Zacks Investment ResearchT3·1d ago
IHE iShares U.S. Pharmaceuticals ETF
ETF 102.78 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.
IHE
$102.78
—
Key stats
$102.78
- 52-Week Range
- $73.76 – $108.66
- YTD
- +21.10%
- IV Rank (30D)
- 94.65
- Straddle Price
- $5.30
- P/C Vol Ratio
- 1.20
- Open
- $102.66
- Day Range
- $102.25 – $103.25
- Volume
- 279,259
- Prev Close
- $103.47
About
iShares U.S. Pharmaceuticals ETF (IHE) ETF
No description available.
- Exchange
- ARCX
- Inception
- 2006-05-01
- Has Options
- Yes
- Homepage
- https://www.ishares.com/us
Fund profile
holdings as of Oct 19, 2026issuer datathrough Jun 2026flows, SEC filings
- Expense ratio
- 0.37% issuer, Oct 21, 2026
- Assets
- $1.6B issuer-reported, Oct 19, 2026
- Trailing yield
- 1.39% paid quarterly
- Average daily volume
- $24M 30 sessions
- Holdings
- 57 top 10 are 80.1%
- Listed
- May 1, 2006 NYSE Arca
- Last fee change
- -1 bp filed Jul 22, 2025
- Net asset value
- $103.34 issuer, Oct 20, 2026 · closed +0.00% to NAV
- Median bid/ask spread
- 0.06% 30 days, issuer-reported
- 30-day SEC yield
- 1.19% issuer, Sep 30, 2026
- Return on NAV, 1 year
- +40.5% issuer, through Sep 30, 2026 · 3 years +21.3% a year · 5 years +12.4% · 10 years +8.9%
- Distributions, 12 months
- $1.43 a share issuer, through Sep 15, 2026: 100% income
- Tracking difference
- -0.24 pts vs index, after fees, FY 2026
Cost53
Liquidity79
Scale81
Diversification15
Moves with. US large-cap stocks (12% of its variance, beta 0.70); Developed markets ex-US over US (9% of its variance, beta 0.53); Value over growth (5% of its variance, beta 0.35); Small caps over large (3% of its variance, beta 0.20). These factors explain 31% of its daily moves over the last year, so most of what drives this fund is something else.
Stated objective. The iShares U.S. Pharmaceuticals ETF (the Fund ) seeks to track the investment results of an index composed of U.S. equities in the pharmaceuticals sector. (from the fund's prospectus)
All 57 holdingsFlow historySimilar fundsOverlap toolAll Health Care ETFs
Fund flows
daily as of Oct 19, 2026issuer datathrough Jun 2026SEC filings- Oct 19, 2026
- −$20M latest day
- Latest 5 trading days
- −$50M
- Latest 21 trading days
- −$134M −8.6% of assets
- Year to date
- +$500M +$664M over 12 months
Each day
| Day | Net flow |
|---|---|
| Oct 19, 2026 | −$20M |
| Oct 16, 2026 | $0 |
| Oct 15, 2026 | −$25M |
| Oct 14, 2026 | $0 |
| Oct 13, 2026 | −$4.9M |
| Oct 12, 2026 | $0 |
| Oct 9, 2026 | +$10M |
| Oct 8, 2026 | $0 |
| Oct 7, 2026 | −$20M |
| Oct 6, 2026 | −$25M |
| Oct 5, 2026 | −$39M |
| Oct 2, 2026 | $0 |
| Oct 1, 2026 | +$4.9M |
| Sep 30, 2026 | $0 |
| Sep 29, 2026 | −$5.1M |
| Sep 28, 2026 | $0 |
| Sep 25, 2026 | −$5.1M |
| Sep 24, 2026 | $0 |
| Sep 23, 2026 | $0 |
| Sep 22, 2026 | −$5.1M |
| Sep 21, 2026 | $0 |
Daily figures are the change in shares outstanding times net asset value, both as the issuer publishes them each day.
- Jun 2026
- +$148M latest reported month
- Latest 3 months
- +$8.2M +0.7% of assets
- Latest 12 months
- +$280M +24.6% of assets
View as a table
| Month | Net flow |
|---|---|
| Jun 2026 | +$148M |
| May 2026 | −$75M |
| Apr 2026 | −$65M |
| Mar 2026 | −$4.6M |
| Feb 2026 | +$36M |
| Jan 2026 | +$102M |
| Dec 2025 | +$50M |
| Nov 2025 | +$112M |
| Oct 2025 | +$3.7M |
| Sep 2025 | −$10M |
| Aug 2025 | −$3.5M |
| Jul 2025 | −$13M |
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 | |
|---|---|---|---|---|---|
| PPHVanEck Pharmaceutical ETF | 46% | 0.36% | $1.1B | +26.7% | compare |
| XPHState Street SPDR S&P Pharmaceuticals ETF | 40% | 0.35% | $439M | +33.1% | compare |
| FTXHFirst Trust Nasdaq Pharmaceuticals ETF | 40% | 0.60% | $1.1B | +46.4% | compare |
| PJPInvesco Pharmaceuticals ETF | 37% | 0.57% | $564M | +34.4% | compare |
| TRUHVanEck Healthcare TruSector ETF | 37% | — | $833K | — | compare |
Ranked by how much of the two portfolios is the same securities.
Look-through: what the holdings say
weights as of Oct 19, 2026issuer data- Holdings vs fair value
- +6.7% 25% under, 11% over · 100% covered
- Price / earnings
- 48.8 16% loss-making · 99% covered
- Price / book · sales
- 5.0 · 4.2 revenue growth +10.8%
- Above 200-day average
- 82% 58% above 50-day · by weight
- Short interest
- 4.2% of float, weighted · 4.1 days to cover
- Insider buying
- 8% of weight had net insider buying, 90 days; 75% net selling
- 13F holders
- +3.1% change in shares held by institutions, latest quarter
- Reporting earnings
- 0.0% of weight in 7 days; 57.1% in 14
Holdings reporting in the next 14 days
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 |
|---|---|---|---|---|
| Exit | TERNTerns Pharmaceuticals Inc | 1.27% | — | — |
| Increase | DFTXDefinium Therapeutics Inc | 0.52% | 1.39% | +27.7% |
| Increase | ZTSZOETIS INC. | 4.52% | 3.73% | +61.4% |
| Increase | PFEPFIZER INC. | 4.71% | 3.96% | +16.8% |
| Increase | JNJJOHNSON & JOHNSON | 23.03% | 22.44% | +11.6% |
| New position | MANEVeradermics Inc | — | 0.56% | — |
| Increase | BMYBRISTOL-MYERS SQUIBB COMPANY | 4.63% | 4.37% | +18.2% |
| New position | ATAIAtaiBeckley Inc | — | 0.23% | — |
| Increase | TRVITrevi Therapeutics Inc | 0.35% | 0.50% | +10.4% |
| Increase | ELVNEnliven Therapeutics Inc | 0.49% | 0.63% | +18.9% |
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 Mar 31, 2026SEC census- Authorized participants
- 9 active of 36 with agreements; top 3 did 72%
- Created · redeemed
- $450M · −$199M over the fiscal year
- Redemptions in kind
- 100% creations 100% in kind
- Creation unit
- 50,000 shares
- Securities lending
- 4.24% of assets on loan on average; earned 1.0 bp
- Return vs index
- -0.24 pts after fees; +0.00 before; daily s.d. 0.16
- 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
57
AUM
$1.5B
Provider
iShares (BlackRock)
Inception
2006-05-01
Exchange
ARCX
Data As Of
2026-10-20
Expense Ratio
0.37%
Dividend Yield
1.39%
Distribution
Quarterly
Recent distributions
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-09-15 | 2026-09-18 | $0.2789 | CD |
| 2026-06-15 | 2026-06-18 | $0.2848 | CD |
| 2026-03-17 | 2026-03-20 | $0.2845 | CD |
| 2025-12-16 | 2025-12-19 | $0.5853 | CD |
| 2025-09-16 | 2025-09-19 | $0.3124 | CD |
| 2025-06-16 | 2025-06-20 | $0.3065 | CD |
Asset Allocation
Top Holdings
top 50 of 57 holdings
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| LLY | ELI LILLY | 25.33% | Equity (US) | US |
| JNJ | JOHNSON & JOHNSON | 21.55% | Equity (US) | US |
| ZTS | ZOETIS INC CLASS A | 4.84% | Equity (US) | US |
| PFE | PFIZER | 4.81% | Equity (US) | US |
| VTRS | VIATRIS | 4.66% | Equity (US) | US |
| RPRX | ROYALTY PHARMA PLC CLASS A | 4.56% | Equity (US) | US |
| MRK | MERCK & CO INC | 4.46% | Equity (US) | US |
| BMY | BRISTOL MYERS SQUIBB | 4.25% | Equity (US) | US |
| JAZZ | JAZZ PHARMACEUTICALS PLC | 3.02% | Equity (US) | US |
| ELAN | ELANCO ANIMAL HEALTH | 2.46% | Equity (US) | US |
| CORT | CORCEPT THERAPEUTICS | 2.41% | Equity (US) | US |
| AXSM | AXSOME THERAPEUTICS | 1.54% | Equity (US) | US |
| LGND | LIGAND PHARMACEUTICALS | 1.33% | Equity (US) | US |
| DFTX | DEFINIUM THERAPEUTICS INC | 1.02% | Equity (US) | US |
| INDV | INDIVIOR PHARMACEUTICALS INC | 0.89% | Equity (US) | US |
| MANE | VERADERMICS | 0.87% | Equity (US) | US |
| AMRX | AMNEAL PHARMACEUTICALS INC CLASS A | 0.80% | Equity (US) | US |
| OGN | ORGANON | 0.79% | Equity (US) | US |
| EWTX | EDGEWISE THERAPEUTICS | 0.70% | Equity (US) | US |
| AMLX | AMYLYX PHARMACEUTICALS | 0.64% | Equity (US) | US |
| TARS | TARSUS PHARMACEUTICALS | 0.60% | Equity (US) | US |
| LQDA | LIQUIDIA | 0.59% | Equity (US) | US |
| ELVN | ENLIVEN THERAPEUTICS | 0.57% | Equity (US) | US |
| SUPN | SUPERNUS PHARMACEUTICALS | 0.52% | Equity (US) | US |
| PBH | PRESTIGE CONSUMER HEALTHCARE | 0.51% | Equity (US) | US |
| PRGO | PERRIGO PLC | 0.49% | Equity (US) | US |
| XERS | XERIS BIOPHARMA HOLDINGS | 0.44% | Equity (US) | US |
| HRMY | HARMONY BIOSCIENCES HLDG | 0.42% | Equity (US) | US |
| MBX | MBX BIOSCIENCES | 0.35% | Equity (US) | US |
| INVA | INNOVIVA | 0.33% | Equity (US) | US |
| TRVI | TREVI THERAPEUTICS | 0.33% | Equity (US) | US |
| ANIP | ANI PHARMACEUTICALS | 0.32% | Equity (US) | US |
| PCRX | PACIRA BIOSCIENCES | 0.31% | Equity (US) | US |
| NUVB | NUVATION BIO CLASS A | 0.27% | Equity (US) | US |
| OCUL | OCULAR THERAPEUTIX | 0.27% | Equity (US) | US |
| OMER | OMEROS | 0.26% | Equity (US) | US |
| MAZE | MAZE THERAPEUTICS | 0.26% | Equity (US) | US |
| LBRX | LB PHARMACEUTICALS INC | 0.22% | Equity (US) | US |
| RAPP | RAPPORT THERAPEUTICS | 0.22% | Equity (US) | US |
| SEPN | SEPTERNA | 0.20% | Equity (US) | US |
| HROW | HARROW | 0.19% | Equity (US) | US |
| PAHC | PHIBRO ANIMAL HEALTH CORP CLASS A | 0.18% | Equity (US) | US |
| AMPH | AMPHASTAR PHARMACEUTICALS | 0.18% | Equity (US) | US |
| COLL | COLLEGIUM PHARMACEUTICAL | 0.16% | Equity (US) | US |
| ALMS | ALUMIS | 0.13% | Equity (US) | US |
| WVE | WAVE LIFE SCIENCES INC | 0.11% | Equity (US) | US |
| CRMD | CORMEDIX | 0.11% | Equity (US) | US |
| ARVN | ARVINAS | 0.10% | Equity (US) | US |
| AVLN | AVALYN PHARMA INC | 0.09% | Equity (US) | US |
| EOLS | EVOLUS INC | 0.09% | Equity (US) | US |
Non-Equity Breakdown
iShares U.S. Pharmaceuticals ETF ·
NPORT-P period 2026-06-30
(filed 2026-08-24)
Net assets:
$1.14B
· 59 total positions
· equity 99.92%
· non-equity 6.32%
Non-equity holdings
— 3 positions,
6.32% of NAV
| Category | Weight | Value | Positions |
|---|---|---|---|
| Short-term investment | 6.31% | $71.9M | 2 |
| Derivative (equity) | 0.00% | $26717 | 1 |
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | 0.90% | -3.78% | -0.33% | 1.66% | 5.82% | 2.13% | 1.07% |
| Feb | -1.11% | -4.06% | -5.51% | 5.28% | 5.01% | 4.30% | 0.65% |
| Mar | -1.41% | 6.65% | -1.19% | -1.27% | -3.14% | -5.07% | -0.90% |
| Apr | 1.32% | -4.06% | 2.33% | -4.54% | 0.74% | -0.06% | -0.71% |
| May | 1.67% | 4.42% | -6.04% | 1.09% | -0.46% | 4.23% | 0.82% |
| Jun | 1.83% | -0.60% | 4.08% | 0.09% | 0.21% | 9.66% | 2.54% |
| Jul | 1.97% | -1.59% | 2.63% | 2.66% | -0.66% | 3.60% | 1.43% |
| Aug | 0.17% | -6.63% | 4.74% | 5.45% | 6.55% | 3.00% | 2.21% |
| Sep | -5.55% | -5.38% | -7.06% | -2.45% | 1.68% | -3.33% | -3.68% |
| Oct | 2.04% | 5.97% | -4.84% | -1.93% | 1.35% | 3.82%* | 1.07% |
| Nov | -1.14% | 3.52% | 4.84% | 0.46% | 11.82% | -- | 3.90% |
| Dec | 6.05% | -1.71% | 4.70% | -5.17% | 0.77% | -- | 0.93% |
| Total | 6.50% | -8.09% | -2.82% | 0.70% | 32.94% | 23.71% | 8.82% |
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: $100.47
SMA 50: $102.41
SMA 200: $94.10
Current: $102.78
EMA 12: $100.96
EMA 26: $101.03
MACD: -0.0655 | Signal: 0.5027
BEARISH
ADX (14): 16.21
RANGE
+DI: 28.67
−DI: 23.15
Momentum Oscillators
RSI (14): 56.28
NEUTRAL
Stoch %K: 81.25
Stoch %D: 73.54
Williams %R: -14.87
Volume & Volatility
BB Upper: $104.03
BB Lower: $96.92
NEUTRAL
OBV: 5,585,184
Vol SMA 20: 282,509
Vol ROC: -27.32%
ATR: $1.85
True Range: $1.22
HV 20: 21.5%
HV 30: 19.2%
HV 60: 18.3%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-23T00:00:00 – 2026-10-21T00:00:00
AI Analysis
IHE (iShares U.S. Pharmaceuticals ETF) - Comprehensive Stock Analysis
Executive Summary
Overall Assessment: NEUTRAL with 6/10 Confidence Level
Key Drivers & Primary Risks:
- Primary driver: Defensive positioning with low beta (0.36) providing downside protection in volatile markets
- Primary risks: Bearish MACD divergence (-1.13/-0.31), weakening momentum indicators, and negative volume trends (-11.22% volume ROC)
- Secondary risk: IV premium (53.6% above realized volatility) suggests options market expects larger moves than recent realized volatility would justify
Investment Thesis: IHE presents a defensive pharmaceutical ETF holding steady in a range-bound technical environment, with supportive valuation fundamentals (positive alpha of 0.24) but deteriorating momentum signals. The wide IV premium relative to historical volatility suggests caution on new long positions until technical confirmation emerges. Current positioning favors patient accumulation near support rather than aggressive entry.
Recent News Sentiment Impact: NEUTRAL No catalyst-driven moves evident. News consists primarily of comparative ETF analysis articles with neutral tone. The lack of pharmaceutical-specific catalysts in recent headlines aligns with range-bound technical behavior and suggests the current price action is driven by sector rotation and macro positioning rather than fundamental company/sector developments.
Technical Analysis
Trend Direction
Short-term (1-4 weeks): BEARISH PRESSURE with Support Hold
- Price ($98.66) has moved below SMA 20 ($100.92) and SMA 50 ($102.68)
- Current position: $98.66 sits between lower Bollinger Band ($97.73) and middle band ($100.92)
- Immediate downtrend evident, but support structure remains intact above 200-day MA
Medium-term (1-3 months): CHOPPY/RANGE-BOUND
- ADX (14) at 18.45 indicates weak trend strength; regime classified as "range"
- +DI (15.69) significantly lower than -DI (30.78) = sellers dominating price action
- No sustained directional bias; consolidation pattern likely
Long-term (3-12 months): NEUTRAL UPTREND
- Price ($98.66) remains well above SMA 200 ($93.41) = long-term support intact
- Distance above 200-day MA: +5.64% = healthy fundamental positioning
- Suggests current weakness is tactical correction within longer-term uptrend
Support/Resistance Levels
| Level | Type | Distance | Significance | |-------|------|----------|--------------| | $97.73 | Dynamic Support (Lower BB) | -1.0% below | Initial bounce zone; strong intraday support | | $96.41 | Support (implied) | -2.3% below | Previous swing low approximation | | $93.41 | Critical Support (SMA 200) | -5.3% below | Long-term trend anchor; major support | | $100.92 | Resistance (SMA 20, Mid BB) | +2.3% above | Near-term resistance; must reclaim for bullish | | $102.68 | Resistance (SMA 50) | +4.1% above | Medium-term resistance; stronger barrier | | $104.11 | Resistance (Upper BB) | +5.5% above | Overbought zone; profit-taking level |
Momentum Signals
RSI (14): 38.35 - NEUTRAL with Slight Oversold Lean
- Reading above 30 threshold (30.35 points above oversold) indicates no extreme oversold conditions
- Within neutral zone (30-70) but closer to lower boundary
- Interpretation: Room for further downside before technical capitulation; not yet signaling imminent reversal
MACD: -1.13 / Signal: -0.31 / Histogram: -0.83 - BEARISH DIVERGENCE
- MACD (-1.13) below signal line (-0.31) = confirmed bearish signal
- Histogram (-0.83) negative and widening = momentum deteriorating, not stabilizing
- Critical observation: This is not a fresh crossover; it's a sustained bearish regime
- Risk: Further downside likely before MACD reversal signals bullish intent
Stochastic Oscillators: OVERSOLD APPROACHING
- %K (26.47) and %D (18.88) both below 30 threshold
- %K > %D approaching golden cross = potential short-term bounce signal forming
- Williams %R (-72.49) = deep oversold territory, suggests near-term reversal possible
- Interpretation: Stochastic signals conflict with MACD; short-term oversold bounce likely, but sustained bearish momentum from MACD suggests any bounce is selling opportunity
Bollinger Bands: NEUTRAL SQUEEZE
- Width (6.33) is moderate; bands neither tightly squeezed nor extremely wide
- Price at $98.66 between lower band ($97.73) and middle band ($100.92)
- Position: Not at extremes; room to move either direction
- Signal: No immediate breakout setup; mean reversion toward $100.92 middle band more likely than breakout
Volume Analysis
Volume Deterioration - BEARISH SIGNAL:
- Volume SMA 20: 229,547 shares (baseline)
- Volume Rate of Change: -11.22% (negative = declining volume trend)
- Interpretation: Declining volume on downmove suggests weakness of selling pressure; lack of conviction
On-Balance Volume: 5,614,330 - DIVERGENCE WARNING
- OBV positive but volume declining = potential divergence
- Interpretation: Previous buying interest waning; volume-weighted momentum weakening
- Risk: If price continues lower on declining OBV, divergence resolution could be sharp
Institutional Interest Assessment:
- Negative volume ROC suggests institutional profit-taking or reduced position interest
- Low absolute volume levels on downmove consistent with summertime/sector rotation rather than capitulation
- No panic selling signals evident from volume patterns
News & Sentiment Analysis
Recent Headlines Summary
Thematic Analysis (Last 10 articles):
-
Comparative ETF Analysis Dominant (60% of articles)
- IHE benchmarked against competitors: XPH, PPH, VGK, FXHC
- Format suggests algorithm-driven content generation
- No fundamental pharmaceutical sector developments highlighted
-
Timeframe of Coverage
- Most recent: Oct 8, 2026 (State Street ETF article)
- Oldest relevant: July 22, 2026 (Vanguard vs IHE comparison)
- 2.5+ month gap without IHE-specific news
-
Tone Consistency
- 5 NEUTRAL articles (comparative framework)
- 1 NEGATIVE article (Aug 14: underperformance vs competitors)
- 1 POSITIVE article (July 22: positive relative positioning)
- Aggregate: 67% NEUTRAL = low sentiment clarity
Sentiment Assessment: NEUTRAL / SLIGHTLY NEGATIVE
Aggregate Sentiment: NEUTRAL with Slight Negative Tilt
- Lack of positive catalysts (product approvals, earnings beats) in recent coverage
- Negative article (Aug 14) focusing on underperformance vs. Fidelity Healthcare ETF = relative weakness narrative
- No negative fundamental news, but lack of positive drivers suggests sector consolidation period
Implications for Price Action:
- Technical weakness not contradicted by bullish headline surprises
- News vacuum allows technical factors (MACD bearish, declining volume) to dominate
- Absence of sector-wide bullish catalysts limits upside potential
Catalyst Identification
Time-Sensitive Catalysts:
| Catalyst | Timeline | Probability | Impact | |-----------|----------|-------------|---------| | Pharmaceutical sector earnings cycle | Q3/Q4 2026 | High | Could drive rotation in/out | | FDA approval announcements | Ongoing | Medium | Holdings-dependent | | Healthcare policy news | Medium-term | Medium | Macro impact on sector | | Market macro developments | Immediate | High | Affects defensive positioning |
No Imminent Earnings or Specific Catalysts Identified
- As an ETF, no company earnings
- Holdings' earnings will be staggered; no concentrated catalyst visible
- Suggests reliance on technical bounce or sector rotation for near-term moves
Market Narrative: Technical vs. News Contradiction Assessment
Alignment Analysis:
- ✓ ALIGNED: News neutrality matches technical range-bound environment
- ✗
Generated
News
All IHE news →
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IHE Options Activity & IV Rank
IHE IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 22.4%
7-DTE IV: —
Expected Move: $5.30
7-DTE Move: $5.30
Days to Exp: 30 (2026-11-20)
Options Flow
Call Volume: 5
Put Volume: 6
P/C Volume: 1.2
NEUTRAL
Call OI: 6
Put OI: 7
P/C OI: 1.167
Total OI: 13
ATM Options Pricing
ATM Call: $2.65
ATM Put: $2.65
Call %: 2.6%
Put %: 2.6%
Chain Summary
Chain Volume: 390
Chain OI: 3,427
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
TYPICAL γ
Estimated net dealer gamma is at the 63rd 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
63%
vs own history
GEX tilt
+0.54
OI-weighted, today
Vanna tilt
+1.00
δ-sensitivity to IV
Charm tilt
-1.00
δ-decay vs time
Vanna tilt +1.00: the estimated dealer exposure leans positive, so the modeled hedge would shift noticeably if implied volatility changed.
Charm tilt -1.00: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably as time passes and options approach expiry.
? What is this?
· 4 ATM contracts, 3k total OI
Net dealer gamma is an estimate of the aggregate gamma held by options market makers across this name's option chain, weighted by open interest. Dealer positions aren't public, so it uses a standard simplifying assumption: dealers are treated as long the calls and short the puts that are open. Actual dealer books can differ.
Gamma percentile ranks today's estimate against this name's own daily history, from 0% (the lowest reading on record) to 100% (the highest). Raw gamma scales with how much open interest a chain carries, so it isn't comparable across names; the percentile is. The badge marks the bottom 20% as low and the top 20% as high.
Tilts run from −1 to +1 and show how lopsided the estimated dealer exposure is. GEX tilt compares call gamma with put gamma. Vanna tilt describes how the hedge would shift if implied volatility changed, and charm tilt how it would shift with the passage of time.
This card describes estimated positioning and where it sits historically. It is not a forecast of price direction or volatility and not a trading signal. Market-wide view: Dealer positioning screener.
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Wing vs ATM
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d
—
—
pts
EXTREME
as of Oct 21 · No data
30 DTE / 10d
—
—
pts
EXTREME
as of Oct 21 · ATM 22.5% / 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
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)94.7HighOct 21
Straddle Price (30 DTE)$5.30Oct 21
Beta Analysis
Risk Metrics
Beta: 0.3393
Alpha: 28.60%
Correlation: 0.2322
R-Squared: 5.4%
Stock Volatility: 18.6%
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
IHE Institutional Ownership (13F)
Latest filings — 2026-09-30Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
2 filers$4.72M notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Millennium Management LLC Custodian | $4.46M | 94.34% | 2026-06-30 |
| 2 | Citadel Advisors LLC Custodian | $267.33K | 5.66% | 2026-06-30 |
1 filers$296.77K notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Wolverine Trading, LLC Custodian | $296.77K | 100.00% | 2025-09-30 |
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
259.95K
SI % of Float
1.71%
Days to Cover
1.92
Short Vol Ratio
68.7%
Free Float
—
Float %
—
Short interest 2026-09-30 • Short volume 2026-10-21
IHE Constituent Performance
Click any bar to view the full quote for that stock.
IHE Constituents (53 of 53)
| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
|---|---|---|---|---|---|---|
| LLY | ELI LILLY | 25.33% | $1270.75 | -1.01% | +5.13% | +10.40% |
| JNJ | JOHNSON & JOHNSON | 21.55% | $257.78 | -0.61% | +1.52% | -4.23% |
| ZTS | ZOETIS INC CLASS A | 4.84% | $79.62 | -0.52% | +5.75% | +11.19% |
| PFE | PFIZER | 4.81% | $29.85 | -0.86% | +2.19% | +5.93% |
| VTRS | VIATRIS | 4.66% | $18.45 | -1.07% | +5.79% | +7.77% |
| RPRX | ROYALTY PHARMA PLC CLASS A | 4.56% | $62.15 | -0.16% | +5.36% | +7.81% |
| MRK | MERCK & CO INC | 4.46% | $149.88 | +1.07% | +1.70% | +1.22% |
| BMY | BRISTOL MYERS SQUIBB | 4.25% | $61.12 | -0.91% | +3.10% | -0.05% |
| JAZZ | JAZZ PHARMACEUTICALS PLC | 3.02% | $211.97 | -0.84% | +1.11% | -9.75% |
| ELAN | ELANCO ANIMAL HEALTH | 2.46% | $22.55 | -0.66% | +0.00% | -0.09% |
| CORT | CORCEPT THERAPEUTICS | 2.41% | $116.28 | -0.15% | +0.04% | +2.96% |
| AXSM | AXSOME THERAPEUTICS | 1.54% | $156.31 | -2.05% | -3.64% | -19.20% |
| LGND | LIGAND PHARMACEUTICALS | 1.33% | $314.78 | +2.73% | +6.71% | +5.49% |
| DFTX | DEFINIUM THERAPEUTICS INC | 1.02% | $35.49 | +1.14% | +3.65% | -5.74% |
| INDV | INDIVIOR PHARMACEUTICALS INC | 0.89% | $34.79 | +0.06% | +1.84% | -3.12% |
| MANE | VERADERMICS | 0.87% | $136.66 | +7.51% | +20.44% | +18.03% |
| AMRX | AMNEAL PHARMACEUTICALS INC CLASS A | 0.80% | $20.2 | +1.81% | +6.88% | +4.50% |
| OGN | ORGANON | 0.79% | $13.75 | -0.07% | +0.07% | +0.15% |
| EWTX | EDGEWISE THERAPEUTICS | 0.70% | $39.65 | -0.25% | +7.10% | -3.41% |
| AMLX | AMYLYX PHARMACEUTICALS | 0.64% | $29.03 | +0.90% | +7.40% | -5.15% |
| TARS | TARSUS PHARMACEUTICALS | 0.60% | $70.5 | -0.75% | -2.48% | -5.10% |
| LQDA | LIQUIDIA | 0.59% | $38.86 | +6.91% | +14.50% | -42.42% |
| ELVN | ENLIVEN THERAPEUTICS | 0.57% | $41.82 | +1.38% | +6.47% | -9.26% |
| SUPN | SUPERNUS PHARMACEUTICALS | 0.52% | $41.21 | -0.05% | +2.56% | -5.02% |
| PBH | PRESTIGE CONSUMER HEALTHCARE | 0.51% | $47.92 | -2.92% | -0.99% | +4.36% |
| PRGO | PERRIGO PLC | 0.49% | $15.91 | -1.61% | -0.25% | +14.96% |
| XERS | XERIS BIOPHARMA HOLDINGS | 0.44% | $10.79 | -3.10% | +10.39% | +24.54% |
| HRMY | HARMONY BIOSCIENCES HLDG | 0.42% | $38.31 | -1.01% | +2.13% | -5.36% |
| MBX | MBX BIOSCIENCES | 0.35% | $53.93 | +0.80% | +10.47% | -6.84% |
| INVA | INNOVIVA | 0.33% | $20.91 | -1.74% | -0.29% | +3.31% |
| TRVI | TREVI THERAPEUTICS | 0.33% | $12.77 | -0.47% | +5.89% | -11.69% |
| ANIP | ANI PHARMACEUTICALS | 0.32% | $72.24 | -0.59% | +2.96% | -2.94% |
| PCRX | PACIRA BIOSCIENCES | 0.31% | $36.33 | -0.14% | -0.19% | +47.50% |
| NUVB | NUVATION BIO CLASS A | 0.27% | $4.85 | +1.68% | +3.63% | -15.06% |
| OCUL | OCULAR THERAPEUTIX | 0.27% | $6.48 | -2.56% | -10.00% | -35.20% |
| OMER | OMEROS | 0.26% | $16.26 | -1.75% | -11.77% | -21.60% |
| MAZE | MAZE THERAPEUTICS | 0.26% | $32.58 | +0.40% | +24.21% | +15.98% |
| LBRX | LB PHARMACEUTICALS INC | 0.22% | $39.23 | -4.32% | +15.38% | +0.10% |
| RAPP | RAPPORT THERAPEUTICS | 0.22% | $25.06 | -14.67% | -11.54% | -26.57% |
| SEPN | SEPTERNA | 0.20% | $40.76 | +3.58% | +12.22% | +6.01% |
| HROW | HARROW | 0.19% | $28.24 | +0.61% | +3.67% | -15.95% |
| PAHC | PHIBRO ANIMAL HEALTH CORP CLASS A | 0.18% | $39.25 | +1.16% | +3.48% | +15.10% |
| AMPH | AMPHASTAR PHARMACEUTICALS | 0.18% | $26.2 | +1.00% | +0.46% | +4.97% |
| COLL | COLLEGIUM PHARMACEUTICAL | 0.16% | $22.91 | -1.36% | +1.80% | +2.07% |
| ALMS | ALUMIS | 0.13% | $6.81 | +1.64% | +12.38% | -8.47% |
| WVE | WAVE LIFE SCIENCES INC | 0.11% | $3.37 | -1.46% | +9.06% | -14.68% |
| CRMD | CORMEDIX | 0.11% | $7.79 | +2.91% | +5.41% | +1.30% |
| ARVN | ARVINAS | 0.10% | $7.55 | -1.37% | +10.78% | -3.51% |
| AVLN | AVALYN PHARMA INC | 0.09% | $25.11 | +1.95% | +5.99% | -15.37% |
| EOLS | EVOLUS INC | 0.09% | $7.4 | +0.41% | +2.49% | -7.50% |