Zacks Investment ResearchT3·10d ago
SDY State Street SPDR S&P Dividend ETF
ETF 159.94 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.
SDY
$159.94
—
Key stats
$159.94
After hours
$159.94
+0.00%
- 52-Week Range
- $135.30 – $160.29
- YTD
- +14.21%
- IV Rank (30D)
- 58.02
- Straddle Price
- $5.20
- P/C Vol Ratio
- 0.89
- Open
- $156.38
- Day Range
- $156.09 – $159.98
- Volume
- 300,231
- Prev Close
- $155.99
About
State Street SPDR S&P Dividend ETF (SDY) ETF
No description available.
- Exchange
- ARCX
- Inception
- 2005-11-08
- Has Options
- Yes
- Homepage
- https://www.ssga.com/us/en/individual/etfs
Fund profile
holdings as of Oct 20, 2026issuer datathrough Jun 2026flows, SEC filings
- Expense ratio
- 0.35% issuer, Oct 22, 2026
- Assets
- $21.7B issuer-reported, Oct 20, 2026
- Trailing yield
- 2.42% paid quarterly
- Average daily volume
- $30M 30 sessions
- Holdings
- 158 top 10 are 20.8%
- Listed
- Nov 8, 2005 NYSE Arca
- Net asset value
- $156.12 issuer, Oct 20, 2026 · closed +0.01% to NAV
- Median bid/ask spread
- 0.03% 30 days, issuer-reported
- 30-day SEC yield
- 2.46% issuer
- Tracking difference
- -0.40 pts vs index, after fees, FY 2026
Cost59
Liquidity83
Scale100
Diversification96
Moves with. Value over growth (44% of its variance, beta 0.70); US large-cap stocks (26% of its variance, beta 0.80). These factors explain 78% of its daily moves over the last year.
Stated objective. The State Street SPDR S&P Dividend ETF (the Fund) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the performance of publicly traded issuers that have historically followed a policy of making dividend payments. (from the fund's prospectus)
All 158 holdingsFlow historySimilar fundsOverlap toolAll Dividend ETFs
Fund flows
daily as of Oct 19, 2026issuer datathrough Jun 2026SEC filings- Oct 19, 2026
- $0 latest day
- Latest 5 trading days
- −$16M
- Latest 21 trading days
- −$53M −0.3% of assets
- Year to date
- −$638M −$797M over 12 months
Each day
| Day | Net flow |
|---|---|
| Oct 19, 2026 | $0 |
| Oct 16, 2026 | −$7.8M |
| Oct 15, 2026 | $0 |
| Oct 14, 2026 | −$8.2M |
| Oct 13, 2026 | $0 |
| Oct 12, 2026 | $0 |
| Oct 9, 2026 | −$7.5M |
| Oct 8, 2026 | $0 |
| Oct 7, 2026 | $0 |
| Oct 6, 2026 | −$22M |
| Oct 5, 2026 | −$7.4M |
| Oct 2, 2026 | $0 |
| Oct 1, 2026 | −$7.4M |
| Sep 30, 2026 | $0 |
| Sep 29, 2026 | $0 |
| Sep 28, 2026 | $0 |
| Sep 25, 2026 | +$7.4M |
| Sep 24, 2026 | +$7.4M |
| Sep 23, 2026 | $0 |
| Sep 22, 2026 | −$135M |
| Sep 21, 2026 | +$127M |
Daily figures are the change in shares outstanding times net asset value, both as the issuer publishes them each day.
- Jun 2026
- −$45M latest reported month
- Latest 3 months
- −$157M −0.7% of assets
- Latest 12 months
- −$897M −4.2% of assets
View as a table
| Month | Net flow |
|---|---|
| Jun 2026 | −$45M |
| May 2026 | −$840M |
| Apr 2026 | +$727M |
| Mar 2026 | +$6.4M |
| Feb 2026 | −$46M |
| Jan 2026 | −$157M |
| Dec 2025 | −$28M |
| Nov 2025 | −$90M |
| Oct 2025 | −$118M |
| Sep 2025 | −$125M |
| Aug 2025 | −$119M |
| Jul 2025 | −$63M |
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 | |
|---|---|---|---|---|---|
| SNPDXtrackers S&P Dividend Aristocrats Screened ETF | 60% | 0.15% | $2.6M | +11.7% | compare |
| KNGFT Vest S&P 500 Dividend Aristocrats Target Income ETF | 56% | 0.74% | $3.4B | +2.1% | compare |
| NOBLProShares S&P 500 Dividend Aristocrats ETF | 56% | 0.35% | $11.6B | +11.7% | compare |
| TMDVProShares Russell US Dividend Growers ETF | 40% | 0.35% | $4.7M | +10.0% | compare |
| VSDAVictoryShares Dividend Accelerator ETF | 39% | 0.35% | $222M | +11.2% | 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
- +8.3% 41% under, 21% over · 100% covered
- Price / earnings
- 20.5 1% loss-making · 100% covered
- Price / book · sales
- 3.0 · 1.9 revenue growth +5.0%
- Above 200-day average
- 60% 67% above 50-day · by weight
- Short interest
- 3.9% of float, weighted · 4.3 days to cover
- Insider buying
- 8% of weight had net insider buying, 90 days; 52% net selling
- 13F holders
- +3.2% change in shares held by institutions, latest quarter
- Reporting earnings
- 31.1% of weight in 7 days; 67.8% in 14
Holdings reporting in the next 14 days · weighted implied move this week 1.88%
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 | VZVerizon Communications Inc | 3.69% | 2.14% | −26.9% |
| Decrease | CVXChevron Corp | 2.37% | 1.27% | −28.8% |
| Decrease | XOMExxon Mobil Corp | 1.85% | 0.93% | −33.8% |
| Increase | QCOMQUALCOMM Inc | 0.73% | 1.57% | +58.7% |
| Decrease | TGTTarget Corp | 2.27% | 1.55% | −32.9% |
| Increase | ADPAutomatic Data Processing Inc | 0.89% | 1.54% | +66.1% |
| Increase | IBMInternational Business Machines Corp | 0.79% | 1.27% | +47.3% |
| Decrease | LMTLockheed Martin Corp | 1.25% | 0.85% | −15.0% |
| Increase | BDXBecton Dickinson & Co | 0.70% | 1.07% | +68.2% |
| Decrease | APDAir Products and Chemicals Inc | 1.36% | 1.03% | −20.5% |
0 new, 0 exited, 0 increased and 0 decreased between the fund's two latest holdings reports; turnover 0.4%. Full holdings and history
Under the hood
fiscal year to Jun 30, 2026SEC census- Authorized participants
- 10 active of 41 with agreements; top 3 did 75%
- Created · redeemed
- $1.3B · $2.2B over the fiscal year
- Redemptions in kind
- 100% creations 84% in kind
- Creation unit
- 50,000 shares
- Securities lending
- 3.55% of assets on loan on average; earned 0.5 bp
- Return vs index
- -0.40 pts after fees; +0.01 before; daily s.d. 0.06
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
158
AUM
$21.7B
Provider
SPDR (State Street)
Inception
2005-11-08
Exchange
ARCX
Data As Of
2026-10-20
Expense Ratio
0.35%
Dividend Yield
2.42%
Distribution
Quarterly
Recent distributions
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-09-21 | 2026-09-23 | $0.9168 | CD |
| 2026-06-22 | 2026-06-24 | $0.9680 | CD |
| 2026-03-23 | 2026-03-25 | $0.8743 | CD |
| 2025-12-22 | 2025-12-24 | $1.0174 | CD |
| 2025-09-22 | 2025-09-24 | $0.8709 | CD |
| 2025-06-23 | 2025-06-25 | $0.9274 | CD |
Asset Allocation
Top Holdings
top 50 of 158 holdings
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| ACN | ACCENTURE PLC CL A | 3.84% | Equity (Foreign) | IE |
| VZ | VERIZON COMMUNICATIONS INC | 2.88% | Equity (US) | US |
| CVX | CHEVRON CORP | 2.16% | Equity (US) | US |
| O | REALTY INCOME CORP | 1.95% | Equity (US) | US |
| PEP | PEPSICO INC | 1.85% | Equity (US) | US |
| MDT | MEDTRONIC PLC | 1.83% | Equity (Foreign) | IE |
| TGT | TARGET CORP | 1.67% | Equity (US) | US |
| ADP | AUTOMATIC DATA PROCESSING | 1.57% | Equity (US) | US |
| KVUE | KENVUE INC | 1.55% | Equity (US) | US |
| NKE | NIKE INC CL B | 1.54% | Equity (US) | US |
| KMB | KIMBERLY CLARK CORP | 1.52% | Equity (US) | US |
| BDX | BECTON DICKINSON AND CO | 1.51% | Equity (US) | US |
| XOM | EXXONMOBIL HOLDINGS CORP | 1.49% | Equity (US) | US |
| ED | CONSOLIDATED EDISON INC | 1.38% | Equity (US) | US |
| PG | PROCTER + GAMBLE CO/THE | 1.36% | Equity (US) | US |
| ABBV | ABBVIE INC | 1.35% | Equity (US) | US |
| WEC | WEC ENERGY GROUP INC | 1.34% | Equity (US) | US |
| SO | SOUTHERN CO/THE | 1.29% | Equity (US) | US |
| KO | COCA COLA CO/THE | 1.27% | Equity (US) | US |
| LMT | LOCKHEED MARTIN CORP | 1.24% | Equity (US) | US |
| ABT | ABBOTT LABORATORIES | 1.21% | Equity (US) | US |
| IBM | INTL BUSINESS MACHINES CORP | 1.21% | Equity (US) | US |
| XEL | XCEL ENERGY INC | 1.21% | Equity (US) | US |
| SYY | SYSCO CORP | 1.14% | Equity (US) | US |
| MCD | MCDONALD S CORP | 1.10% | Equity (US) | US |
| APD | AIR PRODUCTS + CHEMICALS INC | 1.08% | Equity (US) | US |
| ADM | ARCHER DANIELS MIDLAND CO | 1.08% | Equity (US) | US |
| NEE | NEXTERA ENERGY INC | 1.07% | Equity (US) | US |
| ITW | ILLINOIS TOOL WORKS | 1.03% | Equity (US) | US |
| CL | COLGATE PALMOLIVE CO | 1.02% | Equity (US) | US |
| ES | EVERSOURCE ENERGY | 1.00% | Equity (US) | US |
| FAST | FASTENAL CO | 0.98% | Equity (US) | US |
| LOW | LOWE S COS INC | 0.94% | Equity (US) | US |
| ATO | ATMOS ENERGY CORP | 0.93% | Equity (US) | US |
| PPG | PPG INDUSTRIES INC | 0.93% | Equity (US) | US |
| JNJ | JOHNSON + JOHNSON | 0.92% | Equity (US) | US |
| TROW | T ROWE PRICE GROUP INC | 0.90% | Equity (US) | US |
| AMCR | AMCOR PLC | 0.87% | Equity (Foreign) | CH |
| AFL | AFLAC INC | 0.87% | Equity (US) | US |
| QCOM | QUALCOMM INC | 0.85% | Equity (US) | US |
| EIX | EDISON INTERNATIONAL | 0.85% | Equity (US) | US |
| NOC | NORTHROP GRUMMAN CORP | 0.85% | Equity (US) | US |
| CINF | CINCINNATI FINANCIAL CORP | 0.84% | Equity (US) | US |
| EVRG | EVERGY INC | 0.80% | Equity (US) | US |
| TXN | TEXAS INSTRUMENTS INC | 0.77% | Equity (US) | US |
| EMR | EMERSON ELECTRIC CO | 0.76% | Equity (US) | US |
| MCHP | MICROCHIP TECHNOLOGY INC | 0.76% | Equity (US) | US |
| LNT | ALLIANT ENERGY CORP | 0.76% | Equity (US) | US |
| ESS | ESSEX PROPERTY TRUST INC | 0.73% | Equity (US) | US |
| WM | WASTE MANAGEMENT INC | 0.71% | Equity (US) | US |
Geographic Breakdown
Non-Equity Breakdown
State Street(R) SPDR(R) S&P(R) Dividend ETF ·
NPORT-P period 2026-06-30
(filed 2026-08-28)
Net assets:
$21.39B
· 160 total positions
· equity 99.71%
· non-equity 1.62%
Non-equity holdings
— 5 positions,
1.62% of NAV
| Category | Weight | Value | Positions |
|---|---|---|---|
| Short-term investment | 1.62% | $347.5M | 4 |
| Derivative (equity) | 0.00% | $7416 | 1 |
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | 0.77% | -2.08% | 3.19% | -1.55% | 2.49% | 6.21% | 1.50% |
| Feb | 4.26% | -1.68% | -3.67% | 0.69% | 3.16% | 4.50% | 1.21% |
| Mar | 4.64% | 4.13% | -1.25% | 4.28% | -1.94% | -6.39% | 0.58% |
| Apr | 3.38% | -4.22% | 0.95% | -2.60% | -3.35% | 2.90% | -0.49% |
| May | 0.96% | 2.57% | -6.09% | 2.14% | 3.27% | 0.08% | 0.49% |
| Jun | -3.01% | -5.80% | 3.86% | -1.97% | 0.75% | 2.88% | -0.55% |
| Jul | 0.10% | 5.06% | 3.04% | 7.05% | -0.80% | 1.29% | 2.62% |
| Aug | 1.60% | -2.49% | -3.28% | 3.79% | 3.56% | 0.31% | 0.58% |
| Sep | -5.62% | -10.04% | -6.08% | 1.96% | -0.28% | -5.92% | -4.33% |
| Oct | 3.66% | 7.44% | -1.34% | -2.61% | -1.97% | 8.44%* | 2.27% |
| Nov | -3.22% | 6.83% | 6.63% | 4.21% | 3.43% | -- | 3.58% |
| Dec | 7.72% | -4.71% | 3.10% | -7.84% | -0.52% | -- | -0.45% |
| Total | 15.44% | -6.49% | -1.88% | 6.82% | 7.73% | 14.10% | 5.95% |
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: $150.80
SMA 50: $153.33
SMA 200: $151.17
Current: $159.94
EMA 12: $153.90
EMA 26: $152.54
MACD: 1.3633 | Signal: 1.2643
BULLISH
ADX (14): 33.48
TREND
+DI: 47.72
−DI: 14.95
Momentum Oscillators
RSI (14): 74.42
OVERBOUGHT
Stoch %K: 98.92
Stoch %D: 94.43
Williams %R: -0.29
Volume & Volatility
BB Upper: $158.22
BB Lower: $143.38
OVERBOUGHT
OBV: -3,485,499
Vol SMA 20: 219,641
Vol ROC: 31.11%
ATR: $1.64
True Range: $3.99
HV 20: 13.4%
HV 30: 13.0%
HV 60: 11.5%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-24T00:00:00 – 2026-10-22T00:00:00
AI Analysis
LLM Stock Analysis Report
Executive Summary
Overall Assessment: NEUTRAL (Confidence Level: 6/10)
Key Drivers:
- Historical volatility remains low, indicating a relatively stable stock price
- Recent news headlines are generally positive, highlighting the fund's dividend yield and passive income potential
- Technical indicators suggest a neutral trend, with no clear buy or sell signals
Primary Risks:
- Low volatility may indicate a lack of market excitement, potentially limiting upside potential
- Overly optimistic sentiment could lead to a correction if not supported by fundamental analysis
Investment Thesis: The First Trust Global Tactical Commodity Strategy ETF (SDY) appears to be a stable investment option, offering a decent dividend yield and relatively low volatility. However, investors should be cautious of overly optimistic sentiment and potential corrections.
Recent News Sentiment Impact: The majority of recent news headlines are positive, highlighting the fund's dividend yield and passive income potential. This has contributed to a neutral market narrative.
Technical Analysis
Trend Direction: Short-term: Neutral (1-4 weeks), Medium-term: Range-bound (1-3 months), Long-term: Uptrend (3-12 months)
Support/Resistance Levels: SMA 20: $148.18, SMA 50: $147.40, SMA 200: $143.96
Momentum Signals:
- RSI interpretation: Neutral (59.06)
- MACD signal: Bearish (MACD < signal line)
- Bollinger Bands position: Squeeze (Price touches middle band)
Volume Analysis: Volume trends indicate a relatively stable trading environment, with no clear buy or sell signals.
News & Sentiment Analysis
Recent Headlines Summary: Positive news headlines dominate the recent narrative, highlighting the fund's dividend yield and passive income potential.
Sentiment Assessment: Aggregate sentiment is positive (66.7%).
Catalyst Identification: No near-term catalysts identified.
Market Narrative: The market narrative remains neutral, with no clear buy or sell signals.
Risk & Volatility Assessment
Beta Interpretation: Beta 0.40 indicates a relatively low-risk investment compared to the broader market.
Volatility Regime: Current volatility is low (Historical Volatility: HV20 10.8%, HV30 11.0%).
Options Market Signals: IV rank: 0.2% (Low), IV premium vs HV30: 34.5% (Positive).
Downside Protection: Support levels are relatively strong, with SMA 200 providing a solid floor.
Market Context & Positioning
Sector Performance: SDY has underperformed the broader market, with a relative strength of -10.2%.
Institutional Activity: Institutional activity is neutral, with no clear buy or sell signals.
Correlation Analysis: Correlation with SPY is 0.46, indicating a relatively stable relationship.
Relative Valuation: SDY is positioned within a trading range, offering limited upside potential.
Key Levels & Action Items
Critical Price Levels: SMA 20: $148.18, SMA 50: $147.40, SMA 200: $143.96
Breakout/Breakdown Levels: No clear buy or sell signals identified.
Time-Sensitive Catalysts: No near-term catalysts identified.
Risk Management: Monitor support levels and consider scaling back exposure if volatility increases.
Please note that this analysis is based on the provided data, and you should always verify the accuracy of the information before making investment decisions.
Generated
News
All SDY news →
The Motley FoolT3·3mo ago
The Motley FoolT3·8mo ago
Investing.comT3·11mo ago
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Seeking AlphaT3·28mo ago
Showing 1–10 of 50
Page 1 of 5
SDY Options Activity & IV Rank
SDY IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 14.3%
7-DTE IV: —
Expected Move: $5.20
7-DTE Move: $5.20
Days to Exp: 29 (2026-11-20)
Options Flow
Call Volume: 36
Put Volume: 32
P/C Volume: 0.889
NEUTRAL
Call OI: 124
Put OI: 33
P/C OI: 0.266
Total OI: 157
ATM Options Pricing
ATM Call: $2.10
ATM Put: $3.10
Call %: 1.3%
Put %: 1.9%
Chain Summary
Chain Volume: 417
Chain OI: 689
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 75th 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
75%
vs own history
GEX tilt
+0.83
OI-weighted, today
Vanna tilt
-0.41
δ-sensitivity to IV
Charm tilt
-0.14
δ-decay vs time
Vanna tilt -0.41: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably if implied volatility changed.
? What is this?
· 20 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
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—
pts
EXTREME
No data
30 DTE / 10d
—
—
pts
EXTREME
ATM 14.5% / 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
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Volatility Smile
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IV Rank (7 DTE)
IV Rank (30 DTE)58.0MediumOct 22
Straddle Price (30 DTE)$5.20Oct 22
Beta Analysis
Risk Metrics
Beta: 0.2078
Alpha: 11.15%
Correlation: 0.2378
R-Squared: 5.7%
Stock Volatility: 11.1%
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
SDY 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.
4 filers$10.23M notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Susquehanna International Group, LLP Custodian | $7.11M | 69.49% | 2026-06-30 |
| 2 | Citadel Advisors LLC Custodian | $2.48M | 24.26% | 2026-06-30 |
| 3 | Jane Street Group, LLC Custodian | $365.23K | 3.57% | 2026-06-30 |
| 4 | Point72 Asset Management, L.P. | $273.92K | 2.68% | 2026-06-30 |
2 filers$11.46M notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Susquehanna International Group, LLP Custodian | $9.72M | 84.86% | 2026-06-30 |
| 2 | Citadel Advisors LLC Custodian | $1.73M | 15.14% | 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
49.83K
SI % of Float
0.04%
Days to Cover
1.00
Short Vol Ratio
38.8%
Free Float
—
Float %
—
Short interest 2026-09-30 • Short volume 2026-10-21
Constituent Performance
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Constituents
| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
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