In the State Street SPDR S&P 500 ETF Trust (SPY), about an hour after the opening bell on Tuesday, someone traded a 100,000-lot put spread.
SPY State Street SPDR S&P 500 ETF Trust
ETF 771.17 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.
SPY
$771.17
—
Key stats
$771.17
- 52-Week Range
- $69.00 – $781.62
- YTD
- +12.88%
- IV Rank (30D)
- 39.88
- Straddle Price
- $24.39
- P/C Vol Ratio
- 0.88
- Open
- $771.43
- Day Range
- $769.24 – $771.70
- Volume
- 6,930,363
- Prev Close
- $769.66
About
State Street SPDR S&P 500 ETF Trust (SPY) ETF
No description available.
- Exchange
- ARCX
- Inception
- 1993-01-22
- Has Options
- Yes
- Homepage
- https://www.ssga.com/us/en/individual/etfs
Fund profile
holdings as of Oct 26, 2026issuer data
- Expense ratio
- 0.10% issuer, Oct 28, 2026
- Assets
- $810.0B issuer-reported, Oct 26, 2026
- Trailing yield
- 0.98% paid quarterly
- Average daily volume
- $32.7B 30 sessions
- Holdings
- 505 top 10 are 37.9%
- Listed
- Jan 22, 1993 NYSE Arca
- Net asset value
- $765.16 issuer, Oct 26, 2026 · closed +0.01% to NAV
- Median bid/ask spread
- 0.00% 30 days, issuer-reported
- 30-day SEC yield
- 0.96% issuer
Cost83
Liquidity100
Scale100
Diversification73
Moves with. US large-cap stocks (99% of its variance, beta 0.99). These factors explain 100% of its daily moves over the last year.
All 505 holdingsSimilar fundsOverlap toolAll Large Cap Blend ETFs
Fund flows
daily as of Oct 27, 2026issuer data- Oct 27, 2026
- $0 latest day
- Latest 5 trading days
- −$4.7B
- Latest 21 trading days
- −$4.2B −0.5% of assets
- Year to date
- +$11.6B +$35.4B over 12 months
Each day
| Day | Net flow |
|---|---|
| Oct 27, 2026 | $0 |
| Oct 26, 2026 | −$3.6B |
| Oct 23, 2026 | +$1.6B |
| Oct 22, 2026 | −$267M |
| Oct 21, 2026 | −$2.4B |
| Oct 20, 2026 | −$500M |
| Oct 19, 2026 | +$3.5B |
| Oct 16, 2026 | −$4.4B |
| Oct 15, 2026 | +$7.7B |
| Oct 14, 2026 | −$1.4B |
| Oct 13, 2026 | +$2.3B |
| Oct 12, 2026 | −$117M |
| Oct 9, 2026 | −$467M |
| Oct 8, 2026 | −$503M |
| Oct 7, 2026 | +$4.3B |
| Oct 6, 2026 | −$4.2B |
| Oct 5, 2026 | −$2.3B |
| Oct 2, 2026 | −$8.3B |
| Oct 1, 2026 | +$6.8B |
| Sep 30, 2026 | $0 |
| Sep 29, 2026 | −$1.9B |
Daily figures are the change in shares outstanding times net asset value, both as the issuer publishes them each day.
Similar funds
| Fund | Overlap | Fee | Assets | 1Y | |
|---|---|---|---|---|---|
| SPYMState Street SPDR Portfolio S&P 500 ETF | 100% | 0.02% | $183.4B | — | compare |
| IVViShares Core S&P 500 ETF | 100% | 0.03% | $885.1B | +13.6% | compare |
| DLCUU.S. Large Company Portfolio ETF Class Shares | 99% | 0.06% | — | — | compare |
| XYLDGlobal X S&P 500 Covered Call ETF | 99% | 0.60% | $3.4B | +4.4% | compare |
| XYLGGlobal X S&P 500 Covered Call & Growth ETF | 99% | 0.35% | $74M | +1.6% | compare |
Ranked by how much of the two portfolios is the same securities.
Look-through: what the holdings say
weights as of Oct 26, 2026issuer data- Holdings vs fair value
- +1.9% 23% under, 27% over · 100% covered
- Price / earnings
- 25.4 2% loss-making · 100% covered
- Price / book · sales
- 5.2 · 3.5 revenue growth +14.1%
- Above 200-day average
- 72% 55% above 50-day · by weight
- Short interest
- 2.0% of float, weighted · 2.9 days to cover
- Insider buying
- 4% of weight had net insider buying, 90 days; 68% net selling
- 13F holders
- +2.5% change in shares held by institutions, latest quarter
- Reporting earnings
- 46.5% of weight in 7 days; 52.6% in 14
Holdings reporting in the next 14 days · weighted implied move this week 3.08%
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.
ETF Profile
holdings as of 2026-10-26
Holdings
505
AUM
$810.0B
Provider
SPDR (State Street)
Inception
1993-01-22
Exchange
ARCX
Data As Of
2026-10-26
Expense Ratio
0.09%
Dividend Yield
0.99%
Distribution
Quarterly
Recent distributions
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-09-18 | 2026-10-30 | $1.8888 | CD |
| 2026-06-18 | 2026-07-31 | $1.9035 | CD |
| 2026-03-20 | 2026-04-30 | $1.7970 | CD |
| 2025-12-19 | 2026-01-30 | $1.9934 | CD |
| 2025-09-19 | 2025-10-31 | $1.8311 | CD |
| 2025-06-20 | 2025-07-31 | $1.7611 | CD |
Asset Allocation
Top Holdings
top 50 of 505 holdings
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| NVDA | NVIDIA CORP | 7.90% | Equity (US) | US |
| AAPL | APPLE INC | 7.59% | Equity (US) | US |
| MSFT | MICROSOFT CORP | 5.98% | Equity (US) | US |
| AMZN | AMAZON.COM INC | 3.70% | Equity (US) | US |
| GOOGL | ALPHABET INC CL A | 2.81% | Equity (US) | US |
| AVGO | BROADCOM INC | 2.37% | Equity (US) | US |
| GOOG | ALPHABET INC CL C | 2.26% | Equity (US) | US |
| META | META PLATFORMS INC CLASS A | 2.10% | Equity (US) | US |
| TSLA | TESLA INC | 1.67% | Equity (US) | US |
| LLY | ELI LILLY + CO | 1.55% | Equity (US) | US |
| BRK.B | BERKSHIRE HATHAWAY INC CL B | 1.54% | Equity (US) | US |
| MU | MICRON TECHNOLOGY INC | 1.54% | Equity (US) | US |
| JPM | JPMORGAN CHASE + CO | 1.34% | Equity (US) | US |
| AMD | ADVANCED MICRO DEVICES | 1.31% | Equity (US) | US |
| XOM | EXXONMOBIL HOLDINGS CORP | 1.15% | Equity (US) | US |
| V | VISA INC CLASS A SHARES | 1.04% | Equity (US) | US |
| JNJ | JOHNSON + JOHNSON | 0.97% | Equity (US) | US |
| WMT | WALMART INC | 0.81% | Equity (US) | US |
| ABBV | ABBVIE INC | 0.77% | Equity (US) | US |
| MA | MASTERCARD INC A | 0.75% | Equity (US) | US |
| CVX | CHEVRON CORP | 0.69% | Equity (US) | US |
| PLTR | PALANTIR TECHNOLOGIES INC A | 0.69% | Equity (US) | US |
| INTC | INTEL CORP | 0.68% | Equity (US) | US |
| COST | COSTCO WHOLESALE CORP | 0.67% | Equity (US) | US |
| CSCO | CISCO SYSTEMS INC | 0.66% | Equity (US) | US |
| PG | PROCTER + GAMBLE CO/THE | 0.56% | Equity (US) | US |
| UNH | UNITEDHEALTH GROUP INC | 0.56% | Equity (US) | US |
| KO | COCA COLA CO/THE | 0.54% | Equity (US) | US |
| MRK | MERCK + CO. INC. | 0.52% | Equity (US) | US |
| BAC | BANK OF AMERICA CORP | 0.50% | Equity (US) | US |
| HD | HOME DEPOT INC | 0.48% | Equity (US) | US |
| PANW | PALO ALTO NETWORKS INC | 0.48% | Equity (US) | US |
| CAT | CATERPILLAR INC | 0.48% | Equity (US) | US |
| PM | PHILIP MORRIS INTERNATIONAL | 0.48% | Equity (US) | US |
| AMAT | APPLIED MATERIALS INC | 0.47% | Equity (US) | US |
| GE | GENERAL ELECTRIC | 0.45% | Equity (US) | US |
| LRCX | LAM RESEARCH CORP | 0.45% | Equity (US) | US |
| TXN | TEXAS INSTRUMENTS INC | 0.41% | Equity (US) | US |
| CRWD | CROWDSTRIKE HOLDINGS INC A | 0.40% | Equity (US) | US |
| NFLX | NETFLIX INC | 0.40% | Equity (US) | US |
| RTX | RTX CORP | 0.40% | Equity (US) | US |
| GS | GOLDMAN SACHS GROUP INC | 0.39% | Equity (US) | US |
| TMO | THERMO FISHER SCIENTIFIC INC | 0.38% | Equity (US) | US |
| WFC | WELLS FARGO + CO | 0.38% | Equity (US) | US |
| AMGN | AMGEN INC | 0.36% | Equity (US) | US |
| IBM | INTL BUSINESS MACHINES CORP | 0.36% | Equity (US) | US |
| LIN | LINDE PLC | 0.35% | Equity (Foreign) | IE |
| GEV | GE VERNOVA INC | 0.34% | Equity (US) | US |
| MS | MORGAN STANLEY | 0.33% | Equity (US) | US |
| ORCL | ORACLE CORP | 0.33% | Equity (US) | US |
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | 0.35% | -5.82% | 6.74% | 2.16% | 2.94% | 1.29% | 1.28% |
| Feb | 1.10% | -3.60% | -3.54% | 3.86% | -0.60% | -1.35% | -0.69% |
| Mar | 1.73% | 5.04% | 3.71% | 1.99% | -4.18% | -5.25% | 0.51% |
| Apr | 4.17% | -9.03% | 1.21% | -3.86% | -1.15% | 9.68% | 0.17% |
| May | 0.44% | -0.37% | 0.56% | 5.40% | 5.54% | 4.97% | 2.76% |
| Jun | 2.00% | -7.90% | 5.09% | 3.11% | 4.24% | -1.55% | 0.83% |
| Jul | 1.88% | 8.07% | 3.15% | 1.00% | 2.34% | 0.02% | 2.74% |
| Aug | 3.19% | -3.80% | -1.34% | 3.81% | 3.75% | 1.24% | 1.14% |
| Sep | -5.02% | -9.90% | -5.25% | 3.93% | 4.05% | 0.11% | -2.01% |
| Oct | 5.76% | 5.35% | -2.13% | 0.00% | 2.04% | 0.94%* | 1.99% |
| Nov | -0.97% | 6.02% | 7.98% | 5.52% | 0.01% | -- | 3.71% |
| Dec | 5.43% | -6.12% | 3.53% | -2.91% | 0.24% | -- | 0.03% |
| Total | 21.44% | -21.81% | 20.49% | 26.22% | 20.50% | 9.81% | 12.78% |
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: $770.84
SMA 50: $767.60
SMA 200: $728.15
Current: $771.16
EMA 12: $768.58
EMA 26: $768.68
MACD: -0.0982 | Signal: -0.5420
BULLISH
ADX (14): 14.28
RANGE
+DI: 21.82
−DI: 26.20
Momentum Oscillators
RSI (14): 52.39
NEUTRAL
Stoch %K: 48.46
Stoch %D: 32.21
Williams %R: -39.83
Volume & Volatility
BB Upper: $782.07
BB Lower: $759.61
NEUTRAL
OBV: 1,082,177,489
Vol SMA 20: 36,884,265
Vol ROC: -87.56%
ATR: $6.83
True Range: $2.46
HV 20: 10.0%
HV 30: 10.4%
HV 60: 9.3%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-29T00:00:00 – 2026-10-27T00:00:00
AI Analysis
SPY (S&P 500 ETF Trust) - Comprehensive Stock Analysis Report
Executive Summary
Overall Assessment: NEUTRAL with Confidence Level: 6/10
Key Drivers:
- Strong intermediate uptrend with price $10.64 above SMA 20 and $55.64 above SMA 200
- Positive MACD histogram (2.10) and bullish momentum crossover signal
- Neutral to slightly overbought momentum readings (RSI 59.89, Stochastic %K 78.12)
Primary Risks:
- Weak trend strength (ADX 9.65 indicates range-bound regime, not strong directional conviction)
- Elevated put/call ratios suggesting defensive positioning (Put/Call OI 2.17)
- Volume decline of 38.61% YoY signals potential institutional reticence despite price strength
- IV Premium of +23.8% suggests options market pricing elevated risk
Investment Thesis: SPY exhibits a classic "climbing wall of worry" pattern—price advancing within a technical uptrend while underlying momentum shows erosion and defensive positioning increases. The rally appears mature with mixed conviction signals. The positive news sentiment and long-term technical structure support continued participation, but near-term consolidation or pullback risk is material given stochastic extremes and volume deterioration.
Recent News Sentiment Impact: Overwhelmingly positive (4 of 5 recent headlines bullish). News narrative focuses on market resilience, long-term wealth accumulation, and historical precedent for recovery post-downturns. However, these headlines lack specificity to SPY catalysts and reflect broad market sentiment rather than ETF-specific drivers. The positive bias may reflect media attention to strong YTD performance (9.5% H1 2026 noted) rather than forward-looking catalysts.
Technical Analysis
Trend Direction
Short-term (1-4 weeks): BULLISH with caution
- Price $778.57 trading above all major moving averages (SMA 20: $767.98, SMA 50: $767.57)
- Consistent bullish positioning with EMA 12 ($772.14) above EMA 26 ($768.90)
- However, Stochastic oscillators extremely elevated (%K: 78.12, %D: 81.72) indicating overbought conditions—potential pullback signal within 1-2 weeks
Medium-term (1-3 months): BULLISH
- Price firmly above SMA 50 ($767.57) and SMA 200 ($722.93)
- $55.64 cushion above 200-day average suggests healthy intermediate trend
- MACD positive histogram (2.10) with EMA 12/26 spread intact supports continuation
Long-term (3-12 months): BULLISH
- 200-day SMA rising trend and price maintaining significant premium indicates structural uptrend
- Beta of 1.00 means SPY tracks market by definition; broad market structural trends remain positive
Support/Resistance Levels
| Level | Type | Distance | Significance | |-------|------|----------|--------------| | $781.89 | Resistance (Upper Bollinger Band) | +$3.32 (0.43%) | Technical ceiling; proximity suggests breakout attempt or reversal zone | | $778.57 | Current Price | — | Trading at recent highs | | $772.14 | Support (EMA 12) | -$6.43 (0.83%) | Short-term moving average; 1st support | | $767.98 | Support (SMA 20) | -$10.59 (1.36%) | Key short-term support; previous resistance | | $767.57 | Support (SMA 50) | -$11.00 (1.41%) | Critical intermediate support | | $754.07 | Support (Lower Bollinger Band) | -$24.50 (3.15%) | Extended pullback target | | $722.93 | Support (SMA 200) | -$55.64 (7.15%) | Major long-term support; represents ~3% decline |
Critical Observation: Price is pinned near upper Bollinger Band ($781.89), only $3.32 away. Bollinger Band width of 3.62% is narrow relative to ATR ($6.61), suggesting the bands are compressed—typical before volatility expansion.
Momentum Signals
RSI (14): 59.89 — NEUTRAL
- Mid-range reading (30-70 neutral zone) indicates balanced momentum
- Not overbought (>70) but trending toward overbought territory
- Suggests room for upside before exhaustion, but momentum not accelerating
Stochastic Oscillators: OVERBOUGHT WARNING
- %K: 78.12 (>70 overbought threshold)
- %D: 81.72 (>70 overbought threshold)
- Signal: Extreme overbought conditions suggest short-term pullback or consolidation likely within 5-10 trading days
- Historical pattern: Stochastic extremes often precede mean-reversion moves
MACD: BULLISH
- MACD line: 3.24 / Signal line: 1.13 / Histogram: +2.10
- Positive histogram indicates bullish momentum with accelerating upside
- However, MACD line and signal remain relatively compressed (only 2.11 spread), suggesting momentum may be moderating
- No divergence visible between price strength and MACD, confirming rally authenticity
Williams %R: -13.36 — OVERBOUGHT
- Extremely negative reading (near -100 = peak overbought)
- Corroborates stochastic overbought signal
- Typical reversal window 3-7 days
Consolidated Momentum Assessment: Mixed signals with bearish lean for near-term. RSI neutral is contradicted by extreme stochastic and Williams %R readings. This divergence suggests momentum peaked and reversion is likely.
Bollinger Bands Analysis
- Upper Band: $781.89 — Price $3.32 below; nearly touching
- Middle Band (SMA 20): $767.98 — Current price $10.59 above
- Lower Band: $754.07 — $24.50 below current price
- Width: 3.62% — Narrow bands indicate low volatility squeeze
Signal: NEUTRAL consolidation
- Price near upper band without breaking through suggests resistance
- Narrow width indicates volatility compression—often precedes expansion
- Options market pricing $20.90 expected move (28 DTE), which would represent either move to $757.67 or $799.47
- Current Bollinger positioning suggests next move may be downward toward middle band ($767.98) to reset, given stochastic overbought conditions
Volume Analysis
Current Volume Context:
- Volume SMA 20: 45.32M shares
- Volume Rate of Change: -38.61% — CRITICAL RED FLAG
- Current volume 38.61% below 20-day average, indicating significant volume decline
Interpretation:
- Volume decline during price advance is bearish divergence pattern
- Suggests rally is not validated by institutional buying strength
- Fewer total shares trading = weaker conviction behind price move
- OBV (1.103B) remains at elevated levels but declining flow indicates selling pressure building
Institutional Signal:
- Put/Call volume ratio 1.33 (puts > calls) shows defensive positioning despite price strength
- Put/Call OI ratio 2.17 (unusually elevated) indicates open interest skewed toward puts
- This combination suggests institutional hedging against further upside—institutions locking in gains and protecting via puts
Market Narrative: Retail/momentum buyers pushing price higher, but institutional players are reducing exposure and buying downside protection. This is classic late-cycle positioning.
News & Sentiment Analysis
Recent Headlines Summary
Themes Identified:
-
Long-term Wealth Accumulation Focus (Headlines 1, 4): Multiple articles emphasizing that stock market remains superior to savings accounts and that even Nasdaq-100 purchases at dot-com peak generated 620% returns. Tone: Patient capital, historical perspective.
-
Warren Buffett Portfolio Activity (Headline 3): Berkshire reducing Alphabet/Broadcom exposure but maintaining diversified allocation. Sentiment: Mixed—suggests sector rotation rather than market bearishness.
-
Market Performance Narrative (Headline 5): S&P 500 up 9.5% H1 2026 with implicit question about sustainability. Tone: Reflective/neutral
Generated
News
All SPY news →
SPY Options Activity & IV Rank
SPY IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 13.7%
7-DTE IV: 13.6%
Expected Move: $24.39
7-DTE Move: $11.89
Days to Exp: 30 (2026-11-27)
Options Flow
Call Volume: 5,491
Put Volume: 4,841
P/C Volume: 0.882
NEUTRAL
Call OI: 37,314
Put OI: 53,748
P/C OI: 1.44
Total OI: 91,062
ATM Options Pricing
ATM Call: $13.60
ATM Put: $10.79
Call %: 1.8%
Put %: 1.4%
Chain Summary
Chain Volume: 2,890,848
Chain OI: 17,859,656
Last Updated: 10/28/2026
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 48th 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
48%
vs own history
GEX tilt
-0.06
OI-weighted, today
Vanna tilt
+0.79
δ-sensitivity to IV
Charm tilt
-0.68
δ-decay vs time
Vanna tilt +0.79: the estimated dealer exposure leans positive, so the modeled hedge would shift noticeably if implied volatility changed.
Charm tilt -0.68: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably as time passes and options approach expiry.
? What is this?
· 3306 ATM contracts, 7766k 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
70%
+5.8
pts
EXTREME
ATM 13.4% / Wing 19.2%
30 DTE / 10d
54%
+6.7
pts
EXTREME
ATM 13.7% / Wing 20.4%
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)52.6MediumOct 28
IV Rank (30 DTE)39.9MediumOct 28
Straddle Price (30 DTE)$24.39Oct 28
SPY 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.
197 filers$1.14T notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Jane Street Group, LLC Custodian | $217.53B | 19.00% | 2026-06-30 |
| 2 | Susquehanna International Group, LLP Custodian | $190.90B | 16.67% | 2026-06-30 |
| 3 | CTC LLC | $173.69B | 15.17% | 2026-06-30 |
| 4 | Citadel Advisors LLC Custodian | $142.63B | 12.46% | 2026-06-30 |
| 5 | Belvedere Trading LLC | $80.57B | 7.04% | 2026-06-30 |
| 6 | Castle Hook Partners LP | $49.31B | 4.31% | 2026-06-30 |
| 7 | BlackRock, Inc. Custodian | $38.36B | 3.35% | 2026-06-30 |
| 8 | Royal Bank of Canada Custodian | $36.86B | 3.22% | 2026-06-30 |
| 9 | Wolverine Trading, LLC Custodian | $29.93B | 2.61% | 2025-09-30 |
| 10 | UBS Group AG Custodian | $19.29B | 1.69% | 2026-06-30 |
| 11 | RK Capital Management, LLC/FL | $14.28B | 1.25% | 2026-06-30 |
| 12 | Millennium Management LLC Custodian | $14.18B | 1.24% | 2026-06-30 |
| 13 | Lido Advisors, LLC | $13.71B | 1.20% | 2026-06-30 |
| 14 | Parallax Volatility Advisers, L.P. | $13.59B | 1.19% | 2026-06-30 |
| 15 | Walleye Trading LLC | $10.21B | 0.89% | 2026-06-30 |
| 16 | Goldman Sachs Group Inc Custodian | $9.11B | 0.80% | 2026-06-30 |
| 17 | Barclays PLC Custodian | $8.82B | 0.77% | 2026-06-30 |
| 18 | Squarepoint Ops LLC | $8.26B | 0.72% | 2026-06-30 |
| 19 | Bank of Montreal Custodian | $7.73B | 0.68% | 2026-06-30 |
| 20 | OLD MISSION CAPITAL LLC | $5.75B | 0.50% | 2026-06-30 |
| 21 | NOMURA HOLDINGS INC | $5.44B | 0.48% | 2026-06-30 |
| 22 | Point72 Asset Management, L.P. | $4.27B | 0.37% | 2026-06-30 |
| 23 | Citigroup Inc. Custodian | $3.77B | 0.33% | 2026-06-30 |
| 24 | BNP Paribas Financial Markets Custodian | $2.82B | 0.25% | 2026-06-30 |
| 25 | CAPSTONE INVESTMENT ADVISORS, LLC | $2.66B | 0.23% | 2026-06-30 |
368 filers$2.11T notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Jane Street Group, LLC Custodian | $464.24B | 22.02% | 2026-06-30 |
| 2 | Susquehanna International Group, LLP Custodian | $246.03B | 11.67% | 2026-06-30 |
| 3 | Barclays PLC Custodian | $241.57B | 11.46% | 2026-06-30 |
| 4 | CTC LLC | $183.16B | 8.69% | 2026-06-30 |
| 5 | Royal Bank of Canada Custodian | $109.80B | 5.21% | 2026-06-30 |
| 6 | Belvedere Trading LLC | $95.63B | 4.54% | 2026-06-30 |
| 7 | Citadel Advisors LLC Custodian | $93.06B | 4.41% | 2026-06-30 |
| 8 | Parallax Volatility Advisers, L.P. | $78.03B | 3.70% | 2026-06-30 |
| 9 | BNP Paribas Financial Markets Custodian | $70.40B | 3.34% | 2026-06-30 |
| 10 | Goldman Sachs Group Inc Custodian | $68.60B | 3.25% | 2026-06-30 |
| 11 | ALKEON CAPITAL MANAGEMENT LLC | $62.73B | 2.97% | 2026-06-30 |
| 12 | UBS Group AG Custodian | $33.73B | 1.60% | 2026-06-30 |
| 13 | Wolverine Trading, LLC Custodian | $30.86B | 1.46% | 2025-09-30 |
| 14 | CAPSTONE INVESTMENT ADVISORS, LLC | $27.90B | 1.32% | 2026-06-30 |
| 15 | FARALLON CAPITAL MANAGEMENT, L.L.C. | $17.92B | 0.85% | 2026-06-30 |
| 16 | RK Capital Management, LLC/FL | $14.31B | 0.68% | 2026-06-30 |
| 17 | Lido Advisors, LLC | $14.30B | 0.68% | 2026-06-30 |
| 18 | Bank of Montreal Custodian | $13.08B | 0.62% | 2026-06-30 |
| 19 | Millennium Management LLC Custodian | $12.87B | 0.61% | 2026-06-30 |
| 20 | Wells Fargo & Company Custodian | $11.39B | 0.54% | 2026-06-30 |
| 21 | ARMISTICE CAPITAL, LLC | $9.56B | 0.45% | 2026-06-30 |
| 22 | Blackstone Inc. | $9.25B | 0.44% | 2026-06-30 |
| 23 | Squarepoint Ops LLC | $8.87B | 0.42% | 2026-06-30 |
| 24 | Jain Global LLC | $7.92B | 0.38% | 2026-06-30 |
| 25 | Balyasny Asset Management L.P. | $6.82B | 0.32% | 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
98.48M
SI % of Float
9.28%
Days to Cover
2.02
Short Vol Ratio
54.9%
Free Float
—
Float %
—
Short interest 2026-09-30 • Short volume 2026-10-27
Constituent Performance
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Constituents
| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
|---|