PGX Invesco Preferred ETF

ETF 9.92 Delayed

ETF 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.

PGX $9.92 —
Key stats
$9.92
After hours $9.91 -0.10%
52-Week Range
$9.85 – $11.64
YTD
-12.44%
IV Rank (30D)
26.77
Straddle Price
$0.00
P/C Vol Ratio
229.00
Open
$9.88
Day Range
$9.88 – $9.94
Volume
14,335,657
Prev Close
$9.87
About

Invesco Preferred ETF (PGX) ETF

No description available.

Exchange
ARCX
Inception
2008-01-31
Has Options
Yes
Homepage
https://www.invesco.com/us/etfs
Fund profile
holdings as of Oct 20, 2026issuer datathrough May 2026flows, SEC filings
Taxable Bond Preferred Stock#3 of 30 by assets Invesco US Index-tracking
Expense ratio
0.50%
prospectus, filed Dec 18, 2025
Assets
$3.6B
shares × price, Oct 21, 2026
Trailing yield
6.93%
paid monthly
Average daily volume
$83M
30 sessions
Holdings
272
top 10 are 13.0%
Listed
Jan 31, 2008
NYSE Arca
Last fee change
-1 bp
filed Dec 18, 2025
Closure risk, 12 months
0.1%
low · model
Tracking difference
-0.10 pts
vs index, after fees, FY 2025
FrenzyCap ETF score
71
how it is built
Cost22
Liquidity97
Scale94
Diversification100

Moves with. US large-cap stocks (19% of its variance, beta 0.17); Long Treasuries (18% of its variance, beta 0.23); Small caps over large (4% of its variance, beta 0.08). These factors explain 44% of its daily moves over the last year.

Stated objective. The Invesco Preferred ETF (the Fund) seeks to track the investment results (before fees and expenses) of the ICE BofA Core Plus Fixed Rate Preferred Securities Index (the Underlying Index). (from the fund's prospectus)

All 272 holdingsFlow historySimilar fundsOverlap toolAll Preferred Stock ETFs

Fund flows
through May 2026SEC filings
May 2026
−$46M
latest reported month
Latest 3 months
−$12M
−0.3% of assets
Latest 12 months
−$114M
−3.0% of assets
Jun 2025: −$123M−$123MJul 2025: −$102MJulAug 2025: −$9.9MSep 2025: +$26MSepOct 2025: +$34MNov 2025: +$46MNovDec 2025: +$101M+$101MJan 2026: −$38MJanFeb 2026: −$35MMar 2026: −$31MMarApr 2026: +$64MMay 2026: −$46MMay
View as a table
Net flows of PGX by month, Jun 2025 to May 2026
MonthNet flow
May 2026−$46M
Apr 2026+$64M
Mar 2026−$31M
Feb 2026−$35M
Jan 2026−$38M
Dec 2025+$101M
Nov 2025+$46M
Oct 2025+$34M
Sep 2025+$26M
Aug 2025−$9.9M
Jul 2025−$102M
Jun 2025−$123M

Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 81 months ago

Similar funds
FundOverlapFeeAssets1Y
PFFDGlobal X U.S. Preferred ETF65%0.23%$2.0B−11.6%compare
PGFInvesco Financial Preferred ETF57%0.55%$592M−14.2%compare
PFFiShares Trust iShares Preferred and Income Securities ETF55%0.45%$11.9B−9.0%compare
KBWBInvesco KBW Bank ETF41%0.35%$6.2B+16.1%compare
SPFFGlobal X SuperIncome Preferred ETF36%0.48%$133M−4.7%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
+9.6%
41% under, 18% over · 91% covered
Price / earnings
13.2
4% loss-making · 90% covered
Price / book · sales
1.5 · 1.6
revenue growth +3.8%
Above 200-day average
34%
20% above 50-day · by weight
Short interest
3.3%
of float, weighted · 3.6 days to cover
Insider buying
3%
of weight had net insider buying, 90 days; 41% net selling
13F holders
+1.4%
change in shares held by institutions, latest quarter
Reporting earnings
16.8%
of weight in 7 days; 36.8% in 14
Implied correlation
0.26
fund IV 15.1% vs holdings 28.5% · board
Largest contributors below fair value
BAC+22%ALL+50%COF+31%T+23%MET+50%
Largest contributors above fair value
MS−7%KEY−27%SO−15%WFC−7%NEE−15%

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
Oct 18, 2026 → Oct 19, 2026
ActionHoldingWeight beforeWeight afterShares vs flows
IncreaseTriton International Ltd0.13%0.13%+16.6%

0 new, 0 exited, 0 increased and 0 decreased between the fund's two latest holdings reports; turnover 0.1%. Full holdings and history

Under the hood
fiscal year to Aug 31, 2025SEC census
Authorized participants
9 active
of 41 with agreements; top 3 did 70%
Created · redeemed
$748M · $1.1B
over the fiscal year
Redemptions in kind
99%
creations 98% in kind
Creation unit
50,000
shares
Securities lending
1.91%
of assets on loan on average; earned 8.3 bp
Return vs index
-0.10 pts
after fees; +0.41 before; daily s.d. 0.56

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
273
AUM
$3.6B
Provider
Invesco
Inception
2008-01-31
Exchange
ARCX
Data As Of
2026-10-20
Expense Ratio
0.50%
Dividend Yield
6.93%
Distribution
Monthly
Recent distributions
Ex-Date Pay Date Amount Type
2026-10-19 2026-10-23 $0.0605 CD
2026-09-21 2026-09-25 $0.0573 CD
2026-08-24 2026-08-28 $0.0582 CD
2026-07-20 2026-07-24 $0.0620 CD
2026-06-22 2026-06-26 $0.0492 CD
2026-05-18 2026-05-22 $0.0500 CD
Asset Allocation
Top Holdings
top 50 of 273 holdings
Symbol Name Weight % Asset Class Country
JPM JPMorgan Chase & Co 1.76% Equity (US) US
JPM JPMorgan Chase & Co 1.53% Equity (US) US
WFC Wells Fargo & Co 1.41% Equity (US) US
JPM JPMorgan Chase & Co 1.33% Equity (US) US
JPM JPMorgan Chase & Co 1.31% Equity (US) US
BAC Bank of America Corp 1.25% Equity (US) US
T AT&T Inc 1.17% Equity (US) US
BAC Bank of America Corp 1.12% Equity (US) US
COF Capital One Financial Corp 1.05% Equity (US) US
JPM JPMorgan Chase & Co 1.05% Equity (US) US
T AT&T Inc 1.01% Equity (US) US
BAC Bank of America Corp 1.01% Equity (US) US
MS Morgan Stanley 0.98% Equity (US) US
BAC Bank of America Corp 0.97% Equity (US) US
MS Morgan Stanley 0.96% Equity (US) US
DUK Duke Energy Corp 0.93% Equity (US) US
MS Morgan Stanley 0.93% Equity (US) US
MS Morgan Stanley 0.89% Equity (US) US
ALL Allstate Corp/The 0.87% Equity (US) US
MS Morgan Stanley 0.85% Equity (US) US
MS Morgan Stanley 0.85% Equity (US) US
T AT&T Inc 0.85% Equity (US) US
COF Capital One Financial Corp 0.84% Equity (US) US
BAC Bank of America Corp 0.83% Equity (US) US
MS Morgan Stanley 0.82% Equity (US) US
WFC Wells Fargo & Co 0.81% Equity (US) US
ATH Athene Holding Ltd 0.81% Equity (US) US
NEE NextEra Energy Capital Holdings Inc 0.81% Equity (US) US
MTB M&T Bank Corp 0.79% Equity (US) US
XEL Xcel Energy Inc 0.79% Equity (US) US
WFC Wells Fargo & Co 0.79% Equity (US) US
C Citigroup Inc 0.78% Equity (US) US
BAC Bank of America Corp 0.76% Equity (US) US
SO Southern Co/The 0.73% Equity (US) US
MET MetLife Inc 0.71% Equity (US) US
AGPXX Invesco Government & Agency Portfolio 0.71% Cash/Money Market —
BAC Bank of America Corp 0.71% Equity (US) US
RGA Reinsurance Group of America Inc 0.70% Equity (US) US
MET MetLife Inc 0.68% Equity (US) US
WFC Wells Fargo & Co 0.68% Equity (US) US
SCHW Charles Schwab Corp/The 0.67% Equity (US) US
AEGON AEGON Funding Co LLC 0.66% Equity (Foreign) NL
JPM JPMorgan Chase & Co 0.66% Equity (US) US
TFC Truist Financial Corp 0.64% Equity (US) US
ALL Allstate Corp/The 0.64% Equity (US) US
APO Apollo Global Management Inc 0.63% Equity (US) US
F Ford Motor Co 0.62% Equity (US) US
KEY KeyCorp 0.62% Equity (US) US
SRE Sempra 0.60% Equity (US) US
F Ford Motor Co 0.59% Equity (US) US
Geographic Breakdown
Non-Equity Breakdown
Invesco Preferred ETF · NPORT-P period 2026-05-31 (filed 2026-07-29)
Net assets: $3.82B · 268 total positions · equity 99.78% · non-equity 1.23%
Non-equity holdings — 2 positions, 1.23% of NAV
Category Weight Value Positions
Short-term investment 1.23% $46.8M 2
Chart
Seasonality
'21'22'23'24'25'26Avg
Jan-1.85%-3.76%11.55%3.49%-1.28%0.53%1.45%
Feb-2.14%-4.46%-3.78%-0.50%1.65%0.18%-1.51%
Mar2.53%-0.95%-5.36%0.00%-3.94%-4.39%-2.02%
Apr0.40%-7.49%0.87%-4.79%-2.04%1.64%-1.90%
May0.00%5.37%-2.25%1.05%-0.36%-1.17%0.44%
Jun1.19%-4.12%-0.35%-1.03%1.55%-1.63%-0.73%
Jul-0.52%4.82%-0.44%0.69%1.43%-1.42%0.76%
Aug-0.72%-5.64%-1.50%2.57%1.24%-1.67%-0.95%
Sep-0.99%-3.34%-2.14%3.17%1.31%-4.28%-1.05%
Oct0.33%-6.27%-4.81%-2.58%-2.56%-2.36%*-3.04%
Nov-2.79%6.10%6.85%-0.17%-1.05%--1.79%
Dec1.97%-6.91%0.97%-3.27%0.09%---1.43%
Total-2.70%-24.66%-1.63%-1.72%-4.07%-13.80%-8.10%
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: $10.04
SMA 50: $10.32
SMA 200: $10.90
Current: $9.92
EMA 12: $9.99
EMA 26: $10.11
MACD: -0.1160 | Signal: 0.0024
BEARISH
ADX (14): 43.61
STRONG TREND
+DI: 12.19
−DI: 29.78

Momentum Oscillators

RSI (14): 35.83
NEUTRAL
Stoch %K: 12.76
Stoch %D: 11.56
Williams %R: -75.86

Volume & Volatility

BB Upper: $10.22
BB Lower: $9.85
NEUTRAL
OBV: -212,801,547
Vol SMA 20: 8,410,908
Vol ROC: 139.60%
ATR: $0.09
True Range: $0.07
HV 20: 10.0%
HV 30: 8.8%
HV 60: 7.3%

Data Summary

Data Points: 500
Last Updated:
Date Range: 2024-10-24T00:00:00 – 2026-10-22T00:00:00
AI Analysis

PGX (Invesco Preferred ETF) - Comprehensive Analysis Report

Executive Summary

Overall Assessment: NEUTRAL with Confidence Level: 7/10

PGX is a defensive, income-focused preferred stock ETF experiencing a transitional technical phase with conflicting signals. The fund is cheaper than median in its category (0.50% expense ratio vs. 0.54% peer median) with a solid 6.84% trailing yield and $3.6B in assets. However, recent technical deterioration—bearish MACD crossover, strong downtrend signal (ADX 46.90), and negative fund flows (-3.0% over 12 months)—suggests near-term headwinds, though the defensive characteristics (Beta 0.26, low volatility at 6% stock volatility) provide downside protection.

Key Drivers: Preferred stock valuations (holdings trading +10.2% above fair value), dividend sustainability, and banking sector exposure (JPM 7.9% cumulative, WFC 1.4%, BAC 2.3%). Primary Risks: Fund redemptions, potential dividend cuts if rates remain elevated, and mean reversion from valuation premium.

Investment Thesis: PGX offers attractive current income in a defensive wrapper, but technical weakness and persistent redemptions suggest waiting for better entry points near the $9.86 support level rather than chasing at current elevated valuations.

Technical Analysis

Trend Direction

Short-term (1-4 weeks): BEARISH

  • Price at $10.09 trading below SMA 20 ($10.14) and SMA 50 ($10.40), signaling downtrend initiation
  • ADX at 46.90 confirms strong downtrend already in place
  • Negative DI (-27.89) significantly exceeds positive DI (+18.46), indicating selling pressure dominance
  • EMA 12 ($10.07) below EMA 26 ($10.19) confirms bearish momentum

Medium-term (1-3 months): BEARISH

  • Price down 7.7% from SMA 200 ($10.93), breaking intermediate support
  • Three consecutive price closes below 50-day MA establish downtrend structure
  • Williams %R at -47.54 suggests momentum is moderating but still negative

Long-term (3-12 months): NEUTRAL-TO-BULLISH

  • SMA 200 at $10.93 still provides structural support at +8.3% above current price
  • Long-term trend supportive if mean reversion occurs; however, fund flows (-114M YTD) suggest persistent pressure

Support/Resistance Levels

Critical Support Levels (in order of proximity):

  1. Immediate: $9.86 — Bollinger Band lower band; psychological breakdown level
  2. Secondary: $9.75-$9.80 — Prior swing low support zone
  3. Tertiary: $9.50 — 50-day MA confluence zone if breakdown accelerates

Resistance Levels:

  1. Immediate: $10.14 — SMA 20 (currently acting as resistance, not support)
  2. Secondary: $10.40 — SMA 50; major pivot
  3. Strong: $10.93 — SMA 200; macro trendline reversal point

Momentum Signals

RSI (14): 42.32 — NEUTRAL

  • Positioned in neutral zone (30-70 range), neither overbought nor oversold
  • Lacks conviction in either direction; suggests equilibrium with slight bearish lean
  • No divergence signals present; RSI tracking price weakness appropriately

MACD: -0.12 / Signal: 0.01 / Histogram: -0.13 — BEARISH CROSSOVER

  • Critical Signal: MACD (-0.12) has crossed below signal line (0.01), generating bearish crossover
  • Negative histogram (-0.13) confirms momentum is deteriorating
  • Timing: This crossover suggests early-stage momentum decline, typically leading price weakness by 1-3 weeks
  • No bullish recovery in MACD visible; trajectory remains downward

Stochastic Oscillators (Fast %K: 31.91 / Slow %D: 20.58) — OVERSOLD SETUP

  • %K below %D by 11.33 points indicates downward momentum still accelerating
  • Both readings in lower 50% of scale suggest oversold condition emerging
  • Watch for %K bounce above %D (potential reversal signal) near $9.86 support

Bollinger Bands: WIDTH 5.56% — NEUTRAL, NO SQUEEZE

  • Band width at 5.56% reflects moderate volatility; not extremely compressed (no imminent breakout setup)
  • Price at $10.09 positioned slightly below middle band ($10.14), near lower band ($9.86)
  • Slight mean-reversion bias: price closer to lower band increases probability of bounce toward middle band

Volume Analysis

Volume Trends:

  • 20-Day SMA Volume: 7.27M shares — Baseline institutional trading activity
  • Volume Rate of Change: +9.87% — Recent trading volume 9.87% above 20-day average, indicating elevated institutional interest, though directional flow is bearish
  • On-Balance Volume: -188.02M (negative) — Significant red flag: Large cumulative negative OBV suggests institutional distribution and redemptions exceeding inflows

Interpretation:

  • Elevated volume on downside moves (suggesting redemptions and institutional selling)
  • OBV deterioration indicates money is flowing out of the fund, consistent with reported -$46M monthly fund outflows
  • Volume data supports technical weakness; this is not shallow selling

News & Sentiment Analysis

Recent Headlines Summary

Key Themes (Last 10 Articles, Oct 7-14, 2026):

  1. Banking Sector Focus (60% of headlines): BlackRock Q3 earnings beat, Invesco AUM management concerns dominate narrative. These headlines directly impact PGX's largest holdings (JPM 7.9%, WFC 1.4%, BAC 2.3%).

  2. Preferred Stock / Income Strategy (40%): Positive framing around "high-growth dividend stocks" and "strong value stocks"—neutral-to-positive sentiment supporting sector fundamentals.

  3. AUM Pressure (Invesco-specific): October 12 headline "Invesco's AUM Falls in September" signals potential outflows and performance pressure, directly correlating with PGX's -$46M monthly redemptions.

Sentiment Assessment

Aggregate Sentiment: NEUTRAL (leaning slightly NEGATIVE)

  • Positive signals: Dividend attractiveness, value positioning
  • Negative signals: AUM declines, banking sector uncertainty
  • Neutral dominance: Most headlines classified as "NEUTRAL" (5 of 10), indicating market indifference rather than conviction
  • Timing alignment: None of the recent headlines directly address PGX or preferred ETF sector moves in the last 7 days, reducing news impact immediacy

Catalyst Identification

Immediate (1-7 days):

  • No earnings announcements or fund-specific catalysts identified
  • Banking sector earnings season ongoing (BLK beat 10/14) but minimal direct impact on PGX

Near-term (1-4 weeks):

  • 22% of holdings reporting earnings within 7 days [look-through data as of 10/14] — Watch for earnings cuts/dividend suspensions
  • Fed policy communication/rate decisions (if within window)
  • Preferred stock market sentiment shifts based on rate expectations

Medium-term (1-3 months):

  • Q4 earnings season (November-December) for major holdings (JPM, WFC, BAC, T)
  • Potential dividend policy changes if banks reduce payouts

Market Narrative vs. Technical Signals

Divergence Analysis:

  • News says: Preferred stocks are "strong value" and "high-growth dividends" (POSITIVE framing)
  • Technicals say: Fund in early downtrend with bearish momentum crossover (NEGATIVE signals)
  • Interpretation: Market narrative has not yet caught down with technical weakness; gap suggests 1-3 week lag before sentiment realigns downward, OR technicals are overshooting and narrative proves correct (oversold bounce scenario)
  • Fund flows explain divergence: Redemptions (-$46M/month) driven by investor behavior (flows), not headline news; suggests existing holders exiting regardless of positive narrative

Risk & Volatility Assessment

Beta Interpretation

**Beta: 0.26 (vs. SPY) — DEFENSIVE

Generated
News
All PGX news →
Showing 1–10 of 50
Page 1 of 5

PGX Options Activity & IV Rank

PGX IV rank history, 52-week IV rank and IV percentile →

Volatility Metrics

Current IV: 22.6%
7-DTE IV: —
Expected Move: $0.00
7-DTE Move: $0.00
Days to Exp: 29 (2026-11-20)

Options Flow

Call Volume: 1
Put Volume: 229
P/C Volume: 229.0
BEARISH
Call OI: 10
Put OI: 55
P/C OI: 5.5
Total OI: 65

ATM Options Pricing

ATM Call: $0.00
ATM Put: $0.00
Call %: 0.0%
Put %: 0.0%

Chain Summary

Chain Volume: 2,056
Chain OI: 981
Last Updated: 10/22/2026
Spread Scanner GPU
Full Algorithm Docs ↗

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
LOW γ vs HISTORY

Estimated net dealer gamma is at the 2nd percentile of this name's own daily history, near the low end of its range. This describes current positioning; it is not a forecast or a trading signal.

Gamma percentile
2%
vs own history
GEX tilt
-0.76
OI-weighted, today
Vanna tilt
-0.80
δ-sensitivity to IV
Charm tilt
+0.76
δ-decay vs time
Vanna tilt -0.80: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably if implied volatility changed.
Charm tilt +0.76: the estimated dealer exposure leans positive, so the modeled hedge would shift noticeably as time passes and options approach expiry.

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.

· 3 ATM contracts, 0k total OI
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Metric:
Wing vs ATM
IV(put wing) − IV(ATM), in vol points

How 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 side

Which side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.

  • Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
  • Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
  • Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
  • Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together

Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:

  • High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
  • Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
  • Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d —
— pts EXTREME
No data
30 DTE / 10d —
— pts EXTREME
ATM 67.0% / Wing —

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)26.8MediumOct 22
Straddle Price (30 DTE)$0.00Oct 22
Beta Analysis

Risk Metrics

Beta: 0.2450
Alpha: -18.58%
Correlation: 0.4955
R-Squared: 24.6%
Stock Volatility: 6.3%
Market Volatility: 12.7%

Analysis Details

Benchmark: SPY
Data Points: 251
Period: 252 trading days
Interpretation:
Low volatility - stock moves less than market
Beta & Alpha Over Time

PGX Institutional Ownership (13F)

Latest filings — 2026-09-30
Diluted shares outstanding: 454,425,000 (as of 2026-06-30)

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.

425 filers213,430,267 shares$2.32B value46.97% of float
# Filer Shares Value % of Total % of Float Period
1 Bank of America Corp Custodian 87,102,654 $944.19M 40.72% 19.17% 2026-06-30
2 Bramshill Investments, LLC 11,489,931 $124.55M 5.37% 2.53% 2026-06-30
3 Wells Fargo & Company Custodian 11,223,526 $121.66M 5.25% 2.47% 2026-06-30
4 UBS Group AG Custodian 9,505,898 $103.04M 4.44% 2.09% 2026-06-30
5 JPMorgan Chase & Co Custodian 7,080,319 $76.96M 3.32% 1.56% 2026-06-30
6 Centiva Capital, LP 6,910,000 $74.90M 3.23% 1.52% 2026-06-30
7 Morgan Stanley Custodian 6,224,145 $67.47M 2.91% 1.37% 2026-06-30
8 COHEN & STEERS, INC. 5,566,778 $60.34M 2.60% 1.23% 2026-06-30
9 LPL Financial LLC Custodian 4,960,339 $53.77M 2.32% 1.09% 2026-06-30
10 Spectrum Asset Management, Inc. 4,953,026 $53.69M 2.32% 1.09% 2026-06-30
11 Ameriprise Financial, Inc. Custodian 4,211,587 $45.75M 1.97% 0.93% 2026-06-30
12 BESSEMER GROUP INC Custodian 3,482,215 $37.75M 1.63% 0.77% 2026-06-30
13 Allworth Financial LP Custodian 3,438,874 $37.28M 1.61% 0.76% 2026-06-30
14 Raymond James Financial, Inc. Custodian 2,970,097 $32.20M 1.39% 0.65% 2026-06-30
15 Royal Bank of Canada Custodian 2,828,776 $30.66M 1.32% 0.62% 2026-06-30
16 First Trust Advisors LP 1,796,651 $19.48M 0.84% 0.40% 2026-06-30
17 Checchi Capital Advisers, LLC 1,569,752 $17.02M 0.73% 0.35% 2026-06-30
18 Clearstead Advisors, LLC 1,567,477 $16.99M 0.73% 0.34% 2026-06-30
19 OSAIC HOLDINGS, INC. Custodian 1,297,425 $14.06M 0.61% 0.29% 2026-06-30
20 STONEBRIDGE ADVISORS LLC 1,230,714 $13.34M 0.58% 0.27% 2026-06-30
21 HUNTINGTON NATIONAL BANK Custodian 1,174,633 $12.73M 0.55% 0.26% 2026-06-30
22 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Custodian 1,048,095 $11.36M 0.49% 0.23% 2026-06-30
23 MAI Capital Management 978,076 $10.60M 0.46% 0.22% 2026-06-30
24 Envestnet Asset Management, Inc. 976,257 $10.58M 0.46% 0.21% 2026-06-30
25 Private Advisor Group, LLC 961,695 $10.42M 0.45% 0.21% 2026-06-30
1 filers$121.41K notional
# Filer Notional Value % of Total Period
1 Citadel Advisors LLC Custodian $121.41K 100.00% 2026-06-30
# Filer Notional Value % of Total Period
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
8.53M
SI % of Float
2.37%
Days to Cover
1.21
Short Vol Ratio
38.0%
Free Float
—
Float %
—
Short interest 2026-09-30 • Short volume 2026-10-21
Constituent Performance

Click any bar to view the full quote for that stock.

Constituents
Symbol Name Weight % Price 1 Day 1 Week 1 Month