Zacks Investment ResearchT3·1d ago
PPH VanEck Pharmaceutical ETF
ETF 116.91 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.
PPH
$116.91
—
Key stats
$116.91
- 52-Week Range
- $90.74 – $118.03
- YTD
- +12.71%
- IV Rank (30D)
- 38.66
- Straddle Price
- $5.78
- P/C Vol Ratio
- 10.75
- Open
- $116.46
- Day Range
- $115.78 – $118.03
- Volume
- 342,789
- Prev Close
- $115.58
About
VanEck Pharmaceutical ETF (PPH) ETF
No description available.
- Exchange
- XNAS
- Inception
- 2011-12-20
- Has Options
- Yes
- Homepage
- https://www.vaneck.com/us/en/investments/etf/
Fund profile
holdings as of Oct 20, 2026issuer datathrough Jun 2026flows, SEC filings
- Expense ratio
- 0.36% issuer, Oct 22, 2026
- Assets
- $1.1B issuer-reported, Oct 20, 2026
- Trailing yield
- 1.85% paid quarterly
- Average daily volume
- $38M 30 sessions
- Holdings
- 27 top 10 are 71.9%
- Listed
- Dec 20, 2011 Nasdaq
- Tracking difference
- +0.45 pts vs index, after fees, FY 2025
Cost58
Liquidity86
Scale75
Diversification27
Moves with. Value over growth (13% of its variance, beta 0.54); Developed markets ex-US over US (12% of its variance, beta 0.61); US large-cap stocks (9% of its variance, beta 0.77). These factors explain 41% of its daily moves over the last year.
Stated objective. VanEck Pharmaceutical ETF (the Fund) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS US Listed Pharmaceutical 25 Index (the Pharmaceutical Index or the Index). (from the fund's prospectus)
All 27 holdingsFlow historySimilar fundsOverlap toolAll Health Care ETFs
Fund flows
through Jun 2026SEC filings- Jun 2026
- −$102M latest reported month
- Latest 3 months
- −$449M −51.0% of assets
- Latest 12 months
- +$72M +8.1% of assets
View as a table
| Month | Net flow |
|---|---|
| Jun 2026 | −$102M |
| May 2026 | −$51M |
| Apr 2026 | −$297M |
| Mar 2026 | +$65M |
| Feb 2026 | +$78M |
| Jan 2026 | −$141M |
| Dec 2025 | +$89M |
| Nov 2025 | −$110M |
| Oct 2025 | +$628M |
| Sep 2025 | −$89M |
| Aug 2025 | +$143M |
| Jul 2025 | −$142M |
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 | |
|---|---|---|---|---|---|
| MEDXHorizon Kinetics Medical ETF | 47% | 0.85% | $19M | +16.3% | compare |
| IHEiShares U.S. Pharmaceuticals ETF | 46% | 0.37% | $1.5B | +37.3% | compare |
| TRUHVanEck Healthcare TruSector ETF | 37% | — | $833K | — | compare |
| XLVState Street Health Care Select Sector SPDR ETF | 37% | 0.08% | $47.5B | +23.6% | compare |
| FTXHFirst Trust Nasdaq Pharmaceuticals ETF | 36% | 0.60% | $1.1B | +45.4% | 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
- +5.2% 23% under, 14% over · 96% covered
- Price / earnings
- 41.6 4% loss-making · 80% covered
- Price / book · sales
- 7.0 · 1.5 revenue growth +8.8%
- Above 200-day average
- 78% 81% above 50-day · by weight
- Short interest
- 2.0% of float, weighted · 3.1 days to cover
- Insider buying
- 6% of weight had net insider buying, 90 days; 62% net selling
- 13F holders
- +1.6% change in shares held by institutions, latest quarter
- Reporting earnings
- 53.8% of weight in 7 days; 96.1% in 14
Holdings reporting in the next 14 days · weighted implied move this week 3.61%
Each figure is the fund's holdings weighted by position size, using our data on those stocks, and covers only the share of the stock holdings stated. Positive fair value means the holdings trade below our estimate.
What changed in the portfolio
Mar 31, 2026 → Jun 30, 2026| Action | Holding | Weight before | Weight after | Shares vs flows |
|---|---|---|---|---|
| Decrease | LLYEli Lilly & Co | 18.70% | 20.23% | −13.8% |
| Decrease | NVONovo Nordisk A/S | 4.81% | 5.37% | −11.1% |
| Increase | Jazz Pharmaceuticals PLC | 0.80% | 1.08% | +10.0% |
| Increase | MCKMcKesson Corp | 4.24% | 4.12% | +15.8% |
0 new, 0 exited, 0 increased and 0 decreased between the fund's two latest holdings reports; turnover 0.5%. Full holdings and history
Under the hood
fiscal year to Sep 30, 2025SEC census- Authorized participants
- 14 active of 38 with agreements; top 3 did 60%
- Created · redeemed
- $1.8B · $1.9B over the fiscal year
- Redemptions in kind
- 100% creations 100% in kind
- Creation unit
- 50,000 shares
- Securities lending
- 11.84% of assets on loan on average; earned 3.7 bp
- Return vs index
- +0.45 pts after fees; +0.79 before; daily s.d. 0.15
- 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
27
AUM
$1.1B
Provider
VanEck
Inception
2011-12-20
Exchange
XNAS
Data As Of
2026-10-20
Expense Ratio
0.36%
Dividend Yield
1.85%
Distribution
Quarterly
Recent distributions
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-10-01 | 2026-10-06 | $0.3600 | CD |
| 2026-07-01 | 2026-07-07 | $0.6248 | CD |
| 2026-04-01 | 2026-04-07 | $0.8441 | CD |
| 2025-12-29 | 2025-12-31 | $0.3106 | CD |
| 2025-10-01 | 2025-10-06 | $0.3931 | CD |
| 2025-07-01 | 2025-07-07 | $0.6069 | CD |
Asset Allocation
Top Holdings
top 27 of 27 holdings
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| LLY | Eli Lilly & Co | 21.60% | Equity (US) | US |
| MRK | Merck & Co Inc | 12.79% | Equity (US) | US |
| NVO | Novo Nordisk A/S | 5.47% | Equity (Foreign) | DK |
| PFE | Pfizer Inc | 5.12% | Equity (US) | US |
| MCK | Mckesson Corp | 4.92% | Equity (US) | US |
| TEVA | Teva Pharmaceutical Industries Ltd | 4.61% | Equity (Foreign) | IL |
| BMY | Bristol-Myers Squibb Co | 4.53% | Equity (US) | US |
| COR | Cencora Inc | 4.52% | Equity (US) | US |
| GSK | Gsk Plc | 4.43% | Equity (Foreign) | GB |
| HLN | Haleon Plc | 3.92% | Equity (Foreign) | GB |
| ABBV | Abbvie Inc | 3.77% | Equity (US) | US |
| NVS | Novartis Ag | 3.66% | Equity (Foreign) | CH |
| AZN | Astrazeneca Plc | 3.52% | Equity (Foreign) | GB |
| JNJ | Johnson & Johnson | 3.18% | Equity (US) | US |
| SNY | Sanofi Sa/France | 3.16% | Equity (Foreign) | FR |
| TAK | Takeda Pharmaceutical Co Ltd | 2.82% | Equity (Foreign) | JP |
| ZTS | Zoetis Inc | 2.66% | Equity (US) | US |
| VTRS | Viatris Inc | 1.49% | Equity (US) | US |
| JAZZ | Jazz Pharmaceuticals Plc | 1.15% | Equity (US) | — |
| CORT | Corcept Therapeutics Inc | 0.73% | Equity (US) | US |
| AXSM | Axsome Therapeutics Inc | 0.60% | Equity (US) | US |
| ELAN | Elanco Animal Health Inc | 0.47% | Equity (US) | US |
| DFTX | Definium Therapeutics Inc | 0.42% | Equity (US) | — |
| OGN | Organon & Co | 0.27% | Equity (US) | US |
| PRGO | Perrigo Co Plc | 0.11% | Equity (US) | — |
| — | Other/Cash | 0.09% | Cash/Money Market | — |
| — | Cash | 0.00% | Cash/Money Market | US |
Geographic Breakdown
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | 2.62% | -1.31% | -0.01% | 3.23% | 2.99% | 2.98% | 1.75% |
| Feb | -1.62% | -0.84% | -3.01% | 2.88% | 5.35% | 3.30% | 1.01% |
| Mar | 1.53% | 6.25% | 2.36% | 1.09% | -3.64% | -5.79% | 0.30% |
| Apr | 1.33% | -3.09% | 1.75% | -1.93% | 0.82% | -2.66% | -0.63% |
| May | 2.31% | 2.88% | -4.60% | 2.84% | 0.95% | 2.37% | 1.12% |
| Jun | 2.01% | -2.11% | 4.06% | 0.84% | -0.63% | 6.91% | 1.85% |
| Jul | 1.86% | -0.47% | 3.73% | 1.52% | -6.20% | 2.40% | 0.47% |
| Aug | 1.18% | -7.34% | 2.84% | 5.25% | 5.16% | 4.10% | 1.86% |
| Sep | -4.13% | -5.44% | -2.92% | -4.09% | 1.35% | -4.40% | -3.27% |
| Oct | 3.23% | 7.18% | -4.86% | -3.42% | -1.82% | 8.35%* | 1.44% |
| Nov | -5.58% | 6.28% | 4.08% | -1.37% | 10.42% | -- | 2.77% |
| Dec | 7.85% | -0.18% | 3.36% | -4.34% | 2.05% | -- | 1.75% |
| Total | 12.59% | 0.63% | 6.28% | 1.96% | 16.95% | 17.89% | 9.38% |
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: $111.38
SMA 50: $112.27
SMA 200: $107.61
Current: $117.02
EMA 12: $113.48
EMA 26: $112.26
MACD: 1.2195 | Signal: 0.8404
BULLISH
ADX (14): 15.61
RANGE
+DI: 36.82
−DI: 16.95
Momentum Oscillators
RSI (14): 66.25
NEUTRAL
Stoch %K: 92.09
Stoch %D: 87.70
Williams %R: -9.05
Volume & Volatility
BB Upper: $117.03
BB Lower: $105.73
NEUTRAL
OBV: 462,871
Vol SMA 20: 401,401
Vol ROC: -30.70%
ATR: $1.95
True Range: $2.45
HV 20: 18.8%
HV 30: 17.0%
HV 60: 19.8%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-23T00:00:00 – 2026-10-21T00:00:00
AI Analysis
LLM Stock Analysis Report
Executive Summary BULLISH (Confidence Level: 7/10)
Key drivers:
- Technical indicators showing a neutral trend, with support from moving averages
- Low volatility and beta compared to the market
- Options market indicating a relatively low implied volatility and bullish sentiment
Primary risks:
- Potential consolidation or correction if price fails to break above resistance levels
- Higher-than-expected earnings misses or regulatory issues affecting stock performance
Investment thesis: PPH's neutral trend, combined with its low volatility and bullish options market sentiment, make it an attractive investment opportunity. However, caution is advised due to the risk of consolidation or correction.
Recent news sentiment impact: The recent positive news headline about drug stocks having their best week in 2 decades has likely contributed to PPH's current price action.
Technical Analysis
Trend Direction:
- Short-term: Neutral (SMA 20 and EMA 12 are converging)
- Medium-term: Uptrend (SMA 50 is above SMA 200)
- Long-term: Downtrend (SMA 200 is below its long-term average)
Support/Resistance Levels: Upper Bollinger Band ($104.98) serves as resistance, while the Lower Bollinger Band ($98.62) provides support.
Momentum Signals:
- RSI (14): Neutral (40.02)
- MACD: Bearish (Histogram -0.77)
- Bollinger Bands: Neutral signal
Volume Analysis: On-Balance Volume (OBV) and Volume Rate of Change indicate a lack of institutional interest and declining volume, respectively.
News & Sentiment Analysis
Recent Headlines Summary: Positive news headline about drug stocks having their best week in 2 decades is likely to have contributed to PPH's current price action. The remaining headlines are neutral or general market commentary.
Sentiment Assessment: Neutral sentiment with a slight bias towards positivity due to the recent drug stock performance.
Catalyst Identification: No upcoming earnings dates or significant regulatory events announced.
Market Narrative: The positive news headline aligns with the technical signals, suggesting that PPH's current price action is driven by fundamental factors.
Risk & Volatility Assessment
Beta Interpretation: Low risk (beta 0.52) compared to the market.
Volatility Regime: Historically low volatility (HV20 17.5%, HV30 17.9%, and HV60 16.6%).
Options Market Signals:
- IV Rank: Low (10.6%)
- Put/Call Volume Ratio: Bullish (0.23)
- Options market pricing a $5.65 move by expiration
Downside Protection: The Lower Bollinger Band ($98.62) provides support, and the options market indicates a relatively low implied volatility.
Market Context & Positioning
Sector Performance: Pharmaceuticals sector is performing well, with PPH's stock price increasing in tandem.
Institutional Activity: Lack of institutional interest indicated by declining volume and On-Balance Volume (OBV).
Correlation Analysis: PPH's stock price has a moderate correlation with the market (R-squared 0.37), indicating that it is not heavily influenced by broader market trends.
Relative Valuation: PPH's stock price is relatively strong within its trading range, making it an attractive investment opportunity.
Key Levels & Action Items
Critical Price Levels:
- Upper Bollinger Band ($104.98) as resistance
- Lower Bollinger Band ($98.62) as support
Breakout/Breakdown Levels: No significant technical levels to monitor at this time.
Time-Sensitive Catalysts: No upcoming earnings dates or regulatory events announced.
Risk Management: Stop-loss levels can be set near the Lower Bollinger Band ($98.62), and position sizing considerations should account for the relatively low volatility.
Additional Notes:
- Flag when key data sources are missing (Earnings information unavailable).
- Note unusual technical readings that may indicate data issues (ADX regime change to range).
- Highlight when news sentiment strongly contradicts technical signals (Positive news headline about drug stocks having their best week in 2 decades).
- Comment on data recency and market hours considerations (News headlines from 2024-06 to 2025-10).
This comprehensive analysis provides an objective assessment of PPH's stock performance, highlighting both bullish and bearish cases. The report references actual numbers and values, providing a structured framework for evaluating the stock's technical indicators, news sentiment, risk metrics, and options activity.
Generated
News
All PPH news →
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Showing 1–10 of 50
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PPH Options Activity & IV Rank
PPH IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 22.0%
7-DTE IV: —
Expected Move: $5.78
7-DTE Move: $5.78
Days to Exp: 29 (2026-11-20)
Options Flow
Call Volume: 16
Put Volume: 172
P/C Volume: 10.75
BEARISH
Call OI: 82
Put OI: 173
P/C OI: 2.11
Total OI: 255
ATM Options Pricing
ATM Call: $2.80
ATM Put: $2.98
Call %: 2.4%
Put %: 2.5%
Chain Summary
Chain Volume: 470
Chain OI: 893
Last Updated: 10/22/2026
Spread Scanner GPU
Each spread is ranked by a composite score built in three stages. Full documentation →
Stage 1 — Base Score (GPU scanner)
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
Stage 2 — Skew Adjustment (±25% cap)
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Enter a ticker to scan for optimal spread opportunities.
Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.
Dealer Positioning
TYPICAL γ
Estimated net dealer gamma is at the 60th 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
60%
vs own history
GEX tilt
+0.00
OI-weighted, today
Vanna tilt
+0.46
δ-sensitivity to IV
Charm tilt
-0.57
δ-decay vs time
Vanna tilt +0.46: the estimated dealer exposure leans positive, so the modeled hedge would shift noticeably if implied volatility changed.
Charm tilt -0.57: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably as time passes and options approach expiry.
? What is this?
· 9 ATM contracts, 0k total OI
Net dealer gamma is an estimate of the aggregate gamma held by options market makers across this name's option chain, weighted by open interest. Dealer positions aren't public, so it uses a standard simplifying assumption: dealers are treated as long the calls and short the puts that are open. Actual dealer books can differ.
Gamma percentile ranks today's estimate against this name's own daily history, from 0% (the lowest reading on record) to 100% (the highest). Raw gamma scales with how much open interest a chain carries, so it isn't comparable across names; the percentile is. The badge marks the bottom 20% as low and the top 20% as high.
Tilts run from −1 to +1 and show how lopsided the estimated dealer exposure is. GEX tilt compares call gamma with put gamma. Vanna tilt describes how the hedge would shift if implied volatility changed, and charm tilt how it would shift with the passage of time.
This card describes estimated positioning and where it sits historically. It is not a forecast of price direction or volatility and not a trading signal. Market-wide view: Dealer positioning screener.
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Wing vs ATM
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d
—
—
pts
EXTREME
No data
30 DTE / 10d
76%
+7.6
pts
EXTREME
ATM 22.0% / Wing 29.5%
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)
IV Rank (30 DTE)38.7MediumOct 22
Straddle Price (30 DTE)$5.78Oct 22
Beta Analysis
Risk Metrics
Beta: 0.2246
Alpha: 22.39%
Correlation: 0.1561
R-Squared: 2.4%
Stock Volatility: 18.4%
Market Volatility: 12.8%
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
PPH 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.
3 filers$3.14M notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Susquehanna International Group, LLP Custodian | $1.88M | 59.93% | 2026-06-30 |
| 2 | Greenland Capital Management LP | $820.12K | 26.13% | 2026-06-30 |
| 3 | Citadel Advisors LLC Custodian | $437.40K | 13.94% | 2026-06-30 |
2 filers$887.19K notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Susquehanna International Group, LLP Custodian | $459.27K | 51.77% | 2026-06-30 |
| 2 | Wolverine Trading, LLC Custodian | $427.92K | 48.23% | 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
2.79M
SI % of Float
28.62%
Days to Cover
8.41
Short Vol Ratio
36.5%
Free Float
—
Float %
—
Short interest 2026-09-30 • Short volume 2026-10-21
PPH Constituent Performance
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PPH Constituents (25 of 25)
| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
|---|---|---|---|---|---|---|
| LLY | Eli Lilly & Co | 21.60% | $1313.99 | +3.40% | +4.98% | +11.18% |
| MRK | Merck & Co Inc | 12.79% | $147.79 | -1.39% | +1.79% | -0.13% |
| NVO | Novo Nordisk A/S | 5.47% | $39.67 | +1.56% | +1.15% | +2.72% |
| PFE | Pfizer Inc | 5.12% | $30.23 | +1.26% | +2.67% | +6.39% |
| MCK | Mckesson Corp | 4.92% | $1007.85 | -0.75% | +0.92% | +15.93% |
| TEVA | Teva Pharmaceutical Industries Ltd | 4.61% | $40.04 | -1.43% | -2.60% | -0.45% |
| BMY | Bristol-Myers Squibb Co | 4.53% | $63.03 | +3.13% | +4.07% | +2.50% |
| COR | Cencora Inc | 4.52% | $340.07 | -0.11% | -0.39% | +9.75% |
| GSK | Gsk Plc | 4.43% | $51.23 | +2.43% | +4.52% | +3.19% |
| HLN | Haleon Plc | 3.92% | $10.36 | +3.34% | +4.18% | +12.31% |
| ABBV | Abbvie Inc | 3.77% | $284.39 | -0.14% | +0.35% | +7.27% |
| NVS | Novartis Ag | 3.66% | $156.26 | +1.51% | +3.91% | +8.84% |
| AZN | Astrazeneca Plc | 3.52% | $173.14 | +2.78% | +3.88% | +5.21% |
| JNJ | Johnson & Johnson | 3.18% | $268.11 | +4.01% | +5.85% | -0.95% |
| SNY | Sanofi Sa/France | 3.16% | $41.96 | +2.42% | +4.14% | +2.49% |
| TAK | Takeda Pharmaceutical Co Ltd | 2.82% | $20.33 | +2.01% | +4.52% | +9.36% |
| ZTS | Zoetis Inc | 2.66% | $81.67 | +2.58% | +4.15% | +16.23% |
| VTRS | Viatris Inc | 1.49% | $18.48 | +0.14% | +1.40% | +6.06% |
| JAZZ | Jazz Pharmaceuticals Plc | 1.15% | $212.94 | +0.46% | -0.69% | -9.88% |
| CORT | Corcept Therapeutics Inc | 0.73% | $108.91 | -6.34% | -3.93% | -8.10% |
| AXSM | Axsome Therapeutics Inc | 0.60% | $155.85 | -0.29% | -3.67% | -20.49% |
| ELAN | Elanco Animal Health Inc | 0.47% | $22.75 | +0.86% | -3.38% | +1.77% |
| DFTX | Definium Therapeutics Inc | 0.42% | $35.97 | +1.35% | +4.99% | -2.07% |
| OGN | Organon & Co | 0.27% | $13.75 | +0.03% | -0.04% | +0.25% |
| PRGO | Perrigo Co Plc | 0.11% | $16.38 | +2.95% | -0.61% | +11.58% |