Zacks Investment ResearchT3·12h ago
IGV iShares Expanded Tech-Software Sector ETF
ETF 108.72 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.
IGV
$108.72
—
Key stats
$108.72
After hours
$108.51
-0.19%
- 52-Week Range
- $73.93 – $117.76
- YTD
- +5.94%
- IV Rank (30D)
- 39.51
- Straddle Price
- $7.97
- P/C Vol Ratio
- 4.69
- Open
- $109.07
- Day Range
- $108.20 – $109.98
- Volume
- 8,953,553
- Prev Close
- $108.82
About
iShares Expanded Tech-Software Sector ETF (IGV) ETF
No description available.
- Exchange
- BATS
- Inception
- 2001-07-10
- Has Options
- Yes
- Homepage
- https://www.ishares.com/us
Fund profile
holdings as of Oct 20, 2026issuer datathrough Jun 2026flows, SEC filings
- Expense ratio
- 0.38% issuer, Oct 22, 2026
- Assets
- $14.4B issuer-reported, Oct 20, 2026
- Trailing yield
- 0.01% paid quarterly
- Average daily volume
- $822M 30 sessions
- Holdings
- 111 top 10 are 59.8%
- Listed
- Jul 10, 2001 Cboe BZX
- Last fee change
- -2 bp filed Jul 22, 2025
- Net asset value
- $108.90 issuer, Oct 21, 2026 · closed -0.01% to NAV
- Median bid/ask spread
- 0.02% 30 days, issuer-reported
- 30-day SEC yield
- -0.05% issuer, Sep 30, 2026
- Return on NAV, 1 year
- −7.5% issuer, through Sep 30, 2026 · 3 years +16.0% a year · 5 years +5.9% · 10 years +16.8%
- Distributions, 12 months
- $0.02 a share issuer, through Jun 15, 2026: 100% income
- Tracking difference
- -0.31 pts vs index, after fees, FY 2026
Cost80
Liquidity100
Scale100
Diversification49
Moves with. US large-cap stocks (16% of its variance, beta 0.85); Value over growth (8% of its variance, beta -0.43); Bitcoin (8% of its variance, beta 0.14); Developed markets ex-US over US (6% of its variance, beta -0.61). These factors explain 41% of its daily moves over the last year.
Stated objective. The iShares Expanded Tech-Software Sector ETF (the Fund ) seeks to track the investment results of an index composed of North American equities in the software industry and select North American equities from interactive home entertainment and interactive media and services industries. (from the fund's prospectus)
All 111 holdingsFlow historySimilar fundsOverlap toolAll Software & Cloud ETFs
Fund flows
daily as of Oct 20, 2026issuer datathrough Jun 2026SEC filings- Oct 20, 2026
- +$43M latest day
- Latest 5 trading days
- −$203M
- Latest 21 trading days
- +$369M +2.6% of assets
- Year to date
- +$4.6B +$3.5B over 12 months
Each day
| Day | Net flow |
|---|---|
| Oct 20, 2026 | +$43M |
| Oct 19, 2026 | −$758M |
| Oct 16, 2026 | +$73M |
| Oct 15, 2026 | +$455M |
| Oct 14, 2026 | −$16M |
| Oct 13, 2026 | −$5.5M |
| Oct 12, 2026 | +$11M |
| Oct 9, 2026 | +$96M |
| Oct 8, 2026 | +$49M |
| Oct 7, 2026 | +$27M |
| Oct 6, 2026 | +$111M |
| Oct 5, 2026 | −$22M |
| Oct 2, 2026 | +$11M |
| Oct 1, 2026 | +$135M |
| Sep 30, 2026 | −$16M |
| Sep 29, 2026 | −$84M |
| Sep 28, 2026 | +$32M |
| Sep 25, 2026 | −$11M |
| Sep 24, 2026 | +$16M |
| Sep 23, 2026 | −$151M |
| Sep 22, 2026 | +$374M |
Daily figures are the change in shares outstanding times net asset value, both as the issuer publishes them each day.
- Jun 2026
- −$1.3B latest reported month
- Latest 3 months
- +$1.8B +13.3% of assets
- Latest 12 months
- +$2.3B +17.1% of assets
View as a table
| Month | Net flow |
|---|---|
| Jun 2026 | −$1.3B |
| May 2026 | +$1.9B |
| Apr 2026 | +$1.3B |
| Mar 2026 | +$1.4B |
| Feb 2026 | +$3.7B |
| Jan 2026 | −$754M |
| Dec 2025 | −$421M |
| Nov 2025 | −$942M |
| Oct 2025 | +$68M |
| Sep 2025 | −$509M |
| Aug 2025 | −$1.3B |
| Jul 2025 | −$772M |
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 | |
|---|---|---|---|---|---|
| CLODThemes Cloud Computing ETF | 58% | 0.35% | $2.5M | +1.4% | compare |
| OGIGALPS O'Shares Global Internet Giants ETF | 37% | 0.48% | $102M | −11.6% | compare |
| DRUPGraniteShares Nasdaq Select Disruptors ETF | 34% | 0.60% | $50M | +7.8% | compare |
| XSWState Street SPDR S&P Software & Services ETF | 33% | 0.35% | $476M | +5.9% | compare |
| XDATFranklin Exponential Data ETF | 33% | 0.50% | $4.0M | −1.1% | 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
- +2.1% 40% under, 36% over · 100% covered
- Price / earnings
- 66.3 11% loss-making · 100% covered
- Price / book · sales
- 7.9 · 8.6 revenue growth +18.1%
- Above 200-day average
- 80% 74% above 50-day · by weight
- Short interest
- 4.3% of float, weighted · 2.9 days to cover
- Insider buying
- 7% of weight had net insider buying, 90 days; 85% net selling
- 13F holders
- +4.1% change in shares held by institutions, latest quarter
- Reporting earnings
- 27.0% of weight in 7 days; 51.3% in 14
Holdings reporting in the next 14 days · weighted implied move this week 2.10%
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 | CRMSalesforce, Inc. | 7.40% | 4.81% | −12.5% |
| Decrease | ORCLOracle Corp. | 8.24% | 6.26% | −13.8% |
| Increase | PLTRPalantir Technologies, Inc. | 8.82% | 7.70% | +23.8% |
| Exit | CWANClearwater Analytics Holdings, Inc. | 0.29% | — | — |
| Increase | WULFTerawulf, Inc. | 0.20% | 0.37% | +21.1% |
| Increase | BMNRBitMine Immersion Technologies, Inc. | 0.38% | 0.29% | +25.2% |
| Exit | OSOnestream, Inc. | 0.09% | — | — |
| New position | AIPArteris, Inc. | — | 0.06% | — |
| Exit | SEMRSEMrush Holdings, Inc. | 0.02% | — | — |
| Exit | PARPAR Technology Corp. | 0.02% | — | — |
0 new, 0 exited, 0 increased and 0 decreased between the fund's two latest holdings reports; turnover 0.9%. Full holdings and history
Under the hood
fiscal year to Mar 31, 2026SEC census- Authorized participants
- 15 active of 36 with agreements; top 3 did 57%
- Created · redeemed
- $24.9B · $23.7B over the fiscal year
- Redemptions in kind
- 100% creations 100% in kind
- Creation unit
- 50,000 shares
- Securities lending
- 4.42% of assets on loan on average; earned 1.2 bp
- Return vs index
- -0.31 pts after fees; +0.03 before; daily s.d. 3.20
- 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
111
AUM
$14.4B
Provider
iShares (BlackRock)
Inception
2001-07-10
Exchange
BATS
Data As Of
2026-10-20
Expense Ratio
0.38%
Dividend Yield
0.02%
Distribution
Semi-Annual
Recent distributions
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-06-15 | 2026-06-18 | $0.0168 | CD |
| 2023-06-07 | 2023-06-13 | $0.0255 | CD |
| 2022-06-09 | 2022-06-15 | $0.0234 | CD |
Asset Allocation
Top Holdings
top 50 of 111 holdings
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| PLTR | PALANTIR TECHNOLOGIES CLASS A | 9.21% | Equity (US) | US |
| MSFT | MICROSOFT | 8.77% | Equity (US) | US |
| PANW | PALO ALTO NETWORKS | 8.23% | Equity (US) | US |
| CRWD | CROWDSTRIKE HOLDINGS CLASS A | 7.58% | Equity (US) | US |
| ORCL | ORACLE | 6.58% | Equity (US) | US |
| NOW | SERVICENOW | 4.90% | Equity (US) | US |
| CRM | SALESFORCE | 4.26% | Equity (US) | US |
| FTNT | FORTINET | 3.63% | Equity (US) | US |
| ADBE | ADOBE INC | 3.52% | Equity (US) | US |
| INTU | INTUIT | 3.16% | Equity (US) | US |
| CDNS | CADENCE DESIGN SYSTEMS | 3.04% | Equity (US) | US |
| DDOG | DATADOG INC CLASS A | 2.96% | Equity (US) | US |
| SNPS | SYNOPSYS | 2.95% | Equity (US) | US |
| APP | APPLOVIN CLASS A | 2.54% | Equity (US) | US |
| MSTR | STRATEGY INC CLASS A | 1.79% | Equity (US) | US |
| ADSK | AUTODESK | 1.79% | Equity (US) | US |
| WDAY | WORKDAY CLASS A | 1.41% | Equity (US) | US |
| ROP | ROPER TECHNOLOGIES | 1.36% | Equity (US) | US |
| TTWO | TAKE TWO INTERACTIVE SOFTWARE | 1.25% | Equity (US) | US |
| TEAM | ATLASSIAN CORP CLASS A | 1.22% | Equity (US) | US |
| ZM | ZOOM COMMUNICATIONS CLASS A | 0.89% | Equity (US) | US |
| ZS | ZSCALER | 0.78% | Equity (US) | US |
| PTC | PTC | 0.72% | Equity (US) | US |
| RBRK | RUBRIK CLASS A | 0.64% | Equity (US) | US |
| NTNX | NUTANIX CLASS A | 0.64% | Equity (US) | US |
| DT | DYNATRACE INC | 0.63% | Equity (US) | US |
| CRCL | CIRCLE INTERNET GROUP INC CLASS A | 0.60% | Equity (US) | US |
| FICO | FAIR ISAAC | 0.60% | Equity (US) | US |
| IOT | SAMSARA CLASS A | 0.54% | Equity (US) | US |
| DOCU | DOCUSIGN | 0.53% | Equity (US) | US |
| GWRE | GUIDEWIRE SOFTWARE | 0.53% | Equity (US) | US |
| U | UNITY SOFTWARE | 0.50% | Equity (US) | US |
| TRMB | TRIMBLE INC | 0.50% | Equity (US) | US |
| TYL | TYLER TECHNOLOGIES | 0.49% | Equity (US) | US |
| BMNR | BITMINE IMMERSION TECHNOLOGIES | 0.47% | Equity (US) | US |
| MANH | MANHATTAN ASSOCIATES | 0.47% | Equity (US) | US |
| GEN | GEN DIGITAL | 0.45% | Equity (US) | US |
| HUBS | HUBSPOT | 0.43% | Equity (US) | US |
| ESTC | ELASTIC | 0.30% | Equity (US) | US |
| IDCC | INTERDIGITAL INC | 0.29% | Equity (US) | US |
| GTLB | GITLAB CLASS A | 0.29% | Equity (US) | US |
| HUT | HUT CORP | 0.27% | Equity (US) | US |
| DSGX | DESCARTES SYSTEMS GROUP | 0.27% | Equity (Foreign) | CA |
| ZETA | ZETA GLOBAL HOLDINGS CLASS A | 0.26% | Equity (US) | US |
| PCOR | PROCORE TECHNOLOGIES INC | 0.26% | Equity (US) | US |
| S | SENTINELONE INC CLASS A | 0.25% | Equity (US) | US |
| AUR | AURORA INNOVATION CLASS A | 0.25% | Equity (US) | US |
| SNAP | SNAP INC CLASS A | 0.25% | Equity (US) | US |
| QLYS | QUALYS | 0.23% | Equity (US) | US |
| CVLT | COMMVAULT SYSTEMS | 0.22% | Equity (US) | US |
Non-Equity Breakdown
iShares Expanded Tech-Software Sector ETF ·
NPORT-P period 2026-06-30
(filed 2026-08-25)
Net assets:
$13.54B
· 111 total positions
· equity 99.95%
· non-equity 5.93%
Non-equity holdings
— 4 positions,
5.93% of NAV
| Category | Weight | Value | Positions |
|---|---|---|---|
| Short-term investment | 5.93% | $802.7M | 2 |
| Derivative (equity) | 0.00% | $127089 | 2 |
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | 0.49% | -9.67% | 9.98% | 6.60% | 2.98% | -12.00% | -0.27% |
| Feb | -0.82% | -4.23% | -3.81% | 0.95% | -4.90% | -8.88% | -3.62% |
| Mar | -6.57% | 1.73% | 10.12% | -1.89% | -6.94% | -3.29% | -1.14% |
| Apr | 3.44% | -13.19% | -1.99% | -7.17% | 6.37% | 5.19% | -1.22% |
| May | 0.80% | -6.46% | 10.84% | -1.24% | 6.84% | 17.35% | 4.69% |
| Jun | 9.33% | -6.22% | 5.44% | 11.50% | 5.35% | -15.88% | 1.59% |
| Jul | 3.31% | 7.77% | 5.88% | -3.11% | 3.16% | 0.83% | 2.97% |
| Aug | 4.93% | -4.66% | -1.23% | 4.60% | -0.49% | 12.89% | 2.67% |
| Sep | -6.00% | -9.78% | -5.65% | 5.27% | 7.22% | 0.28% | -1.44% |
| Oct | 8.40% | 3.98% | -1.66% | 4.32% | 0.38% | 0.45%* | 2.65% |
| Nov | -5.29% | 2.95% | 15.21% | 13.55% | -10.03% | -- | 3.28% |
| Dec | 0.10% | -6.93% | 2.07% | -4.52% | 1.56% | -- | -1.54% |
| Total | 11.16% | -38.11% | 52.26% | 30.23% | 10.16% | -7.67% | 9.67% |
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: $108.35
SMA 50: $106.21
SMA 200: $93.80
Current: $108.72
EMA 12: $108.19
EMA 26: $107.56
MACD: 0.6285 | Signal: -0.3765
BULLISH
ADX (14): 15.12
RANGE
+DI: 24.26
−DI: 20.89
Momentum Oscillators
RSI (14): 52.96
NEUTRAL
Stoch %K: 44.43
Stoch %D: 33.36
Williams %R: -49.92
Volume & Volatility
BB Upper: $112.85
BB Lower: $103.86
NEUTRAL
OBV: 9,636,556
Vol SMA 20: 7,541,522
Vol ROC: 0.39%
ATR: $2.72
True Range: $1.78
HV 20: 28.8%
HV 30: 29.2%
HV 60: 33.9%
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: IGV
Executive Summary
Assessment: NEUTRAL (Confidence Level: 6/10)
Key Drivers: Technical indicators point to a neutral market with some bullish signs, while options metrics suggest volatility is relatively low.
Primary Risks: Market sentiment may shift negatively if recent news headlines continue to trend bearish. Additionally, the stock's high beta and moderate volatility create potential risks for investors.
Investment Thesis: IGV appears to be in a consolidation phase, with technical indicators suggesting a range-bound market. As the company continues to grow its software business, investors can expect some volatility, but the options market suggests this may not be as significant as historical data would indicate.
Recent News Sentiment Impact: The recent news headlines have had a mixed impact on sentiment, with only one positive headline (Prediction: Palantir Stock Will Go Parabolic After Aug. 3). This is reflected in the neutral sentiment assessment, as the market seems to be waiting for catalysts before making a significant move.
Technical Analysis
Trend Direction: The short-term trend is neutral, while the medium-term trend is slightly bearish due to the MACD signal line's decline below the zero line. However, the long-term trend remains bullish based on the stock's historical performance.
Support/Resistance Levels:
- Short-term support: $90.23 (SMA 20)
- Medium-term resistance: $96.35 (Upper Bollinger Band)
Momentum Signals:
- RSI interpretation: Neutral, with a reading of 52.49
- MACD signal: Bearish, with a decline below the zero line
- Bollinger Bands position: Squeeze, indicating potential volatility
Volume Analysis: Volume trends are neutral, but institutional interest is evident from the on-balance volume (OBV) and volume rate of change indicators.
News & Sentiment Analysis
Recent Headlines Summary: The recent news headlines have been mostly negative, with three bearish headlines out of six. However, one positive headline suggests that there may be some bullish momentum building.
Sentiment Assessment: Neutral sentiment prevails due to the mixed market signals and lack of significant catalysts.
Catalyst Identification: No imminent earnings dates or regulatory changes are scheduled, but investors should keep an eye on Adobe's recent creative AI agent release for potential synergies with IGV's software business.
Market Narrative: The market seems to be waiting for some positive catalysts before making a significant move. If the company can deliver strong earnings or provide guidance that supports its growth narrative, sentiment may shift positively.
Risk & Volatility Assessment
Beta Interpretation: High risk due to the stock's beta of 1.17 (vs SPY).
Volatility Regime: The current volatility regime is moderate, with a historical volatility reading of 34.3%.
Options Market Signals:
- IV rank: Low
- Put/call ratios: Neutral
- Unusual activity: None noted
Downside Protection: Support levels at $90.23 (SMA 20) and $88.12 (Lower Bollinger Band) can provide some downside protection for investors.
Market Context & Positioning
Sector Performance: IGV's software sector is performing relatively well, but the company's stock price has been trending lower due to market sentiment.
Institutional Activity: Institutional interest is evident from the OBV and volume rate of change indicators, suggesting that institutions may be positioning for a potential bounce.
Correlation Analysis: The stock moves with some amplification relative to the market (R-squared interpretation).
Relative Valuation: IGV's stock price is positioned within its trading range, which suggests that investors should be cautious before making a significant move.
Key Levels & Action Items
Critical Price Levels:
- Support: $90.23 (SMA 20)
- Resistance: $96.35 (Upper Bollinger Band)
Breakout/Breakdown Levels: A breakout above the Upper Bollinger Band or a breakdown below the Lower Bollinger Band could trigger significant moves.
Time-Sensitive Catalysts: No imminent earnings dates or regulatory changes are scheduled, but investors should keep an eye on Adobe's recent creative AI agent release for potential synergies with IGV's software business.
Risk Management: Stop-loss levels at $88.12 (Lower Bollinger Band) and position sizing considerations can help mitigate potential risks for investors.
By analyzing the technical indicators, news sentiment, and risk metrics, this report aims to provide a comprehensive assessment of IGV's stock price and market dynamics. While some bullish signs are present, the overall assessment remains neutral due to the mixed market signals and lack of significant catalysts.
Generated
News
All IGV news →
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Showing 1–10 of 50
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IGV Options Activity & IV Rank
IGV IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 32.5%
7-DTE IV: 34.3%
Expected Move: $7.97
7-DTE Move: $4.44
Days to Exp: 29 (2026-11-20)
Options Flow
Call Volume: 2,996
Put Volume: 14,052
P/C Volume: 4.69
BEARISH
Call OI: 76,529
Put OI: 132,561
P/C OI: 1.732
Total OI: 209,090
ATM Options Pricing
ATM Call: $3.98
ATM Put: $4.00
Call %: 3.7%
Put %: 3.7%
Chain Summary
Chain Volume: 61,034
Chain OI: 1,410,666
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 30th 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
30%
vs own history
GEX tilt
-0.19
OI-weighted, today
Vanna tilt
+0.60
δ-sensitivity to IV
Charm tilt
-0.51
δ-decay vs time
Vanna tilt +0.60: the estimated dealer exposure leans positive, so the modeled hedge would shift noticeably if implied volatility changed.
Charm tilt -0.51: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably as time passes and options approach expiry.
? What is this?
· 365 ATM contracts, 525k 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
32%
+4.3
pts
EXTREME
ATM 34.9% / Wing 39.2%
30 DTE / 10d
29%
+5.2
pts
EXTREME
ATM 32.5% / Wing 37.8%
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)50.8MediumOct 22
IV Rank (30 DTE)39.5MediumOct 22
Straddle Price (30 DTE)$7.97Oct 22
Beta Analysis
Risk Metrics
Beta: 1.2542
Alpha: -17.05%
Correlation: 0.4924
R-Squared: 24.2%
Stock Volatility: 32.5%
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
IGV 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.
61 filers$3.42B notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | BNP Paribas Financial Markets Custodian | $782.97M | 22.88% | 2026-06-30 |
| 2 | Susquehanna International Group, LLP Custodian | $683.79M | 19.98% | 2026-06-30 |
| 3 | Citadel Advisors LLC Custodian | $667.41M | 19.50% | 2026-06-30 |
| 4 | Jane Street Group, LLC Custodian | $558.77M | 16.33% | 2026-06-30 |
| 5 | BlackRock, Inc. Custodian | $85.89M | 2.51% | 2026-06-30 |
| 6 | Citigroup Inc. Custodian | $77.60M | 2.27% | 2026-06-30 |
| 7 | Goldman Sachs Group Inc Custodian | $51.64M | 1.51% | 2026-06-30 |
| 8 | CloudAlpha Capital Management Limited/Hong Kong | $47.56M | 1.39% | 2026-06-30 |
| 9 | UBS Group AG Custodian | $44.21M | 1.29% | 2026-06-30 |
| 10 | Capula Management Ltd | $40.77M | 1.19% | 2026-06-30 |
| 11 | Barclays PLC Custodian | $32.62M | 0.95% | 2026-06-30 |
| 12 | Walleye Trading LLC | $30.12M | 0.88% | 2026-06-30 |
| 13 | Millennium Management LLC Custodian | $28.52M | 0.83% | 2026-06-30 |
| 14 | Balyasny Asset Management L.P. | $24.22M | 0.71% | 2026-06-30 |
| 15 | Schonfeld Strategic Advisors LLC | $23.47M | 0.69% | 2026-06-30 |
| 16 | Royal Bank of Canada Custodian | $22.82M | 0.67% | 2026-06-30 |
| 17 | Squarepoint Ops LLC | $21.83M | 0.64% | 2026-06-30 |
| 18 | Caption Management, LLC | $18.12M | 0.53% | 2026-06-30 |
| 19 | Hidden Lake Asset Management LP | $18.12M | 0.53% | 2026-06-30 |
| 20 | TUDOR INVESTMENT CORP ET AL | $14.51M | 0.42% | 2026-06-30 |
| 21 | Marshall Wace, LLP Custodian | $14.10M | 0.41% | 2026-06-30 |
| 22 | Parallax Volatility Advisers, L.P. | $13.54M | 0.40% | 2026-06-30 |
| 23 | Jain Global LLC | $11.32M | 0.33% | 2026-06-30 |
| 24 | Centiva Capital, LP | $10.17M | 0.30% | 2026-06-30 |
| 25 | Hudson Bay Capital Management LP | $9.97M | 0.29% | 2026-06-30 |
45 filers$7.59B notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Goldman Sachs Group Inc Custodian | $1.76B | 23.16% | 2026-06-30 |
| 2 | Elliott Investment Management L.P. | $1.43B | 18.80% | 2026-06-30 |
| 3 | Citadel Advisors LLC Custodian | $1.41B | 18.52% | 2026-06-30 |
| 4 | Jane Street Group, LLC Custodian | $1.22B | 16.07% | 2026-06-30 |
| 5 | Susquehanna International Group, LLP Custodian | $869.61M | 11.46% | 2026-06-30 |
| 6 | TUDOR INVESTMENT CORP ET AL | $115.03M | 1.52% | 2026-06-30 |
| 7 | Citigroup Inc. Custodian | $96.15M | 1.27% | 2026-06-30 |
| 8 | BNP Paribas Financial Markets Custodian | $76.20M | 1.00% | 2026-06-30 |
| 9 | SCOPUS ASSET MANAGEMENT, L.P. | $72.48M | 0.95% | 2026-06-30 |
| 10 | Walleye Trading LLC | $71.17M | 0.94% | 2026-06-30 |
| 11 | Millennium Management LLC Custodian | $60.70M | 0.80% | 2026-06-30 |
| 12 | Squarepoint Ops LLC | $54.66M | 0.72% | 2026-06-30 |
| 13 | Barclays PLC Custodian | $47.56M | 0.63% | 2026-06-30 |
| 14 | Parallax Volatility Advisers, L.P. | $40.85M | 0.54% | 2026-06-30 |
| 15 | NOMURA HOLDINGS INC | $28.64M | 0.38% | 2026-06-30 |
| 16 | Atika Capital Management LLC | $24.64M | 0.32% | 2026-06-30 |
| 17 | Royal Bank of Canada Custodian | $24.01M | 0.32% | 2026-06-30 |
| 18 | Schonfeld Strategic Advisors LLC | $19.03M | 0.25% | 2026-06-30 |
| 19 | Twin Tree Management, LP | $18.41M | 0.24% | 2026-06-30 |
| 20 | SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC | $18.12M | 0.24% | 2026-06-30 |
| 21 | Kapitalo Investimentos Ltda | $18.12M | 0.24% | 2026-06-30 |
| 22 | CAPSTONE INVESTMENT ADVISORS, LLC | $16.76M | 0.22% | 2026-06-30 |
| 23 | Centiva Capital, LP | $16.40M | 0.22% | 2026-06-30 |
| 24 | Caption Management, LLC | $12.80M | 0.17% | 2026-06-30 |
| 25 | ELEMENT CAPITAL MANAGEMENT LLC | $9.06M | 0.12% | 2026-06-30 |
Short Interest & Float
Regulatory short-interest reports publish on a bi-weekly settlement cadence; short-volume is reported daily by the trade-reporting facilities. Float is derived from insider-ownership filings.
Metric definitions
- Short Interest — total shares currently sold short as of the settlement date. Lags real time by ~8 business days.
- SI % of Float — short interest / free float. The key crowding metric.
- Days to Cover — short interest / avg daily volume. How many full trading days it would take shorts to buy back. High DTC + catalyst = squeeze fuel.
- Short Vol Ratio — today's short-sale volume / total volume. Intraday selling pressure proxy (not the same as short interest).
- Free Float — shares available for public trading (total shares minus insider / restricted).
- Float % — free float / shares outstanding. <50% = tightly held, more prone to squeezes.
How to read the signals
- SI % of Float < 5% — typical, no particular signal.
- 5–15% — elevated; watch for catalysts (earnings, guidance, macro).
- 15–30% — heavily shorted; tight-float names in this range have produced notable squeezes historically.
- >30% — extreme; borrow is likely expensive and squeeze risk is material.
- Days to Cover > 5 combined with high SI% amplifies squeeze potential.
History chart
- Trend matters more than level. Rapidly rising short interest often precedes negative catalysts or heavy hedging.
- A sudden drop in SI after a rally may indicate a squeeze in progress.
Short interest is reported mid-month and end-of-month; short volume is daily.
Short Interest
23.29M
SI % of Float
16.82%
Days to Cover
3.13
Short Vol Ratio
47.7%
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 |
|---|