The Motley FoolT3·10mo ago
MSTX Tidal Trust II Defiance Daily Target 2x Long MSTR ETF
ETF 14.35 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.
MSTX
$14.35
—
Key stats
$14.35
- 52-Week Range
- $6.72 – $174.30
- YTD
- -64.92%
- IV Rank (30D)
- 20.74
- Straddle Price
- $4.67
- P/C Vol Ratio
- 1.43
- Open
- $14.43
- Day Range
- $14.16 – $14.83
- Volume
- 1,208,926
- Prev Close
- $14.42
About
Tidal Trust II Defiance Daily Target 2x Long MSTR ETF (MSTX) ETF
No description available.
- Exchange
- XNAS
- Inception
- 2024-08-14
- Has Options
- Yes
Fund profile
holdings as of Jul 31, 2026SEC filingthrough Jul 2026flows, SEC filings
Resets to 2x its benchmark's return each day. Over longer periods the result compounds and can differ sharply from 2x the benchmark, especially when it is volatile. Decay analysis
- Expense ratio
- 1.31% prospectus, filed Aug 26, 2025
- Assets
- $299M shares × price, Oct 26, 2026
- Trailing yield
- — paid annual
- Average daily volume
- $129M 30 sessions
- Holdings
- 9 top 10 are 60.7%
- Listed
- Aug 14, 2024 Nasdaq
- Last fee change
- +2 bp filed Aug 26, 2025
Cost20
Liquidity100
Scale49
Diversificationn/a
Moves with. Bitcoin (68% of its variance, beta 2.90); US large-cap stocks (4% of its variance, beta 0.94). These factors explain 74% of its daily moves over the last year.
Stated objective. The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of MicroStrategy Incorporated d/b/a Strategy (Nasdaq: MSTR) The Fund does not seek to achieve its stated investment objective for a period other than a single trading day. (from the fund's prospectus)
All 9 holdingsFlow historyOverlap toolAll Single-Stock Leveraged ETFs
Fund flows
through Jul 2026SEC filings- Jul 2026
- −$26M latest reported month
- Latest 3 months
- +$46M +34.8% of assets
- Latest 12 months
- +$600M +455.5% of assets
View as a table
| Month | Net flow |
|---|---|
| Jul 2026 | −$26M |
| Jun 2026 | +$105M |
| May 2026 | −$34M |
| Apr 2026 | +$49M |
| Mar 2026 | +$5.7M |
| Feb 2026 | +$30M |
| Jan 2026 | +$81M |
| Dec 2025 | +$43M |
| Nov 2025 | +$118M |
| Oct 2025 | +$94M |
| Sep 2025 | +$113M |
| Aug 2025 | +$22M |
Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 24 months ago
Similar funds
| Fund | Overlap | Fee | Assets | 1Y | |
|---|---|---|---|---|---|
| TSLLDirexion Shares ETF Trust Direxion Daily TSLA Bull 2X ETF | — | — | $3.9B | −48.8% | compare |
| NVDLGraniteShares ETF Trust GraniteShares 2x Long NVDA Daily ETF | — | 1.05% | $3.3B | +10.3% | compare |
| MUUDirexion Shares ETF Trust Direxion Daily MU Bull 2X ETF | — | — | $3.2B | +729.0% | compare |
| MULLGraniteShares 2x Long MU Daily ETF | — | 1.50% | $1.5B | +727.4% | compare |
| SNXXTradr 2X Long SNDK Daily ETF | — | 1.49% | $1.4B | — | compare |
The largest other funds in the Single-Stock Leveraged category.
Under the hood
fiscal year to Apr 30, 2026SEC census- Authorized participants
- 8 active of 8 with agreements; top 3 did 86%
- Created · redeemed
- $2.1B · $2.1B over the fiscal year
- Redemptions in kind
- 0% creations 0% in kind
- Creation unit
- 10,000 shares
- Securities lending
- not authorized
- 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 2026-07-31
Holdings
9
AUM
$89.4M
Provider
Nport
Inception
2024-08-14
Exchange
XNAS
Data As Of
2026-07-31
Expense Ratio
1.31%
Dividend Yield
—
Distribution
Annual
Recent distributions
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2024-12-31 | 2025-01-03 | $14.4276 | CD |
Asset Allocation
Top Holdings
top 9 of 9 holdings
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| — | TREASURY BILL | 43.30% | Debt | US |
| — | First American Government Obli | 7.21% | Short-term investment | US |
| — | N/A | 3.47% | Derivative (equity) | US |
| — | N/A | 3.40% | Derivative (equity) | US |
| — | N/A | 3.26% | Derivative (equity) | US |
| — | N/A | 2.72% | Derivative (equity) | US |
| — | N/A | 2.40% | Derivative (equity) | US |
| — | N/A | 2.16% | Derivative (equity) | US |
| — | BNY Dreyfus Government Cash Ma | 0.00% | Short-term investment | US |
Non-Equity Breakdown
Defiance Daily Target 2x Long MSTR ETF ·
NPORT-P period 2026-07-31
(filed 2026-09-28)
Net assets:
$132M
· 9 total positions
· equity 0.00%
· non-equity 67.92%
Non-equity holdings
— 9 positions,
67.92% of NAV
| Category | Weight | Value | Positions |
|---|---|---|---|
| US Treasury | 43.30% | $57.0M | 1 |
| Derivative (equity) | 17.41% | $22.9M | 6 |
| Short-term investment | 7.21% | $9.5M | 2 |
Chart
Seasonality
| Month | '24 | '25 | '26 | Avg |
|---|---|---|---|---|
| Jan | -- | 15.05% | -15.16% | -0.05% |
| Feb | -- | -49.52% | -25.25% | -37.39% |
| Mar | -- | 13.86% | -22.11% | -4.12% |
| Apr | -- | 34.71% | 70.34% | 52.53% |
| May | -- | -10.79% | -23.11% | -16.95% |
| Jun | -- | 13.18% | -69.93% | -28.38% |
| Jul | -- | 10.58% | -7.27% | 1.66% |
| Aug | -1.87% | -21.57% | 82.45% | 19.67% |
| Sep | 66.63% | -15.23% | 38.38% | 29.93% |
| Oct | 90.32% | -40.98% | -28.20%* | 7.05% |
| Nov | 117.67% | -58.48% | -- | 29.60% |
| Dec | -62.80% | -25.53% | -- | -44.16% |
| Total | 151.99% | -87.93% | -67.30% | -1.08% |
* Only 3 year(s) of data available.
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: $17.17
SMA 50: $16.10
SMA 200: $21.12
Current: $14.36
EMA 12: $15.85
EMA 26: $16.40
MACD: -0.5434 | Signal: -0.4503
BEARISH
ADX (14): 17.81
RANGE
+DI: 21.17
−DI: 22.28
Momentum Oscillators
RSI (14): 43.15
NEUTRAL
Stoch %K: 20.67
Stoch %D: 26.03
Williams %R: -83.05
Volume & Volatility
BB Upper: $21.53
BB Lower: $12.81
NEUTRAL
OBV: -98,495,231
Vol SMA 20: 6,452,017
Vol ROC: -68.89%
ATR: $2.07
True Range: $0.67
HV 20: 141.6%
HV 30: 156.5%
HV 60: 163.7%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-28T00:00:00 – 2026-10-26T00:00:00
AI Analysis
MSTX Stock Analysis Report
Executive Summary
Overall Assessment: BEARISH | Confidence Level: 6/10
Key Drivers: Extreme volatility (Beta 6.14, HV 147-177%), negative OBV accumulation, and conflicting technical signals create a high-risk/high-reward environment. The stock is caught between strong short-term momentum (RSI 62.97, MACD +1.89, ADX 36.10) and deteriorating volume trends with negative accumulated volume flow.
Primary Risks: Extraordinary beta of 6.14 (over 6x market volatility), negative alpha (-2.22), severely compressed OBV (-74M), and limited fundamental news catalysts. The stock's extreme volatility makes it susceptible to sharp reversals regardless of technical setup.
Investment Thesis: MSTX displays textbook momentum characteristics (strong MACD, elevated stochastic, bullish +DI) but faces significant headwinds from institutional capital withdrawal (negative OBV, declining volume), making upside moves potentially unsustainable. The risk/reward skews negative given downside price target of $23.08 (200-SMA) conflicts with bullish technicals, suggesting trapped longs.
Recent News Sentiment Impact: MINIMAL. Only two headlines available with contradictory signals (1 negative ETF mention, 1 unrelated positive ETF name change). Insufficient news flow to drive conviction; technical analysis remains primary driver.
Technical Analysis
Trend Direction Analysis
Short-term (1-4 weeks): BULLISH
- Price ($20.97) trading decisively above SMA 20 ($17.99) and SMA 50 ($13.78)
- MACD histogram at +1.89 with signal line (-0.01) showing early bullish divergence
- ADX 36.10 confirms strong trending environment
- +DI (31.81) significantly elevated vs -DI (13.46), favoring buyers
Medium-term (1-3 months): NEUTRAL-TO-BEARISH
- Price ($20.97) trading 9.2% BELOW the 200-SMA ($23.08)
- 200-SMA acting as dynamic resistance; failure to reclaim suggests medium-term weakness
- Consolidation pattern forming between $17.99-$24.20 (Bollinger Band width 69.02)
Long-term (3-12 months): BEARISH
- 200-SMA slope declining, indicating downtrend establishment
- Current price still 9.2% below long-term average, suggesting mean-reversion risk
- Negative alpha (-2.22) indicates structural underperformance vs market
Support & Resistance Levels
| Level | Type | Rationale | Distance | |-------|------|-----------|----------| | $24.20 | Resistance | Bollinger Band upper band | +15.4% | | $23.08 | Major Resistance | 200-SMA (medium-term ceiling) | +10.1% | | $21.50 | Micro-Resistance | EMA 12 ($19.41) to recent price midpoint | +2.5% | | $20.97 | Current | — | — | | $17.99 | Support | SMA 20 / Bollinger Band middle | -14.2% | | $13.78 | Support | SMA 50 | -34.3% | | $11.78 | Support | Bollinger Band lower band | -43.8% |
Critical Level: The $23.08 (200-SMA) represents psychological and technical resistance. Break above signals medium-term reversal; break below $17.99 (SMA 20) signals short-term momentum collapse.
Momentum Signals
RSI (14): 62.97 — NEUTRAL (No overbought/oversold condition)
- RSI positioned in neutral zone (30-70 range), neither signaling exhaustion nor capitulation
- Still below 70 threshold, suggesting room for upside momentum without immediate reversal
- Reading consistent with healthy uptrend in early-to-mid stages
MACD: STRONG BULLISH SIGNAL
- MACD (1.88) significantly above signal line (-0.01) with histogram of +1.89
- Recent bullish crossover indicated by positive histogram expansion
- However, signal line remains negative, suggesting crossover may be imminent but not yet confirmed
Stochastic Oscillators: OVERBOUGHT WARNING
- Stochastic %K at 76.76 (overbought territory, >70)
- Stochastic %D at 72.37 (elevated, >70)
- Williams %R at -20.71 (overbought, >-20)
- Risk Flag: Three oscillators simultaneously overbought suggests potential near-term pullback or consolidation
Bollinger Bands: NEUTRAL (No squeeze or extreme positioning)
- Price positioned at $20.97 vs middle band $17.99 (neutral, 59% of band width)
- Upper band at $24.20, lower at $11.78
- Band width of 69.02 indicates moderate volatility; not in extreme squeeze or expansion
- No mean-reversion signal triggered
Volume Analysis
Volume Trends: SIGNIFICANT DETERIORATION
- Volume SMA 20: 7,982,607 shares (baseline)
- Volume Rate of Change: -12.90% (declining participation)
- Critical Finding: Recent volume trending 12.9% below 20-day average, indicating institutional capital withdrawal
On-Balance Volume (OBV): MAJOR RED FLAG
- OBV at -74,276,389 (deeply negative)
- Negative OBV accumulation despite upward price movement = distribution signal
- Suggests institutional sellers using price strength to exit positions
- Conflict Alert: Price rising while OBV deteriorating = non-confirmation of uptrend sustainability
Institutional Interest Signal:
- Declining volume + negative OBV = institutions distributing/reducing longs
- This pattern often precedes corrective moves once momentum fades
- Suggests current uptrend may be retail-driven with institutional headwind
News & Sentiment Analysis
Recent Headlines Summary
Available Headlines (2 total):
-
"5 Worst Performing ETFs of 2025 So Far" (Motley Fool, 2025-12-10)
- Sentiment: NEGATIVE
- Context: Generic market commentary, mentions MSTX indirectly as underperformer
- Relevance: Confirms underperformance narrative but no stock-specific catalyst
-
"Tidal Trust II Announces Name Change of STKD Bitcoin & Gold ETF" (2025-02-07)
- Sentiment: POSITIVE (for ETF space)
- Context: Unrelated to MSTX fundamentals; appears to be general sector news
- Relevance: LOW (5 days old, different asset class)
Sentiment Assessment: NEUTRAL-TO-NEGATIVE
- Insufficient news volume to form conviction (only 2 headlines available)
- No company-specific catalysts, earnings announcements, or material events identified
- Generic market commentary suggests MSTX lacks news-driven catalysts
- Data Quality Flag: Missing recent insider activity, SEC filings, analyst updates
Catalyst Identification
Immediate (1-7 days): None identified Near-term (1-4 weeks): None identified Medium-term (1-3 months): None identified
Concern: Complete absence of identified catalysts. Company may be in quiet period or lacks newsworthy developments. Recommend external research for:
- Upcoming earnings dates
- Product pipeline announcements
- Clinical trial results (if biotech)
- Partnership announcements
- Regulatory approvals/changes
Market Narrative Analysis
Conflict Alert — Technical vs. Sentiment Disconnect:
- Technical says: Momentum intact, trend direction bullish, breakout setup forming
- Sentiment says: Negative general market narrative, zero company catalysts, institutional selling
- Volume says: Distribution pattern, profit-taking, weak hands remain
Interpretation: Price strength appears driven by short-squeeze or retail momentum rather than fundamental or institutional support. Bullish technicals lack conviction from volume backing.
Risk & Volatility Assessment
Beta Interpretation: EXTREME RISK
Beta: 6.14 (vs SPY)
- Stock is 6.14x more volatile than market
- Far exceeds "high risk" threshold (>1.5)
- For
Generated
News
All MSTX news →
GlobeNewswire Inc.T3·20mo ago
MSTX Options Activity & IV Rank
MSTX IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 139.5%
7-DTE IV: 166.9%
Expected Move: $4.67
7-DTE Move: $3.15
Days to Exp: 31 (2026-11-27)
Options Flow
Call Volume: 49
Put Volume: 70
P/C Volume: 1.429
BEARISH
Call OI: 247
Put OI: 114
P/C OI: 0.462
Total OI: 361
ATM Options Pricing
ATM Call: $2.22
ATM Put: $2.44
Call %: 15.5%
Put %: 17.0%
Chain Summary
Chain Volume: 14,394
Chain OI: 162,439
Last Updated: 10/27/2026
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 41st 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
41%
vs own history
GEX tilt
+0.07
OI-weighted, today
Vanna tilt
+0.32
δ-sensitivity to IV
Charm tilt
+0.26
δ-decay vs time
Vanna tilt +0.32: the estimated dealer exposure leans positive, so the modeled hedge would shift noticeably if implied volatility changed.
? What is this?
· 62 ATM contracts, 13k 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
100%
+22.6
pts
EXTREME
ATM 153.8% / Wing 176.5%
30 DTE / 10d
90%
+16.8
pts
EXTREME
ATM 139.7% / Wing 156.5%
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)52.4MediumOct 27
IV Rank (30 DTE)20.7LowOct 27
Straddle Price (30 DTE)$4.67Oct 27
Beta Analysis
Risk Metrics
Beta: 6.3610
Alpha: -194.08%
Correlation: 0.4936
R-Squared: 24.4%
Stock Volatility: 163.6%
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
MSTX Institutional Ownership (13F)
Latest filings — 2026-09-30
? 13F Guide
Diluted shares outstanding: 2,185,188 (as of 2017-03-31)
Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
5 filers$21.59M notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Susquehanna International Group, LLP Custodian | $16.18M | 74.94% | 2026-06-30 |
| 2 | Citadel Advisors LLC Custodian | $4.04M | 18.73% | 2026-06-30 |
| 3 | Jane Street Group, LLC Custodian | $1.05M | 4.85% | 2026-06-30 |
| 4 | Belvedere Trading LLC | $317.83K | 1.47% | 2026-06-30 |
| 5 | Philadelphia Investment Partners, LLC | $238 | <0.01% | 2026-06-30 |
5 filers$7.13M notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Susquehanna International Group, LLP Custodian | $4.66M | 65.45% | 2026-06-30 |
| 2 | Citadel Advisors LLC Custodian | $1.72M | 24.12% | 2026-06-30 |
| 3 | Jane Street Group, LLC Custodian | $534.94K | 7.51% | 2026-06-30 |
| 4 | K2 PRINCIPAL FUND, L.P. | $186.00K | 2.61% | 2026-06-30 |
| 5 | Belvedere Trading LLC | $22.32K | 0.31% | 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
5.63M
SI % of Float
27.17%
Days to Cover
1.00
Short Vol Ratio
41.0%
Free Float
—
Float %
—
Short interest 2026-09-30 • Short volume 2026-10-26
Constituent Performance
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Constituents
| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
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