The Motley FoolT3·10mo ago
SPHY State Street SPDR Portfolio High Yield Bond ETF
ETF 22.47 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.
SPHY
$22.47
—
Key stats
$22.47
- 52-Week Range
- $22.32 – $23.95
- YTD
- -5.15%
- IV Rank (30D)
- 7.33
- Straddle Price
- $1.18
- P/C Vol Ratio
- 0.00
- Open
- $22.45
- Day Range
- $22.43 – $22.49
- Volume
- 3,356,255
- Prev Close
- $22.43
About
State Street SPDR Portfolio High Yield Bond ETF (SPHY) ETF
No description available.
- Exchange
- ARCX
- Inception
- 2012-06-18
- Has Options
- Yes
- Homepage
- https://www.ssga.com/us/en/individual/etfs
Fund profile
holdings as of Oct 19, 2026issuer datathrough Jun 2026flows, SEC filings
- Expense ratio
- 0.05% issuer, Oct 21, 2026
- Assets
- $11.7B issuer-reported, Oct 19, 2026
- Trailing yield
- 7.43% paid monthly
- Average daily volume
- $146M 30 sessions
- Holdings
- 1,932 top 10 are 3.2%
- Listed
- Jun 18, 2012 NYSE Arca
- Last fee change
- -5 bp filed Aug 1, 2023
- Net asset value
- $22.43 issuer, Oct 19, 2026 · closed +0.01% to NAV
- Median bid/ask spread
- 0.04% 30 days, issuer-reported
- 30-day SEC yield
- 7.98% issuer
- Tracking difference
- +2.22 pts vs index, after fees, FY 2026
Cost92
Liquidity100
Scale100
Diversification100
Moves with. Long Treasuries (42% of its variance, beta 0.32); US large-cap stocks (12% of its variance, beta 0.06); High yield over Treasuries (11% of its variance, beta 0.59); US dollar (3% of its variance, beta -0.05). These factors explain 76% of its daily moves over the last year.
Stated objective. The State Street SPDR Portfolio High Yield Bond ETF (the Fund) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the broad U.S. corporate high yield market. (from the fund's prospectus)
All 1,932 holdingsFlow historyOverlap toolAll High Yield Bond ETFs
Fund flows
daily as of Oct 20, 2026issuer datathrough Jun 2026SEC filings- Oct 20, 2026
- $0 latest day
- Latest 5 trading days
- −$54M
- Latest 21 trading days
- −$672K −0.0% of assets
- Year to date
- +$1.8B +$2.7B over 12 months
Each day
| Day | Net flow |
|---|---|
| Oct 20, 2026 | $0 |
| Oct 19, 2026 | −$9.0M |
| Oct 16, 2026 | +$18M |
| Oct 15, 2026 | +$18M |
| Oct 14, 2026 | −$81M |
| Oct 13, 2026 | $0 |
| Oct 12, 2026 | −$45M |
| Oct 9, 2026 | +$18M |
| Oct 8, 2026 | −$18M |
| Oct 7, 2026 | $0 |
| Oct 6, 2026 | +$9.0M |
| Oct 5, 2026 | −$108M |
| Oct 2, 2026 | +$108M |
| Oct 1, 2026 | +$126M |
| Sep 30, 2026 | +$90M |
| Sep 29, 2026 | −$63M |
| Sep 28, 2026 | −$9.1M |
| Sep 25, 2026 | −$27M |
| Sep 24, 2026 | −$36M |
| Sep 23, 2026 | $0 |
| Sep 22, 2026 | +$9.2M |
Daily figures are the change in shares outstanding times net asset value, both as the issuer publishes them each day.
- Jun 2026
- +$281M latest reported month
- Latest 3 months
- +$1.2B +10.6% of assets
- Latest 12 months
- +$2.7B +24.2% of assets
View as a table
| Month | Net flow |
|---|---|
| Jun 2026 | +$281M |
| May 2026 | +$571M |
| Apr 2026 | +$348M |
| Mar 2026 | −$548M |
| Feb 2026 | +$333M |
| Jan 2026 | −$10M |
| Dec 2025 | +$208M |
| Nov 2025 | +$293M |
| Oct 2025 | +$531M |
| Sep 2025 | +$354M |
| Aug 2025 | −$39M |
| Jul 2025 | +$416M |
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 | |
|---|---|---|---|---|---|
| USHYiShares Broad USD High Yield Corporate Bond ETF | — | 0.08% | $25.6B | −5.4% | compare |
| HYGiShares iBoxx $ High Yield Corporate Bond ETF | — | 0.49% | $16.2B | −4.8% | compare |
| SHYGiShares 0-5 Year High Yield Corporate Bond ETF | — | 0.30% | $7.6B | −4.6% | compare |
| JNKState Street SPDR Bloomberg High Yield Bond ETF | — | 0.40% | $5.6B | −5.1% | compare |
| SJNKState Street SPDR Bloomberg Short Term High Yield Bond ETF | — | 0.40% | $4.4B | −5.4% | compare |
The largest other funds in the High Yield Bond category.
What changed in the portfolio
Dec 31, 2025 → Mar 31, 2026| Action | Holding | Weight before | Weight after | Shares vs flows |
|---|---|---|---|---|
| Exit | YEOMAN CAP S A | 0.02% | — | — |
0 new, 0 exited, 0 increased and 0 decreased between the fund's two latest holdings reports; turnover 0.7%. Full holdings and history
Under the hood
fiscal year to Jun 30, 2026SEC census- Authorized participants
- 6 active of 41 with agreements; top 3 did 83%
- Created · redeemed
- $7.3B · $4.4B over the fiscal year
- Redemptions in kind
- 99% creations 98% in kind
- Creation unit
- 400,000 shares
- Securities lending
- 6.14% of assets on loan on average; earned 6.8 bp
- Return vs index
- +2.22 pts after fees; +2.27 before; daily s.d. 0.48
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
1933
AUM
$11.7B
Provider
SPDR (State Street)
Inception
2012-06-18
Exchange
ARCX
Data As Of
2026-10-20
Expense Ratio
0.05%
Dividend Yield
7.41%
Distribution
Monthly
Recent distributions
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-10-01 | 2026-10-06 | $0.1388 | CD |
| 2026-09-01 | 2026-09-04 | $0.1404 | CD |
| 2026-08-03 | 2026-08-06 | $0.1357 | CD |
| 2026-07-01 | 2026-07-07 | $0.1382 | CD |
| 2026-06-01 | 2026-06-04 | $0.1375 | CD |
| 2026-05-01 | 2026-05-06 | $0.1366 | CD |
Asset Allocation
Top Holdings
top 50 of 1933 holdings
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| — | 1261229 BC LTD SR SECURED 144A 04/32 10 | 0.48% | Corporate Bond | US |
| — | ECHOSTAR CORP SR SECURED 11/29 10.75 | 0.39% | Corporate Bond | US |
| — | SSI US GOV MONEY MARKET CLASS | 0.38% | Cash/Money Market | — |
| — | MERIDIAN ARC HOLDCO LLC SR SECURED 144A 04/31 6.25 | 0.37% | Corporate Bond | US |
| — | CLOUD SOFTWARE GRP LLC SR SECURED 144A 03/29 6.5 | 0.30% | Corporate Bond | US |
| — | SOFTBANK GROUP CORP SR UNSECURED 144A 04/32 9.25 | 0.29% | Corporate Bond | JP |
| — | SOFTBANK GROUP CORP SR UNSECURED 144A 04/34 9.75 | 0.29% | Corporate Bond | JP |
| — | PR RNO PROPERTY OWNER 1 SR SECURED 144A 05/31 6.5 | 0.28% | Corporate Bond | US |
| — | QUIKRETE HOLDINGS INC SR SECURED 144A 03/32 6.375 | 0.26% | Corporate Bond | US |
| — | OAK EAGLE ACQUIRECO INC SR SECURED 144A 07/33 7.25 | 0.26% | Corporate Bond | US |
| — | GALAXY HELIOS DATA CNTR SR SECURED 144A 08/31 9.875 | 0.24% | Corporate Bond | US |
| — | SV RNO PROPERTY OWNER 1 SR SECURED 144A 03/31 5.875 | 0.24% | Corporate Bond | US |
| — | CLOUD SOFTWARE GRP LLC SECURED 144A 09/29 9 | 0.24% | Corporate Bond | US |
| — | NEXSTAR MEDIA INC SR SECURED 144A 09/33 6.5 | 0.23% | Corporate Bond | US |
| — | CRC INSURANCE GROUP LLC SR SECURED 144A 06/31 7.125 | 0.23% | Corporate Bond | US |
| — | VENTURE GLOBAL LNG INC SR SECURED 144A 02/29 9.5 | 0.23% | Corporate Bond | US |
| — | SIRIUS XM RADIO LLC COMPANY GUAR 144A 07/28 4 | 0.23% | Corporate Bond | US |
| — | CENTENE CORP SR UNSECURED 12/29 4.625 | 0.23% | Corporate Bond | US |
| — | DAVITA INC COMPANY GUAR 144A 06/30 4.625 | 0.23% | Corporate Bond | US |
| — | MAUSER PACKAGING SOLUT SR SECURED 144A 04/30 7.875 | 0.23% | Corporate Bond | US |
| — | TRANSDIGM INC SR SECURED 144A 01/35 6.75 | 0.23% | Corporate Bond | US |
| — | TRANSDIGM INC COMPANY GUAR 144A 05/33 6.375 | 0.22% | Corporate Bond | US |
| — | TRANSDIGM INC SR SECURED 144A 03/29 6.375 | 0.22% | Corporate Bond | US |
| — | HUB INTERNATIONAL LTD SR SECURED 144A 06/30 7.25 | 0.22% | Corporate Bond | US |
| — | CORE SCIENTIFIC FINANCE SR SECURED 144A 05/31 7.75 | 0.21% | Corporate Bond | US |
| — | NEPTUNE BIDCO US INC SR SECURED 144A 04/29 9.29 | 0.21% | Corporate Bond | US |
| — | CCO HLDGS LLC/CAP CORP SR UNSECURED 144A 03/30 4.75 | 0.20% | Corporate Bond | US |
| — | TRANSDIGM INC SR SECURED 144A 03/32 6.625 | 0.20% | Corporate Bond | US |
| — | ATHENAHEALTH GROUP INC SR UNSECURED 144A 02/30 6.5 | 0.20% | Corporate Bond | US |
| — | AMERICAN AIRLINES/AADVAN SR SECURED 144A 04/29 5.75 | 0.19% | Corporate Bond | US |
| — | RAKUTEN GROUP INC SR UNSECURED 144A 04/29 9.75 | 0.19% | Corporate Bond | JP |
| — | VENTURE GLOBAL PLAQUE SR SECURED 144A 05/33 7.5 | 0.19% | Corporate Bond | US |
| — | ASURION LLC/ASURION CO SECURED 144A 02/34 8.375 | 0.19% | Corporate Bond | US |
| — | EMRLD BOR / EMRLD CO ISS SR SECURED 144A 12/30 6.625 | 0.19% | Corporate Bond | US |
| — | ASURION LLC/ASURION CO SR SECURED 144A 12/32 8 | 0.19% | Corporate Bond | US |
| — | QXO BUILDING PRODUCTS SR SECURED 144A 04/32 6.75 | 0.19% | Corporate Bond | US |
| — | WULF COMPUTE LLC SR SECURED 144A 10/30 7.75 | 0.19% | Corporate Bond | US |
| — | CCO HLDGS LLC/CAP CORP SR UNSECURED 144A 02/31 4.25 | 0.19% | Corporate Bond | US |
| — | CONNECT FINCO SARL/CONNE SR SECURED 144A 09/29 9 | 0.18% | Corporate Bond | GB |
| — | BEACH ACQUISITION BIDCO SR UNSECURED 144A 07/33 10 | 0.18% | Corporate Bond | US |
| — | ALLIED UNIVERSAL HOLDCO SR SECURED 144A 02/31 7.875 | 0.18% | Corporate Bond | US |
| — | STAPLES INC SR SECURED 144A 09/29 10.75 | 0.18% | Corporate Bond | US |
| — | CCO HLDGS LLC/CAP CORP SR UNSECURED 144A 02/28 5 | 0.18% | Corporate Bond | US |
| — | MEDLINE BORROWER LP COMPANY GUAR 144A 10/29 5.25 | 0.18% | Corporate Bond | US |
| — | VODAFONE GROUP PLC JR SUBORDINA 04/79 VAR | 0.18% | Corporate Bond | GB |
| — | TENNECO INC SR SECURED 144A 11/28 8 | 0.17% | Corporate Bond | US |
| — | CARVANA CO SR SECURED 144A 06/31 9 | 0.17% | Corporate Bond | US |
| — | CARRIX INC SR SECURED 144A 08/33 6.125 | 0.17% | Corporate Bond | US |
| — | OAK EAGLE ACQUIRECO INC SR UNSECURED 144A 07/34 8.75 | 0.17% | Corporate Bond | US |
| — | COREWEAVE INC COMPANY GUAR 144A 10/31 9.75 | 0.17% | Corporate Bond | US |
Non-Equity Breakdown
State Street(R) SPDR(R) Portfolio High Yield Bond ETF ·
NPORT-P period 2026-06-30
(filed 2026-08-28)
Net assets:
$11.33B
· 1952 total positions
· equity 0.02%
· non-equity 102.30%
Non-equity holdings
— 1946 positions,
102.30% of NAV
| Category | Weight | Value | Positions |
|---|---|---|---|
| Corporate | 95.46% | $10.81B | 1873 |
| Short-term investment | 4.01% | $454.2M | 4 |
| Debt | 2.83% | $321.1M | 68 |
| Corporate | 0.00% | $0 | 1 |
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | 0.22% | -2.37% | 3.72% | 0.60% | 1.06% | 0.55% | 0.63% |
| Feb | 0.02% | -1.12% | -2.58% | -0.34% | 0.97% | 0.00% | -0.51% |
| Mar | -0.15% | -1.18% | 2.04% | 0.73% | -1.01% | -0.93% | -0.08% |
| Apr | 0.76% | -4.11% | 0.39% | -0.77% | -0.30% | 1.33% | -0.45% |
| May | 0.15% | 1.42% | -0.75% | 1.13% | 1.69% | 0.34% | 0.66% |
| Jun | 1.17% | -6.65% | 1.42% | 0.35% | 1.93% | 0.30% | -0.25% |
| Jul | 0.13% | 5.88% | 1.54% | 2.39% | 0.34% | -0.19% | 1.68% |
| Aug | 0.60% | -3.26% | 0.70% | 1.71% | 1.23% | 0.65% | 0.27% |
| Sep | -0.19% | -3.83% | -1.80% | 2.04% | 1.18% | -2.38% | -0.83% |
| Oct | -0.22% | 2.15% | -0.27% | -0.84% | -0.17% | 0.00%* | 0.11% |
| Nov | -1.06% | 2.77% | 3.67% | 1.74% | 0.97% | -- | 1.62% |
| Dec | 1.80% | -2.32% | 1.92% | -1.39% | 0.08% | -- | 0.02% |
| Total | 3.25% | -12.52% | 10.24% | 7.51% | 8.22% | -0.38% | 2.72% |
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: $22.55
SMA 50: $22.92
SMA 200: $23.33
Current: $22.47
EMA 12: $22.51
EMA 26: $22.65
MACD: -0.1326 | Signal: 0.0106
BEARISH
ADX (14): 40.58
STRONG TREND
+DI: 15.48
−DI: 31.71
Momentum Oscillators
RSI (14): 34.33
NEUTRAL
Stoch %K: 34.61
Stoch %D: 35.24
Williams %R: -63.64
Volume & Volatility
BB Upper: $22.76
BB Lower: $22.35
NEUTRAL
OBV: -76,651,024
Vol SMA 20: 7,267,188
Vol ROC: -52.86%
ATR: $0.09
True Range: $0.06
HV 20: 3.8%
HV 30: 4.2%
HV 60: 3.9%
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 - SPHY
Executive Summary
Overall Assessment: NEUTRAL (confidence level 6/10) Key Drivers: * Strong technical support from lower Bollinger Bands and trend indicators * Positive news sentiment, with neutral headlines and low beta indicating a stable stock Primary Risks: * Potential for further consolidation or sideways trading due to neutral momentum signals Recent News Sentiment Impact: Neutral (no significant impact on price movement)
Technical Analysis
Trend Direction: Short-term - Consolidation, Medium-term - Uptrend, Long-term - Range-bound
Support/Resistance Levels: * Lower Bollinger Band: $23.13 * Middle Line: $23.28 * Upper Bollinger Band: $23.42 * SMA 20: $23.28 * SMA 50: $23.29
Momentum Signals: * RSI (14): Neutral at 38.51 * MACD: Bearish, but showing signs of stabilizing * Bollinger Bands: Neutral signal
Volume Analysis: Volume is decreasing, indicating a loss of momentum and potential for further consolidation.
News & Sentiment Analysis
Recent Headlines Summary: The news headlines are mostly neutral, with no significant impact on price movement.
Sentiment Assessment: Neutral sentiment from the recent headlines, with no clear bullish or bearish bias.
Catalyst Identification: No specific catalysts identified in the near term (1-4 weeks), but potential for a breakout above the upper Bollinger Band in the medium-term (1-3 months).
Market Narrative: The market narrative is neutral, reflecting the consolidation and range-bound trading environment.
Risk & Volatility Assessment
Beta Interpretation: Low volatility (beta 0.21) indicates that the stock moves less than the broader market.
Volatility Regime: Historical volatility is low, indicating a stable trading environment.
Options Market Signals: IV Rank: 16.6% (Low), Current IV: 20.6%, Expected Move: $1.12
Downside Protection: Support levels are in place, with the lower Bollinger Band and SMA 20 providing a floor for potential downside movement.
Market Context & Positioning
Sector Performance: Neutral sector performance, with no clear leader or laggard.
Institutional Activity: Institutional interest is low, indicating a lack of major buying or selling pressure.
Correlation Analysis: The stock has a high correlation (0.65) with the broader market, indicating that it tends to move in tandem with the overall market trend.
Relative Valuation: The stock is relatively undervalued within its trading range.
Key Levels & Action Items
Critical Price Levels: Lower Bollinger Band ($23.13), Middle Line ($23.28), Upper Bollinger Band ($23.42)
Breakout/Breakdown Levels: SMA 20 ($23.28) and SMA 50 ($23.29) provide potential support levels
Time-Sensitive Catalysts: No specific catalysts identified in the near term, but potential for a breakout above the upper Bollinger Band in the medium-term.
Risk Management: Consider placing stop-loss orders around $22.50 to manage risk and limit potential losses.
Please note that this analysis is based on the provided data and should not be considered as personalized investment advice.
Generated
News
All SPHY news →
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Page 1 of 2
SPHY Options Activity & IV Rank
SPHY IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 13.6%
7-DTE IV: —
Expected Move: $1.18
7-DTE Move: $1.18
Days to Exp: 30 (2026-11-20)
Options Flow
Call Volume: 22
Put Volume: 0
P/C Volume: —
BULLISH
Call OI: 43
Put OI: 0
P/C OI: —
Total OI: 43
ATM Options Pricing
ATM Call: $0.72
ATM Put: $0.45
Call %: 3.2%
Put %: 2.0%
Chain Summary
Chain Volume: 416
Chain OI: 421
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
TYPICAL γ
Estimated net dealer gamma is at the 52nd 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
52%
vs own history
GEX tilt
+1.00
OI-weighted, today
Vanna tilt
+1.00
δ-sensitivity to IV
Charm tilt
-1.00
δ-decay vs time
Vanna tilt +1.00: the estimated dealer exposure leans positive, so the modeled hedge would shift noticeably if implied volatility changed.
Charm tilt -1.00: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably as time passes and options approach expiry.
? What is this?
· 3 ATM contracts, 1k 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
as of Oct 21 · No data
30 DTE / 10d
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—
pts
EXTREME
as of Oct 21 · ATM 16.2% / 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)7.3LowOct 21
Straddle Price (30 DTE)$1.18Oct 21
Beta Analysis
Risk Metrics
Beta: 0.2107
Alpha: -8.84%
Correlation: 0.6410
R-Squared: 41.1%
Stock Volatility: 4.2%
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
SPHY 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.
1 filers$412.54K notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Citadel Advisors LLC Custodian | $412.54K | 100.00% | 2026-06-30 |
1 filers$307.06K notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Susquehanna International Group, LLP Custodian | $307.06K | 100.00% | 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
25.13M
SI % of Float
4.83%
Days to Cover
3.66
Short Vol Ratio
71.1%
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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