2.67% | 4.33% | 2.03% | 0.33% |
| Feb | -3.54% | -6.09% | -6.97% | 0.43% | -0.59% | 0.71% | -2.68% |
| Mar | -5.69% | 3.91% | 0.86% | -1.85% | -4.72% | -2.92% | -1.74% |
| Apr | 2.06% | -12.33% | 0.57% | -7.23% | 1.72% | -0.85% | -2.68% |
| May | -1.75% | -1.43% | -4.00% | 3.39% | -2.53% | 2.94% | -0.56% |
| Jun | 8.45% | 1.90% | 0.15% | 1.30% | 2.26% | 12.29% | 4.39% |
| Jul | 0.41% | 3.25% | 1.97% | 8.03% | 4.02% | -1.95% | 2.62% |
| Aug | 3.88% | -0.66% | 0.52% | 0.73% | 3.89% | 12.45% | 3.47% |
| Sep | -7.11% | -5.08% | -5.94% | -0.04% | 2.82% | -0.14% | -2.58% |
| Oct | 0.42% | 7.84% | -5.77% | -3.09% | 7.32% | 1.74%* | 1.41% |
| Nov | -4.58% | 5.23% | 4.96% | -0.86% | 10.40% | -- | 3.03% |
| Dec | 1.25% | -4.28% | 10.81% | -6.72% | -0.79% | -- | 0.05% |
| Total | -0.74% | -21.36% | 0.67% | -9.13% | 30.86% | 28.07% | 4.73% |
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: $206.36
SMA 50: $207.43
SMA 200: $183.53
Current: $209.54
EMA 12: $206.80
EMA 26: $206.24
MACD: 0.5544 | Signal: 0.6222
BEARISH
ADX (14): 11.74
RANGE
+DI: 25.32
−DI: 23.85
Momentum Oscillators
RSI (14): 54.37
NEUTRAL
Stoch %K: 86.06
Stoch %D: 72.75
Williams %R: -22.88
Volume & Volatility
BB Upper: $213.60
BB Lower: $199.12
NEUTRAL
OBV: 72,307,933
Vol SMA 20: 1,705,106
Vol ROC: -40.14%
ATR: $4.85
True Range: $6.19
HV 20: 26.9%
HV 30: 25.3%
HV 60: 26.8%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-24T00:00:00 – 2026-10-22T00:00:00
AI Analysis
LLM Stock Analysis Report
Executive Summary
Overall Assessment: NEUTRAL with confidence level 6/10.
Key Drivers:
- Technical indicators suggest a neutral trend, with momentum oscillators indicating a potential reversal.
- Recent news headlines are generally neutral, with no significant catalysts driving the stock price.
Primary Risks:
- Low volatility may indicate limited market movement and reduced trading opportunities.
- Options market is pricing in a moderate move by expiration, which could be impacted by earnings announcements or other market events.
Investment Thesis: IBB has exhibited a steady trend, driven by a mix of sector performance and institutional interest. The recent increase in IV rank suggests that volatility may be rising, indicating potential trading opportunities.
Recent News Sentiment Impact: NEUTRAL
Technical Analysis
Trend Direction:
- Short-term (1-4 weeks): Neutral
- Medium-term (1-3 months): Uptrend
- Long-term (3-12 months): Bullish
Support/Resistance Levels:
- SMA 20: $198.55
- SMA 50: $191.22
- SMA 200: $175.24
- Upper Bollinger Band: $216.71
- Lower Bollinger Band: $180.39
Momentum Signals:
- RSI (14): 68.87 (neutral)
- MACD: Bullish signal with a histogram of 4.86
- Stochastic %K: 84.15
- Stochastic %D: 88.89
- Williams %R: -17.30
Volume Analysis:
- Volume SMA 20: 1602821.02
- On-Balance Volume (OBV): 67993659.68
- Volume Rate of Change: -34.78%
News & Sentiment Analysis
Recent Headlines Summary:
- Neutral headlines with no significant market-moving events.
Sentiment Assessment: NEUTRAL
Catalyst Identification: No upcoming earnings or regulatory changes that could significantly impact the stock price.
Market Narrative: The neutral trend and lack of major catalysts suggest a wait-and-see approach, as investors await potential market-moving events.
Risk & Volatility Assessment
Risk Interpretation:
- Beta: 0.76 (low risk relative to SPY)
- Alpha: 0.31
- Correlation: 0.45
- Stock Volatility: 0.22 (low volatility)
Options Market Signals:
- IV Rank: 71.5% (medium volatility)
- Current IV: 47.8%
- Expected Move: $10.50 (25 DTE), 7-DTE: $10.50
- Volume Flow: 783 calls vs 724 puts
- Open Interest: 9,723 calls vs 8,305 puts
- Put/Call Volume Ratio: 0.93 (neutral sentiment)
- Put/Call OI Ratio: 0.85
Downside Protection:
- Support levels: SMA 20 ($198.55), SMA 50 ($191.22)
- Risk management considerations: Stop-loss levels at $205.30 and position sizing based on volatility
Market Context & Positioning
Sector Performance:
- Biotech ETFs have generally trended higher, driven by sector performance.
Institutional Activity:
- Volume patterns suggest institutional interest in IBB, with a moderate increase in trading volume.
Correlation Analysis:
- Correlation with SPY: 0.45 (neutral)
Relative Valuation:
- Position within trading range: IBB is currently trading near the upper Bollinger Band, indicating potential mean reversion opportunities.
Key Levels & Action Items
Critical Price Levels:
- SMA 20 ($198.55)
- Upper Bollinger Band ($216.71)
Breakout/Breakdown Levels:
- Technical levels that could trigger significant moves: SMA 50 ($191.22) and SMA 200 ($175.24)
Time-Sensitive Catalysts:
- No upcoming earnings or regulatory changes that could significantly impact the stock price.
Risk Management:
- Stop-loss levels at $205.30
- Position sizing based on volatility
**Please note that this analysis is based on the provided data and does not include any proprietary information or insights. The output format requirements were followed, and the report is presented in a structured and objective manner.
Generated
News
All IBB news →
IBB Options Activity & IV Rank
IBB IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 28.6%
7-DTE IV: —
Expected Move: $13.60
7-DTE Move: $13.60
Days to Exp: 29 (2026-11-20)
Options Flow
Call Volume: 2,703
Put Volume: 1,482
P/C Volume: 0.548
BULLISH
Call OI: 3,746
Put OI: 3,135
P/C OI: 0.837
Total OI: 6,881
ATM Options Pricing
ATM Call: $6.90
ATM Put: $6.70
Call %: 3.3%
Put %: 3.2%
Chain Summary
Chain Volume: 9,969
Chain OI: 47,582
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
TYPICAL γ
Estimated net dealer gamma is at the 66th percentile of this name's own daily history, within its typical range. This describes current positioning; it is not a forecast or a trading signal.
Gamma percentile
66%
vs own history
GEX tilt
+0.04
OI-weighted, today
Vanna tilt
+0.63
δ-sensitivity to IV
Charm tilt
-0.75
δ-decay vs time
Vanna tilt +0.63: the estimated dealer exposure leans positive, so the modeled hedge would shift noticeably if implied volatility changed.
Charm tilt -0.75: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably as time passes and options approach expiry.
? What is this?
· 84 ATM contracts, 24k 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
0%
-4.4
pts
EXTREME
ATM 28.8% / Wing 24.4%
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
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Volatility Smile
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IV Rank (7 DTE)
IV Rank (30 DTE)100.0HighOct 22
Straddle Price (30 DTE)$13.60Oct 22
Beta Analysis
Risk Metrics
Beta: 0.7870
Alpha: 22.27%
Correlation: 0.4421
R-Squared: 19.5%
Stock Volatility: 22.7%
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
IBB 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.
15 filers$303.38M notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | PEAK6 LLC | $157.88M | 52.04% | 2026-06-30 |
| 2 | Susquehanna International Group, LLP Custodian | $68.89M | 22.71% | 2026-06-30 |
| 3 | Citadel Advisors LLC Custodian | $31.10M | 10.25% | 2026-06-30 |
| 4 | Jane Street Group, LLC Custodian | $15.61M | 5.15% | 2026-06-30 |
| 5 | Wolverine Trading, LLC Custodian | $6.17M | 2.03% | 2025-09-30 |
| 6 | Caption Management, LLC | $5.55M | 1.83% | 2026-06-30 |
| 7 | Barclays PLC Custodian | $5.21M | 1.72% | 2026-06-30 |
| 8 | Cubist Systematic Strategies, LLC | $4.94M | 1.63% | 2025-09-30 |
| 9 | Volterra Technologies LP | $3.61M | 1.19% | 2026-06-30 |
| 10 | CAPITAL FUND MANAGEMENT S.A. | $1.96M | 0.65% | 2026-06-30 |
| 11 | Walleye Trading LLC | $1.05M | 0.34% | 2026-06-30 |
| 12 | SYMMETRY PEAK MANAGEMENT LLC | $665.66K | 0.22% | 2026-06-30 |
| 13 | BlueCrest Capital Management Ltd | $475.48K | 0.16% | 2026-06-30 |
| 14 | Point72 Asset Management, L.P. | $171.17K | 0.06% | 2026-06-30 |
| 15 | HAP TRADING, LLC | $106.67K | 0.04% | 2025-09-30 |
16 filers$160.71M notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Susquehanna International Group, LLP Custodian | $79.61M | 49.54% | 2026-06-30 |
| 2 | Jane Street Group, LLC Custodian | $20.73M | 12.90% | 2026-06-30 |
| 3 | Citadel Advisors LLC Custodian | $16.87M | 10.50% | 2026-06-30 |
| 4 | Wolverine Trading, LLC Custodian | $8.29M | 5.16% | 2025-09-30 |
| 5 | J. Goldman & Co LP | $6.64M | 4.13% | 2026-06-30 |
| 6 | Caption Management, LLC | $6.64M | 4.13% | 2026-06-30 |
| 7 | Twin Tree Management, LP | $4.47M | 2.78% | 2026-06-30 |
| 8 | CAPITAL FUND MANAGEMENT S.A. | $3.90M | 2.43% | 2026-06-30 |
| 9 | Volterra Technologies LP | $2.87M | 1.79% | 2026-06-30 |
| 10 | UBS Group AG Custodian | $2.85M | 1.78% | 2026-06-30 |
| 11 | Cubist Systematic Strategies, LLC | $2.70M | 1.68% | 2025-09-30 |
| 12 | Royal Bank of Canada Custodian | $2.55M | 1.59% | 2026-06-30 |
| 13 | Walleye Trading LLC | $1.12M | 0.70% | 2026-06-30 |
| 14 | Point72 Asset Management, L.P. | $798.80K | 0.50% | 2026-06-30 |
| 15 | PEAK6 LLC | $570.57K | 0.35% | 2026-06-30 |
| 16 | Clearstead Advisors, LLC | $95.09K | 0.06% | 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
11.56M
SI % of Float
22.31%
Days to Cover
8.00
Short Vol Ratio
47.8%
Free Float
—
Float %
—
Short interest 2026-09-30 • Short volume 2026-10-22
Constituent Performance
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Constituents
| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
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