Zacks Investment ResearchT3·1d ago
SMH VanEck Semiconductor ETF
ETF 556.70 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.
SMH
$556.70
—
Key stats
$556.70
Pre-market
$536.95
-3.55%
- 52-Week Range
- $315.05 – $671.83
- YTD
- +49.13%
- IV Rank (30D)
- 22.25
- Straddle Price
- $47.35
- P/C Vol Ratio
- 0.09
- Open
- $556.34
- Day Range
- $549.52 – $559.19
- Volume
- 7,738,400
- Prev Close
- $546.36
About
VanEck Semiconductor ETF (SMH) 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 19, 2026issuer datathrough Jun 2026flows, SEC filings
- Expense ratio
- 0.35% issuer, Oct 21, 2026
- Assets
- $66.7B issuer-reported, Oct 19, 2026
- Trailing yield
- 0.20% paid annual
- Average daily volume
- $4.3B 30 sessions
- Holdings
- 27 top 10 are 68.1%
- Listed
- Dec 20, 2011 Nasdaq
- Tracking difference
- -0.29 pts vs index, after fees, FY 2025
Cost91
Liquidity100
Scale100
Diversification31
Moves with. US large-cap stocks (32% of its variance, beta 1.32); Emerging markets over US (26% of its variance, beta 0.89); Value over growth (26% of its variance, beta -0.88); Small caps over large (4% of its variance, beta 0.53). These factors explain 84% of its daily moves over the last year.
Stated objective. VanEck Semiconductor ETF (the Fund) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS US Listed Semiconductor 25 Index (the Semiconductor Index or the Index). (from the fund's prospectus)
All 27 holdingsFlow historySimilar fundsOverlap toolAll Semiconductors ETFs
Fund flows
through Jun 2026SEC filings- Jun 2026
- +$2.2B latest reported month
- Latest 3 months
- +$4.5B +5.9% of assets
- Latest 12 months
- +$9.2B +11.9% of assets
View as a table
| Month | Net flow |
|---|---|
| Jun 2026 | +$2.2B |
| May 2026 | −$1.5B |
| Apr 2026 | +$3.9B |
| Mar 2026 | −$2.6B |
| Feb 2026 | +$1.9B |
| Jan 2026 | +$2.3B |
| Dec 2025 | +$801M |
| Nov 2025 | +$278M |
| Oct 2025 | +$1.3B |
| Sep 2025 | +$1.1B |
| Aug 2025 | +$8.0M |
| Jul 2025 | −$502M |
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 | |
|---|---|---|---|---|---|
| SHOCStrive U.S. Semiconductor ETF | 82% | 0.40% | $278M | +52.5% | compare |
| SOXYYieldMax Target 12 Semiconductor Option Income ETF | 72% | 1.06% | $64M | +43.1% | compare |
| CHPYYieldMax Semiconductor Portfolio Option Income ETF | 70% | 1.03% | $1.0B | +5.5% | compare |
| SOXXiShares Semiconductor ETF | 70% | 0.33% | $42.0B | +73.5% | compare |
| SOXQInvesco PHLX Semiconductor ETF | 65% | 0.19% | $2.4B | +66.4% | compare |
Ranked by how much of the two portfolios is the same securities.
Look-through: what the holdings say
weights as of Oct 19, 2026issuer data- Holdings vs fair value
- +2.9% 20% under, 24% over · 96% covered
- Price / earnings
- 37.2 5% loss-making · 81% covered
- Price / book · sales
- 10.9 · 11.9 revenue growth +19.6%
- Above 200-day average
- 72% 20% above 50-day · by weight
- Short interest
- 2.3% of float, weighted · 2.4 days to cover
- Insider buying
- 14% of weight had net insider buying, 90 days; 66% net selling
- 13F holders
- +2.4% change in shares held by institutions, latest quarter
- Reporting earnings
- 13.4% of weight in 7 days; 35.7% in 14
Holdings reporting in the next 14 days · weighted implied move this week 1.32%
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 |
|---|---|---|---|---|
| Increase | MRVLMarvell Technology Inc | 2.35% | 4.66% | +11.4% |
| Increase | NVDANVIDIA Corp | 19.64% | 17.55% | +31.7% |
| Decrease | MUMicron Technology Inc | 4.23% | 5.67% | −33.5% |
| Decrease | AMDAdvanced Micro Devices Inc | 4.68% | 5.63% | −28.8% |
| Increase | ALABAstera Labs Inc | 0.44% | 1.27% | +10.1% |
| Decrease | INTCIntel Corp | 4.34% | 5.15% | −36.5% |
| Increase | ADIAnalog Devices Inc | 4.70% | 4.00% | +15.4% |
| Increase | CDNSCadence Design Systems Inc | 2.43% | 2.15% | +10.7% |
| Increase | ASML Holding NV | 4.99% | 5.04% | +13.5% |
| Increase | MPWRMonolithic Power Systems Inc | 1.23% | 1.22% | +32.5% |
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
- 17 active of 38 with agreements; top 3 did 55%
- Created · redeemed
- $35.4B · $34.7B over the fiscal year
- Redemptions in kind
- 100% creations 100% in kind
- Creation unit
- 50,000 shares
- Securities lending
- 0.16% of assets on loan on average; earned 0.1 bp
- Return vs index
- -0.29 pts after fees; +0.18 before; daily s.d. 0.06
- 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
$69.4B
Provider
VanEck
Inception
2011-12-20
Exchange
XNAS
Data As Of
2026-10-20
Expense Ratio
0.35%
Dividend Yield
0.20%
Distribution
Annual
Recent distributions
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2025-12-22 | 2025-12-26 | $1.1047 | CD |
| 2024-12-23 | 2024-12-24 | $1.0713 | CD |
| 2023-12-18 | 2023-12-22 | $1.0427 | CD |
| 2022-12-19 | 2022-12-23 | $2.4010 | CD |
| 2021-12-20 | 2021-12-27 | $1.5733 | CD |
Asset Allocation
Top Holdings
top 27 of 27 holdings
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| NVDA | Nvidia Corp | 20.44% | Equity (US) | US |
| TSM | Taiwan Semiconductor Manufacturing Co L | 9.59% | Equity (Foreign) | TW |
| AVGO | Broadcom Inc | 5.51% | Equity (US) | US |
| AMD | Advanced Micro Devices Inc | 5.42% | Equity (US) | US |
| TXN | Texas Instruments Inc | 5.03% | Equity (US) | US |
| MU | Micron Technology Inc | 4.60% | Equity (US) | US |
| MRVL | Marvell Technology Inc | 4.53% | Equity (US) | US |
| ADI | Analog Devices Inc | 4.51% | Equity (US) | US |
| ASML | Asml Holding Nv | 4.48% | Equity (Foreign) | NL |
| KLAC | Kla Corp | 4.19% | Equity (US) | US |
| AMAT | Applied Materials Inc | 4.10% | Equity (US) | US |
| INTC | Intel Corp | 4.09% | Equity (US) | US |
| LRCX | Lam Research Corp | 3.95% | Equity (US) | US |
| QCOM | Qualcomm Inc | 3.95% | Equity (US) | US |
| SKHY | Sk Hynix Inc | 3.72% | Equity (Foreign) | KR |
| CDNS | Cadence Design Systems Inc | 2.07% | Equity (US) | US |
| SNPS | Synopsys Inc | 2.04% | Equity (US) | US |
| MPWR | Monolithic Power Systems Inc | 1.23% | Equity (US) | US |
| TER | Teradyne Inc | 1.17% | Equity (US) | US |
| NXPI | Nxp Semiconductors Nv | 1.13% | Equity (US) | — |
| ALAB | Astera Labs Inc | 1.00% | Equity (US) | US |
| ARM | Arm Holdings Plc | 0.96% | Equity (Foreign) | GB |
| STM | Stmicroelectronics Nv | 0.87% | Equity (US) | — |
| MCHP | Microchip Technology Inc | 0.85% | Equity (US) | US |
| ON | On Semiconductor Corp | 0.52% | Equity (US) | US |
| — | Cash | 0.06% | Cash/Money Market | US |
| — | Other/Cash | -0.02% | Cash/Money Market | — |
Geographic Breakdown
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | 3.54% | -12.74% | 17.74% | 10.00% | -0.48% | 8.08% | 4.36% |
| Feb | 2.32% | -3.05% | -3.58% | 13.00% | -2.52% | -0.39% | 0.96% |
| Mar | -1.87% | 3.89% | 9.86% | 2.02% | -5.17% | -5.66% | 0.51% |
| Apr | -3.93% | -13.40% | -5.52% | -6.08% | -0.57% | 29.28% | -0.04% |
| May | 3.75% | 3.40% | 15.86% | 15.70% | 12.93% | 17.48% | 11.52% |
| Jun | 5.39% | -15.31% | 3.92% | 7.07% | 14.62% | 7.91% | 3.93% |
| Jul | 1.85% | 21.01% | 4.57% | -5.37% | 4.69% | -13.32% | 2.24% |
| Aug | 2.20% | -9.71% | -2.68% | 5.39% | 2.23% | 2.05% | -0.09% |
| Sep | -5.23% | -11.80% | -7.19% | 9.00% | 13.92% | 11.70% | 1.73% |
| Oct | 6.69% | -1.32% | -4.98% | 1.17% | 8.79% | -9.89%* | 0.08% |
| Nov | 10.16% | 19.52% | 12.69% | -1.07% | -3.77% | -- | 7.51% |
| Dec | 1.64% | -10.60% | 8.53% | -2.30% | 2.03% | -- | -0.14% |
| Total | 28.69% | -32.28% | 55.72% | 56.84% | 54.19% | 48.20% | 35.23% |
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: $593.37
SMA 50: $577.56
SMA 200: $514.06
Current: $556.70
EMA 12: $571.16
EMA 26: $579.91
MACD: -8.7554 | Signal: -8.1560
BEARISH
ADX (14): 23.17
WEAK TREND
+DI: 18.59
−DI: 36.65
Momentum Oscillators
RSI (14): 40.34
NEUTRAL
Stoch %K: 13.00
Stoch %D: 9.71
Williams %R: -80.17
Volume & Volatility
BB Upper: $652.76
BB Lower: $533.98
NEUTRAL
OBV: 223,725,606
Vol SMA 20: 7,718,475
Vol ROC: 4.40%
ATR: $16.48
True Range: $12.83
HV 20: 27.7%
HV 30: 33.0%
HV 60: 36.1%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-23T00:00:00 – 2026-10-21T00:00:00
AI Analysis
SMH (VanEck Semiconductor ETF) - Comprehensive Analysis Report
Executive Summary
Overall Assessment: NEUTRAL with Confidence Level 6/10
SMH is a large-cap semiconductor thematic ETF displaying conflicting technical and options signals amid sector tailwinds. The fund is trading below its 20-day moving average ($601.56) at $582.66, caught between bullish MACD divergence and bearish momentum oscillators. While recent news sentiment is predominantly positive and net fund flows remain strong (+$9.2B annually), the options market is pricing significant downside risk (put/call ratio 6.57) with an expected move of $46.65 by 31 DTE—suggesting approximately ±8% volatility priced in.
Key Drivers:
- Positive semiconductor sector narrative (AI infrastructure, Terafab, Nasdaq momentum)
- Strong institutional inflows ($2.2B latest month reported)
- NVIDIA concentration (19.6%) and broad holdings strength (+0.9% vs fair value)
- Deep technical weakness: RSI 44.42 (neutral but declining), Stochastic %K 14.94 (severe oversold), Williams %R -87.77 (extreme oversold)
Primary Risks:
- Extreme options put skew and bearish put/call ratios suggesting near-term selling pressure
- Price action testing critical support; 92% of holdings above 200-day average (extended valuations)
- High beta (2.35) amplifies market correction risk
- Low IV Rank (11.7%) leaves limited option premium cushion
Investment Thesis: SMH represents a high-conviction sector play that has experienced recent profit-taking, creating a tension between positive fundamental flows and negative short-term momentum. The fund benefits from sustained semiconductor demand drivers but faces near-term technical headwinds and options-market-implied downside risk that could extend the current pullback before resumption of the longer-term uptrend.
Recent News Sentiment Impact: News sentiment is uniformly positive (4 positive, 2 neutral headlines across 2026-10-07 to 10-12), focusing on semiconductor ETFs as attractive vehicles and thematic growth opportunities (Terafab, Nasdaq strength). This positive backdrop contradicts the bearish options positioning and oversold technical readings, suggesting either institutional profit-taking ahead of a catalyst, or market repricing of valuation after an extended run. No negative semiconductor news or earnings misses are visible in the recent headline set.
Technical Analysis
Trend Direction
Short-term (1-4 weeks): BEARISH
- Price ($582.66) has broken below SMA 20 ($601.56), signaling loss of near-term uptrend structure
- The fund is now trading 3.1% below the 20-day average, indicating recent weakness
- Stochastic %K (14.94) and %D (31.27) are in extreme oversold territory, typical of capitulation or sharp pullbacks
Medium-term (1-3 months): NEUTRAL-to-BULLISH
- Price remains above SMA 50 ($579.99) by a narrow margin ($2.67, +0.46%)
- SMA 200 ($508.48) is deeply bullish, 14.6% below current price, affirming the longer-term structural uptrend
- However, the fund has likely pulled back from recent highs; the 20-day/50-day proximity suggests consolidation risk
Long-term (3-12 months): BULLISH
- SMA 200 trajectory is strongly positive, and the fund trades at +14.6% premium to this level
- Positive fund flows ($9.2B over 12 months) and net insider buying (+13.5% of weight) indicate institutional conviction
- Holdings weighted P/E (40.8) is elevated but justified by semiconductor sector growth narratives
Support/Resistance Levels
| Level | Type | Distance | Implication | |-------|------|----------|-------------| | $601.56 | SMA 20 (Moving Avg) | +3.2% overhead | If broken decisively, trend deteriorates | | $579.99 | SMA 50 (Moving Avg) | -0.46% support | Critical short-term support; break here signals intermediate downtrend | | $556.90 | Bollinger Band Lower | -4.4% support | Technical floor; historical volatility anchor | | $646.22 | Bollinger Band Upper | +10.9% resistance | Overbought zone; nearest upside target if trend resumes | | $508.48 | SMA 200 | -12.8% support | Major long-term support; unlikely to test near-term | | $566-570 | Implied Support (ATR-based) | -3.0% to -2.2% | Technical floor based on $14.97 ATR; potential capitulation zone |
Key Takeaway: The fund is trading in a tight band between SMA 50 ($579.99) and SMA 20 ($601.56), with immediate support at the 50-day MA. A break below $579.99 would trigger a medium-term breakdown and likely accelerate selling to the Bollinger lower band ($556.90).
Momentum Signals
RSI (14) = 44.42 (NEUTRAL, leaning oversold)
- Not yet in oversold (<30) territory, but trending downward
- Typical of a stock in mild pullback without panic capitulation
- Suggests room for further weakness before extreme oversold bounce conditions materialize
MACD = 7.93 / Signal = -3.88 / Histogram = +11.81 (BULLISH DIVERGENCE)
- Bullish Signal: MACD is positive (7.93) and rising above its signal line (-3.88), with a positive histogram of +11.81
- This is the fund's strongest bullish technical indicator, suggesting nascent upside momentum despite price weakness
- Interpretation: MACD is printing a bullish crossover signal, typical of early-stage recovery bounces after oversold conditions
- Caution: This signal is recent and fragile; if price continues to decline, MACD could roll over
Stochastic %K = 14.94 / %D = 31.27 (EXTREME OVERSOLD)
- %K (14.94) is well below %D (31.27), indicating downward momentum
- Both readings are in severe oversold territory (<30), suggesting a sharp recent selloff
- Historically, extreme Stochastic readings precede bounce-backs within 3-7 trading days
- Risk: Bounce may be short-lived if it doesn't reclaim SMA 20
Williams %R = -87.77 (EXTREME OVERSOLD)
- This oscillator ranges from 0 to -100; -87.77 is near the floor
- Extremely oversold readings occur after sharp sell-offs and often resolve with mean-reversion bounces
- Takeaway: Multiple oscillators (Stochastic, Williams %R) are flashing extreme oversold conditions, which typically precede relief rallies, but do not guarantee reversal of longer-term trends
Bollinger Bands Analysis
- Current Position: Price ($582.66) is between the middle band ($601.56) and lower band ($556.90)
- Band Width: 14.85% width (neutral, not in extreme squeeze or expansion)
- Signal: NEUTRAL
- Interpretation: The fund is trading in the lower half of its band range, consistent with a mild pullback from recent highs. A bounce toward the middle band ($601.56) is typical of mean-reversion, while a break below the lower band ($556.90) would signal capitulation or trend breakdown.
Volume Analysis
- Volume SMA 20: 6,228,542 shares/contracts
- Volume Rate of Change: +3.02% (slightly above average)
- On-Balance Volume (OBV): 276,099,343 (large positive cumulative, suggesting institutional accumulation)
- Interpretation: Volume is marginally elevated but not at panic-selling levels. The positive OBV is constructive, indicating that on net, buying volume has exceeded selling volume over the period measured. This suggests institutional interest despite recent price weakness.
- Institutional Interest Signal: The +3.02% volume increase paired with positive OBV suggests controlled, steady accumulation rather than liquidation—consistent with the positive fund flow data ($2.2B in latest month).
News & Sentiment Analysis
Recent Headlines Summary (2026-10-07 to 10-12)
Themes Identified:
- Semiconductor ETF Strength & Positivity
Generated
News
All SMH news →
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Showing 1–10 of 50
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SMH Options Activity & IV Rank
SMH IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 37.3%
7-DTE IV: 36.7%
Expected Move: $47.35
7-DTE Move: $22.67
Days to Exp: 30 (2026-11-20)
Options Flow
Call Volume: 124,296
Put Volume: 10,806
P/C Volume: 0.087
BULLISH
Call OI: 93,409
Put OI: 133,168
P/C OI: 1.426
Total OI: 226,577
ATM Options Pricing
ATM Call: $24.57
ATM Put: $22.77
Call %: 4.4%
Put %: 4.1%
Chain Summary
Chain Volume: 303,445
Chain OI: 1,816,869
Last Updated: 10/21/2026
Spread Scanner GPU
Each spread is ranked by a composite score built in three stages. Full documentation →
Stage 1 — Base Score (GPU scanner)
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
Stage 2 — Skew Adjustment (±25% cap)
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Enter a ticker to scan for optimal spread opportunities.
Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.
Dealer Positioning
LOW γ vs HISTORY
Estimated net dealer gamma is at the 3rd 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
3%
vs own history
GEX tilt
-0.43
OI-weighted, today
Vanna tilt
+0.47
δ-sensitivity to IV
Charm tilt
-0.57
δ-decay vs time
Vanna tilt +0.47: 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?
· 859 ATM contracts, 746k 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
45%
+6.9
pts
EXTREME
as of Oct 21 · ATM 37.7% / Wing 44.6%
30 DTE / 10d
83%
+9.9
pts
EXTREME
as of Oct 21 · ATM 37.2% / Wing 47.1%
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)31.9MediumOct 21
IV Rank (30 DTE)22.2LowOct 21
Straddle Price (30 DTE)$47.35Oct 21
Beta Analysis
Risk Metrics
Beta: 2.3820
Alpha: 20.16%
Correlation: 0.7631
R-Squared: 58.2%
Stock Volatility: 39.6%
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
SMH 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.
69 filers$30.92B notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Susquehanna International Group, LLP Custodian | $9.86B | 31.89% | 2026-06-30 |
| 2 | Citadel Advisors LLC Custodian | $4.94B | 15.97% | 2026-06-30 |
| 3 | Jane Street Group, LLC Custodian | $3.26B | 10.55% | 2026-06-30 |
| 4 | CTC LLC | $2.30B | 7.45% | 2026-06-30 |
| 5 | Goldman Sachs Group Inc Custodian | $1.53B | 4.96% | 2026-06-30 |
| 6 | Belvedere Trading LLC | $1.52B | 4.92% | 2026-06-30 |
| 7 | BNP Paribas Financial Markets Custodian | $1.28B | 4.14% | 2026-06-30 |
| 8 | LMR Partners LLP | $992.16M | 3.21% | 2026-06-30 |
| 9 | Millennium Management LLC Custodian | $653.73M | 2.11% | 2026-06-30 |
| 10 | Squarepoint Ops LLC | $591.42M | 1.91% | 2026-06-30 |
| 11 | Parallax Volatility Advisers, L.P. | $568.20M | 1.84% | 2026-06-30 |
| 12 | Cavalier Investments, LLC | $373.86M | 1.21% | 2026-06-30 |
| 13 | Barclays PLC Custodian | $369.20M | 1.19% | 2026-06-30 |
| 14 | Citigroup Inc. Custodian | $320.93M | 1.04% | 2026-06-30 |
| 15 | PEAK6 LLC | $273.31M | 0.88% | 2026-06-30 |
| 16 | ExodusPoint Capital Management, LP | $222.95M | 0.72% | 2026-06-30 |
| 17 | Wolverine Trading, LLC Custodian | $205.73M | 0.67% | 2025-09-30 |
| 18 | Royal Bank of Canada Custodian | $184.17M | 0.60% | 2026-06-30 |
| 19 | Walleye Trading LLC | $182.60M | 0.59% | 2026-06-30 |
| 20 | UBS Group AG Custodian | $158.63M | 0.51% | 2026-06-30 |
| 21 | Marshall Wace, LLP Custodian | $153.15M | 0.50% | 2026-06-30 |
| 22 | Balyasny Asset Management L.P. | $99.89M | 0.32% | 2026-06-30 |
| 23 | Public Sector Pension Investment Board | $98.38M | 0.32% | 2026-06-30 |
| 24 | Point72 Asset Management, L.P. | $85.46M | 0.28% | 2026-06-30 |
| 25 | TUDOR INVESTMENT CORP ET AL | $80.67M | 0.26% | 2026-06-30 |
131 filers$95.20B notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Susquehanna International Group, LLP Custodian | $18.89B | 19.84% | 2026-06-30 |
| 2 | Citadel Advisors LLC Custodian | $11.57B | 12.15% | 2026-06-30 |
| 3 | Goldman Sachs Group Inc Custodian | $11.47B | 12.05% | 2026-06-30 |
| 4 | Jane Street Group, LLC Custodian | $9.66B | 10.15% | 2026-06-30 |
| 5 | Barclays PLC Custodian | $6.20B | 6.51% | 2026-06-30 |
| 6 | NOMURA HOLDINGS INC | $3.45B | 3.62% | 2026-06-30 |
| 7 | CTC LLC | $3.29B | 3.45% | 2026-06-30 |
| 8 | Belvedere Trading LLC | $2.81B | 2.95% | 2026-06-30 |
| 9 | BNP Paribas Financial Markets Custodian | $2.61B | 2.74% | 2026-06-30 |
| 10 | Compass Rose Asset Management, LP | $2.57B | 2.70% | 2026-06-30 |
| 11 | Great Hill Capital LLC | $2.54B | 2.67% | 2026-06-30 |
| 12 | Situational Awareness Partners LP | $2.04B | 2.15% | 2026-03-31 |
| 13 | Citigroup Inc. Custodian | $1.94B | 2.04% | 2026-06-30 |
| 14 | Bank of Montreal Custodian | $1.46B | 1.53% | 2026-06-30 |
| 15 | Millennium Management LLC Custodian | $1.39B | 1.46% | 2026-06-30 |
| 16 | Squarepoint Ops LLC | $947.76M | 1.00% | 2026-06-30 |
| 17 | DYMON ASIA CAPITAL (SINGAPORE) PTE. LTD. | $913.98M | 0.96% | 2026-06-30 |
| 18 | PEAK6 LLC | $781.49M | 0.82% | 2026-06-30 |
| 19 | Balyasny Asset Management L.P. | $672.88M | 0.71% | 2026-06-30 |
| 20 | PointState Capital LP | $601.06M | 0.63% | 2026-06-30 |
| 21 | UBS Group AG Custodian | $561.70M | 0.59% | 2026-06-30 |
| 22 | Parallax Volatility Advisers, L.P. | $559.28M | 0.59% | 2026-06-30 |
| 23 | Polymer Capital Management (HK) LTD | $553.90M | 0.58% | 2026-06-30 |
| 24 | Marshall Wace, LLP Custodian | $507.53M | 0.53% | 2026-06-30 |
| 25 | SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC | $468.31M | 0.49% | 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
11.60M
SI % of Float
9.57%
Days to Cover
1.90
Short Vol Ratio
60.8%
Free Float
—
Float %
—
Short interest 2026-09-30 • Short volume 2026-10-21
SMH Constituent Performance
Click any bar to view the full quote for that stock.
SMH Constituents (25 of 25)
| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
|---|---|---|---|---|---|---|
| NVDA | Nvidia Corp | 20.44% | $221.97 | +2.54% | +0.30% | -1.57% |
| TSM | Taiwan Semiconductor Manufacturing Co L | 9.59% | $431.89 | +1.60% | +0.44% | -3.29% |
| AVGO | Broadcom Inc | 5.51% | $337.8 | +1.03% | -2.44% | -4.84% |
| AMD | Advanced Micro Devices Inc | 5.42% | $552.72 | +3.36% | -3.17% | -10.07% |
| TXN | Texas Instruments Inc | 5.03% | $284.65 | +2.47% | +1.43% | +4.41% |
| MU | Micron Technology Inc | 4.60% | $913.67 | +1.96% | -0.05% | -14.76% |
| MRVL | Marvell Technology Inc | 4.53% | $244.76 | +1.81% | -0.21% | -6.19% |
| ADI | Analog Devices Inc | 4.51% | $405.96 | +2.24% | +0.59% | +5.38% |
| ASML | Asml Holding Nv | 4.48% | $1676.69 | +2.81% | +1.62% | -3.89% |
| KLAC | Kla Corp | 4.19% | $163.43 | +1.04% | -8.60% | -13.00% |
| AMAT | Applied Materials Inc | 4.10% | $408.94 | +0.98% | -8.44% | -13.79% |
| INTC | Intel Corp | 4.09% | $92.96 | +1.39% | -5.26% | -24.18% |
| QCOM | Qualcomm Inc | 3.95% | $177.96 | +1.28% | +3.09% | -9.77% |
| LRCX | Lam Research Corp | 3.95% | $260.81 | -1.00% | -9.10% | -15.12% |
| SKHY | Sk Hynix Inc | 3.72% | $143.25 | +2.48% | -2.91% | -24.32% |
| CDNS | Cadence Design Systems Inc | 2.07% | $326.07 | +1.94% | -1.03% | +5.49% |
| SNPS | Synopsys Inc | 2.04% | $451.19 | +0.80% | -5.99% | +9.23% |
| MPWR | Monolithic Power Systems Inc | 1.23% | $1283.32 | +2.77% | +3.23% | -5.32% |
| TER | Teradyne Inc | 1.17% | $345.49 | +2.64% | -3.88% | -11.22% |
| NXPI | Nxp Semiconductors Nv | 1.13% | $242.36 | +2.00% | +9.75% | +2.94% |
| ALAB | Astera Labs Inc | 1.00% | $290.06 | +1.85% | -3.40% | -19.53% |
| ARM | Arm Holdings Plc | 0.96% | $226.59 | +2.50% | -4.80% | -31.86% |
| STM | Stmicroelectronics Nv | 0.87% | $47.43 | +3.60% | +1.13% | -9.59% |
| MCHP | Microchip Technology Inc | 0.85% | $77.15 | +1.71% | +8.28% | +2.14% |
| ON | On Semiconductor Corp | 0.52% | $76.94 | +1.75% | +4.88% | +3.83% |