The Motley FoolT3·3d ago
TLT iShares 20+ Year Treasury Bond ETF
ETF 80.04 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.
TLT
$80.04
—
Key stats
$80.04
- 52-Week Range
- $76.43 – $92.19
- YTD
- -8.03%
- IV Rank (30D)
- 76.41
- Straddle Price
- $2.61
- P/C Vol Ratio
- 0.84
- Open
- $79.69
- Day Range
- $79.67 – $80.31
- Volume
- 42,401,683
- Prev Close
- $79.97
About
iShares 20+ Year Treasury Bond ETF (TLT) ETF
No description available.
- Exchange
- XNAS
- Inception
- 2002-07-22
- Has Options
- Yes
- Homepage
- https://www.ishares.com/us
Fund profile
holdings as of Oct 14, 2026issuer datathrough May 2026flows, SEC filings
- Expense ratio
- 0.15% issuer, Oct 16, 2026
- Assets
- $48.1B issuer-reported, Oct 14, 2026
- Trailing yield
- 4.87% paid monthly
- Average daily volume
- $3.6B 30 sessions
- Holdings
- 49 top 10 are 39.9%
- Listed
- Jul 22, 2002 Nasdaq
- Net asset value
- $79.99 issuer, Oct 15, 2026 · closed +0.06% to NAV
- Median bid/ask spread
- 0.01% 30 days, issuer-reported
- 30-day SEC yield
- 5.49% issuer, Oct 14, 2026
- Return on NAV, 1 year
- −8.9% issuer, through Sep 30, 2026 · 3 years −0.1% a year · 5 years −8.4% · 10 years −2.8%
- Distributions, 12 months
- $3.89 a share issuer, through Oct 1, 2026: 100% income
- Tracking difference
- -0.12 pts vs index, after fees, FY 2026
Cost72
Liquidity100
Scale100
Diversification62
Moves with. Long Treasuries (99% of its variance, beta 0.99). These factors explain 100% of its daily moves over the last year.
Stated objective. The iShares 20+ Year Treasury Bond ETF (the Fund ) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities greater than twenty years. (from the fund's prospectus)
All 49 holdingsFlow historyOverlap toolAll Long-Term Treasury ETFs
Fund flows
daily as of Oct 14, 2026issuer datathrough May 2026SEC filings- Oct 14, 2026
- −$181M latest day
- Latest 5 trading days
- +$340M
- Latest 21 trading days
- +$2.9B +6.1% of assets
- Year to date
- +$5.8B +$5.3B over 12 months
Each day
| Day | Net flow |
|---|---|
| Oct 14, 2026 | −$181M |
| Oct 13, 2026 | +$31M |
| Oct 12, 2026 | −$125M |
| Oct 9, 2026 | +$280M |
| Oct 8, 2026 | +$335M |
| Oct 7, 2026 | +$116M |
| Oct 6, 2026 | +$100M |
| Oct 5, 2026 | +$378M |
| Oct 2, 2026 | +$782M |
| Oct 1, 2026 | +$427M |
| Sep 30, 2026 | +$39M |
| Sep 29, 2026 | +$422M |
| Sep 28, 2026 | +$865M |
| Sep 25, 2026 | +$1.1B |
| Sep 24, 2026 | +$397M |
| Sep 23, 2026 | −$265M |
| Sep 22, 2026 | −$1.0B |
| Sep 21, 2026 | −$139M |
| Sep 18, 2026 | −$674M |
| Sep 17, 2026 | −$123M |
| Sep 16, 2026 | +$194M |
Daily figures are the change in shares outstanding times net asset value, both as the issuer publishes them each day.
- May 2026
- −$91M latest reported month
- Latest 3 months
- −$43M −0.1% of assets
- Latest 12 months
- −$7.9B −18.3% of assets
View as a table
| Month | Net flow |
|---|---|
| May 2026 | −$91M |
| Apr 2026 | +$824M |
| Mar 2026 | −$776M |
| Feb 2026 | −$1.6B |
| Jan 2026 | −$2.2B |
| Dec 2025 | −$628M |
| Nov 2025 | +$108M |
| Oct 2025 | +$332M |
| Sep 2025 | −$196M |
| Aug 2025 | −$749M |
| Jul 2025 | +$170M |
| Jun 2025 | −$3.0B |
Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 81 months ago
Similar funds
| Fund | Overlap | Fee | Assets | 1Y | |
|---|---|---|---|---|---|
| TLHiShares 10-20 Year Treasury Bond ETF | — | 0.15% | $11.7B | −9.9% | compare |
| SPTLState Street SPDR Portfolio Long Term Treasury ETF | — | 0.03% | $11.3B | −10.6% | compare |
| VGLTVanguard Long-Term Treasury ETF | — | 0.03% | $10.7B | −11.0% | compare |
| EDVVanguard World Funds Extended Duration ETF | — | 0.05% | $3.7B | −17.3% | compare |
| ZROZPIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | — | 0.15% | $2.0B | −18.4% | compare |
The largest other funds in the Long-Term Treasury category.
Under the hood
fiscal year to Feb 28, 2026SEC census- Authorized participants
- 12 active of 36 with agreements; top 3 did 82%
- Created · redeemed
- $52.5B · $59.1B over the fiscal year
- Redemptions in kind
- 99% creations 99% in kind
- Creation unit
- 100,000 shares
- Securities lending
- yes of assets on loan on average; earned 0.0 bp
- Return vs index
- -0.12 pts after fees; +0.03 before; daily s.d. 0.80
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 2026-10-14
Holdings
49
AUM
$48.1B
Provider
iShares (BlackRock)
Inception
2002-07-22
Exchange
XNAS
Data As Of
2026-10-14
Expense Ratio
0.15%
Dividend Yield
4.87%
Distribution
Monthly
Recent distributions
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-10-01 | 2026-10-06 | $0.3116 | CD |
| 2026-09-01 | 2026-09-04 | $0.3147 | CD |
| 2026-08-03 | 2026-08-06 | $0.3305 | CD |
| 2026-07-01 | 2026-07-07 | $0.3180 | CD |
| 2026-06-01 | 2026-06-04 | $0.3358 | CD |
| 2026-05-01 | 2026-05-06 | $0.3153 | CD |
Asset Allocation
Top Holdings
top 49 of 49 holdings
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| — | TREASURY BOND | 4.32% | Treasury | US |
| — | TREASURY BOND | 4.13% | Treasury | US |
| — | TREASURY BOND (OLD) | 4.07% | Treasury | US |
| — | TREASURY BOND | 4.03% | Treasury | US |
| — | TREASURY BOND | 3.93% | Treasury | US |
| — | TREASURY BOND | 3.92% | Treasury | US |
| — | TREASURY BOND | 3.89% | Treasury | US |
| — | TREASURY BOND | 3.88% | Treasury | US |
| — | TREASURY BOND (2OLD) | 3.87% | Treasury | US |
| — | TREASURY BOND | 3.85% | Treasury | US |
| — | TREASURY BOND | 3.84% | Treasury | US |
| — | TREASURY BOND | 3.70% | Treasury | US |
| — | TREASURY BOND | 3.45% | Treasury | US |
| — | TREASURY BOND | 3.14% | Treasury | US |
| — | TREASURY BOND | 3.12% | Treasury | US |
| — | TREASURY BOND | 3.01% | Treasury | US |
| — | TREASURY BOND | 2.62% | Treasury | US |
| — | TREASURY BOND (OTR) | 2.54% | Treasury | US |
| — | TREASURY BOND | 2.49% | Treasury | US |
| — | TREASURY BOND | 2.43% | Treasury | US |
| — | TREASURY BOND | 2.41% | Treasury | US |
| — | TREASURY BOND | 2.36% | Treasury | US |
| — | TREASURY BOND | 2.28% | Treasury | US |
| — | TREASURY BOND | 2.24% | Treasury | US |
| — | TREASURY BOND | 2.14% | Treasury | US |
| — | TREASURY BOND | 1.94% | Treasury | US |
| — | TREASURY BOND | 1.91% | Treasury | US |
| — | TREASURY BOND | 1.86% | Treasury | US |
| — | TREASURY BOND | 1.81% | Treasury | US |
| — | TREASURY BOND | 1.62% | Treasury | US |
| — | TREASURY BOND | 1.60% | Treasury | US |
| — | TREASURY BOND | 1.45% | Treasury | US |
| — | TREASURY BOND | 1.41% | Treasury | US |
| — | TREASURY BOND | 1.08% | Treasury | US |
| — | TREASURY BOND | 1.03% | Treasury | US |
| — | TREASURY BOND | 0.91% | Treasury | US |
| — | TREASURY BOND | 0.77% | Treasury | US |
| — | TREASURY BOND | 0.43% | Treasury | US |
| — | TREASURY BOND | 0.41% | Treasury | US |
| — | TREASURY BOND | 0.10% | Treasury | US |
| — | TREASURY BOND | 0.02% | Treasury | US |
| — | BLK CSH FND TREASURY SL AGENCY | 0.00% | Cash/Money Market | US |
| — | TREASURY BOND | 0.00% | Treasury | US |
| — | TREASURY BOND | 0.00% | Treasury | US |
| — | TREASURY BOND | 0.00% | Treasury | US |
| — | TREASURY BOND | 0.00% | Treasury | US |
| — | TREASURY BOND | 0.00% | Treasury | US |
| — | TREASURY BOND | 0.00% | Treasury | US |
| — | USD CASH | -0.01% | Cash/Money Market | US |
Non-Equity Breakdown
iShares 20+ Year Treasury Bond ETF ·
NPORT-P period 2026-05-31
(filed 2026-07-24)
Net assets:
$42.91B
· 47 total positions
· equity 0.00%
· non-equity 99.27%
Non-equity holdings
— 47 positions,
99.27% of NAV
| Category | Weight | Value | Positions |
|---|---|---|---|
| US Treasury | 98.22% | $42.14B | 46 |
| Short-term investment | 1.05% | $450.2M | 1 |
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | -3.52% | -1.32% | 5.63% | -1.68% | 0.22% | 0.11% | -0.09% |
| Feb | -5.84% | -1.31% | -5.98% | -4.13% | 4.84% | 4.93% | -1.25% |
| Mar | -3.98% | -6.53% | 5.98% | 0.16% | -1.66% | -3.26% | -1.55% |
| Apr | 0.82% | -9.77% | -0.13% | -4.68% | -2.21% | -0.74% | -2.79% |
| May | -0.06% | -0.53% | -0.14% | 2.13% | -2.72% | 0.18% | -0.19% |
| Jun | 4.44% | -1.16% | -0.17% | 0.20% | 3.63% | 1.11% | 1.34% |
| Jul | 3.71% | 1.39% | -1.99% | 5.45% | -1.38% | -3.93% | 0.54% |
| Aug | -1.22% | -6.80% | -1.53% | 1.24% | -1.39% | 0.40% | -1.55% |
| Sep | -3.07% | -6.52% | -6.49% | 0.36% | 4.37% | -5.00% | -2.72% |
| Oct | 1.61% | -7.44% | -3.85% | -6.13% | 1.12% | 3.01%* | -1.95% |
| Nov | 3.52% | 6.16% | 7.59% | 3.45% | 0.52% | -- | 4.25% |
| Dec | -2.72% | -5.86% | 6.33% | -6.97% | -1.81% | -- | -2.21% |
| Total | -6.73% | -34.02% | 4.02% | -10.86% | 3.19% | -3.56% | -7.99% |
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: $78.76
SMA 50: $80.73
SMA 200: $84.95
Current: $80.05
EMA 12: $78.82
EMA 26: $79.34
MACD: -0.5261 | Signal: 0.3666
BEARISH
ADX (14): 29.25
TREND
+DI: 28.24
−DI: 31.53
Momentum Oscillators
RSI (14): 56.38
NEUTRAL
Stoch %K: 84.78
Stoch %D: 69.83
Williams %R: -12.45
Volume & Volatility
BB Upper: $81.54
BB Lower: $75.99
NEUTRAL
OBV: -598,802,524
Vol SMA 20: 50,284,759
Vol ROC: -31.15%
ATR: $0.82
True Range: $0.64
HV 20: 11.4%
HV 30: 10.7%
HV 60: 10.7%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-18T00:00:00 – 2026-10-16T00:00:00
AI Analysis
TLT (iShares 20+ Year Treasury Bond ETF) - Comprehensive Stock Analysis
Executive Summary
Overall Assessment: BEARISH | Confidence Level: 7/10
Investment Thesis: TLT is exhibiting severe technical deterioration with multiple oversold signals (RSI 24.75, Stochastic %K 7.81, Williams %R -94.75) suggesting a potential mean reversion bounce is imminent. However, the fundamental backdrop remains challenged—the ETF is trading significantly below all major moving averages (SMA 20: $80.74, SMA 50: $81.90, SMA 200: $85.52), with negative MACD histogram (-0.70) and a weak trend regime (ADX 24.72). Recent news sentiment is decidedly negative regarding bond valuations and rate dynamics, though one positive article (Sept 8) hints at portfolio positioning strategies during market stress. The combination of extreme oversold conditions with bearish technical structure suggests downside risk may be limited in the near term, but the longer-term downtrend remains intact.
Key Drivers:
- Aggressive Fed rate environment pressuring long-duration bonds
- Extreme oversold momentum conditions creating bounce potential
- Negative news sentiment on bond valuations and rate cut timing
- Very low market correlation (Beta 0.19) limits diversification benefit currently
Primary Risks:
- Further capitulation if rates continue higher
- Technical breakdown below $78.07 (Bollinger lower band)
- Continued institutional outflows evidenced by negative OBV
Technical Analysis
Trend Direction
| Timeframe | Direction | Confidence | Rationale | |-----------|-----------|------------|-----------| | Short-term (1-4 weeks) | DOWNTREND with oversold bounce risk | High | Price $77.78 well below all MAs; RSI 24.75 extreme | | Medium-term (1-3 months) | DOWNTREND | High | Price 4.6% below SMA 50; MACD bearish; -DI (43.86) >> +DI (13.68) | | Long-term (3-12 months) | DOWNTREND | High | Price 9.1% below SMA 200; sustained breakdown below 200-day MA |
Support/Resistance Levels
Critical Support Levels (from highest to lowest priority):
- $78.07 — Bollinger Bands Lower Band (immediate support; if broken = capitulation signal)
- $77.78 — Current price (key inflection point)
- $76.50 — Psychological level (potential max pain if breakdown occurs)
- $75.00 — 52-week lows area (ultimate capitulation target)
Critical Resistance Levels:
- $80.74 — SMA 20 (primary near-term resistance; break needed for trend reversal confirmation)
- $81.90 — SMA 50 (secondary resistance; intermediate-term mean reversion target)
- $83.40 — Bollinger Bands Upper Band (requires sustained rally to reach; highly bullish signal if breached)
- $85.52 — SMA 200 (major resistance; break would signal true long-term reversal)
Momentum Signals
RSI (14): 24.75 — EXTREME OVERSOLD
- Interpretation: RSI <30 indicates severe oversold conditions with historically high probability of mean reversion bounce. RSI this low (24.75) suggests capitulation selling has likely exhausted itself temporarily.
- Signal: Short-term bounce potential is HIGH; however, oversold doesn't mean reversal—many assets have bounced from these levels only to retest lows.
- Caution: Without positive news catalyst, bounce may be technical only.
Stochastic %K: 7.81 / %D: 8.59 — EXTREME OVERSOLD
- Interpretation: Both K and D lines at single-digit levels—rarely seen and indicates maximum pessimism in near-term momentum.
- Signal: Imminent short-term bounce is likely; watch for K crossing above D line as early indicator of reversal.
- Crossover Watch: Currently K (7.81) < D (8.59); when K crosses above D with price above $78.50, this signals potential bounce entry.
Williams %R: -94.75 — MAXIMUM OVERSOLD
- Interpretation: -95 reading is near-extreme territory; typically bounces occur when %R starts rising above -80.
- Signal: Confirms that short-term technical oversold is as severe as technical analysis can measure.
MACD: -1.02 Signal: -0.32 Histogram: -0.70 — BEARISH
- Interpretation:
- MACD line (-1.02) remains deeply below signal line (-0.32) with negative histogram (-0.70)
- No bullish crossover signal present; bearish momentum remains intact
- Histogram widening would indicate accelerating bearish momentum
- Critical Watch: First sign of MACD recovery = when histogram starts moving toward zero; this would be early warning of potential bounce.
- Conviction: Bearish MACD contradicts oversold RSI—this divergence is typical at major bottoms (bullish divergence forming).
Bollinger Bands Analysis
Current Position: Price $77.78 is OVERSOLD (closer to lower band $78.07)
- Width: 6.60 — Band width is moderate; not in extreme squeeze, suggesting volatility environment is normal (not pre-breakout compression).
- Distance from Lower Band: Only $0.29 below lower band (0.4% distance) — price is touching oversold territory.
- Interpretation:
- Price touching lower band typically indicates temporary exhaustion; mean reversion bounce is probable
- However, price hasn't violated lower band ($78.07), suggesting there IS support holding currently
- If price breaks below $78.07, next support drops significantly (~$76.50)
Bullish Divergence Forming: Price making lower lows while RSI, Stochastic, and %R show extreme but not-yet-crashing momentum = classic reversal setup (though not guaranteed).
Volume Analysis
Volume SMA 20: 42.56M shares (baseline reference)
Volume Rate of Change: +28.67%
- Interpretation: Current volume is 28.67% above 20-day average—indicates recent volume uptick
- Significance: Elevated volume on down moves (if recent days were sellers) = capitulation signal; elevated volume on up moves = accumulation signal
- Data Gap: Current volume direction (up or down days) not specified; this is a limitation in analysis
On-Balance Volume (OBV): -819.78M (Negative)
- Interpretation: Strongly negative OBV indicates that DOWN volume has significantly exceeded UP volume over the measured period
- Signal: This is a bearish signal—institutional outflows dominating; accumulation is NOT occurring
- Contradiction with Oversold Momentum: This creates a conflict: price is oversold BUT volume suggests sellers still in control. This suggests bounce (if it occurs) may be weak/temporary.
Institutional Interest Assessment:
- Negative OBV + elevated volume = institutional selling continues
- This is BEARISH for any bounce sustainability
- Bounce may occur but lack follow-through buying
News & Sentiment Analysis
Recent Headlines Summary
| # | Headline | Date | Sentiment | Relevance to TLT | |---|----------|------|-----------|------------------| | 1 | Stock Market Crash - Portfolio Strategy (Motley Fool) | 2026-09-08 | POSITIVE | Suggests defensive positioning; bonds typically benefit in crashes; relevant catalyst for potential reversal | | 2 | Yen Rally & ETF Focus (Zacks) | 2026-09-04 | NEUTRAL | Currency discussion; limited direct impact on TLT unless USD weakness implied | | 3 | VGLT vs TLT Bond ETF Comparison (Motley Fool) | 2026-08-19 | NEUTRAL | Comparative analysis; suggests both funds under consideration but no directional bias | | 4 | Fed Rate Cuts Impact on Bond ETF Prices (Motley Fool) | 2026-08-09 | NEGATIVE | Educational but implies uncertainty about rate trajectory; bearish sentiment on timing | | 5 | Bond Market Historic Shift (Motley Fool) | 2026-08-03 | NEGATIVE | Suggests unusual market conditions; "
Generated
News
All TLT news →
Zacks Investment ResearchT3·3d ago
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Showing 1–10 of 50
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TLT Options Activity & IV Rank
TLT IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 14.7%
7-DTE IV: 13.3%
Expected Move: $2.61
7-DTE Move: $1.19
Days to Exp: 28 (2026-11-13)
Options Flow
Call Volume: 9,765
Put Volume: 8,178
P/C Volume: 0.837
NEUTRAL
Call OI: 75,888
Put OI: 74,081
P/C OI: 0.976
Total OI: 149,969
ATM Options Pricing
ATM Call: $1.29
ATM Put: $1.32
Call %: 1.6%
Put %: 1.6%
Chain Summary
Chain Volume: 1,126,412
Chain OI: 14,964,276
Last Updated: 10/16/2026
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 50th 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
50%
vs own history
GEX tilt
+0.22
OI-weighted, today
Vanna tilt
+0.59
δ-sensitivity to IV
Charm tilt
-0.58
δ-decay vs time
Vanna tilt +0.59: the estimated dealer exposure leans positive, so the modeled hedge would shift noticeably if implied volatility changed.
Charm tilt -0.58: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably as time passes and options approach expiry.
? What is this?
· 715 ATM contracts, 6377k 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
21%
+0.7
pts
EXTREME
ATM 14.3% / Wing 14.9%
30 DTE / 10d
57%
+1.4
pts
EXTREME
ATM 14.8% / Wing 16.3%
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)64.2MediumOct 16
IV Rank (30 DTE)76.4HighOct 16
Straddle Price (30 DTE)$2.61Oct 16
Beta Analysis
Risk Metrics
Beta: 0.2290
Alpha: -16.29%
Correlation: 0.3056
R-Squared: 9.3%
Stock Volatility: 9.5%
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
TLT 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.
89 filers$38.02B notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Mirae Asset Global Investments Co., Ltd. | $15.25B | 40.10% | 2026-06-30 |
| 2 | Jane Street Group, LLC Custodian | $5.46B | 14.37% | 2026-06-30 |
| 3 | Susquehanna International Group, LLP Custodian | $4.07B | 10.71% | 2026-06-30 |
| 4 | Citadel Advisors LLC Custodian | $2.86B | 7.53% | 2026-06-30 |
| 5 | Barclays PLC Custodian | $1.12B | 2.95% | 2026-06-30 |
| 6 | MOORE CAPITAL MANAGEMENT, LP | $864.20M | 2.27% | 2026-06-30 |
| 7 | Goldman Sachs Group Inc Custodian | $736.68M | 1.94% | 2026-06-30 |
| 8 | SONA ASSET MANAGEMENT (US) LLC | $670.74M | 1.76% | 2026-06-30 |
| 9 | ExodusPoint Capital Management, LP | $623.30M | 1.64% | 2026-06-30 |
| 10 | TUDOR INVESTMENT CORP ET AL | $579.16M | 1.52% | 2026-06-30 |
| 11 | Millennium Management LLC Custodian | $555.24M | 1.46% | 2026-06-30 |
| 12 | Jain Global LLC | $495.90M | 1.30% | 2026-06-30 |
| 13 | PEAK6 LLC | $465.65M | 1.22% | 2026-06-30 |
| 14 | Wolverine Trading, LLC Custodian | $342.56M | 0.90% | 2025-09-30 |
| 15 | Brevan Howard Capital Management LP | $331.42M | 0.87% | 2026-06-30 |
| 16 | Schonfeld Strategic Advisors LLC | $303.62M | 0.80% | 2026-06-30 |
| 17 | Squarepoint Ops LLC | $258.73M | 0.68% | 2026-06-30 |
| 18 | Wells Fargo & Company Custodian | $250.76M | 0.66% | 2026-06-30 |
| 19 | Parallax Volatility Advisers, L.P. | $226.08M | 0.59% | 2026-06-30 |
| 20 | Bank of Montreal Custodian | $218.48M | 0.57% | 2026-06-30 |
| 21 | TORONTO DOMINION BANK | $201.36M | 0.53% | 2026-06-30 |
| 22 | Massar Capital Management, LP | $200.30M | 0.53% | 2026-06-30 |
| 23 | BNP Paribas Financial Markets Custodian | $196.04M | 0.52% | 2026-06-30 |
| 24 | Verition Fund Management LLC | $195.94M | 0.52% | 2026-06-30 |
| 25 | UBS Group AG Custodian | $180.43M | 0.47% | 2026-06-30 |
76 filers$19.23B notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Jane Street Group, LLC Custodian | $3.03B | 15.76% | 2026-06-30 |
| 2 | Citadel Advisors LLC Custodian | $2.71B | 14.11% | 2026-06-30 |
| 3 | Susquehanna International Group, LLP Custodian | $2.69B | 13.98% | 2026-06-30 |
| 4 | Bank of Montreal Custodian | $1.24B | 6.43% | 2026-06-30 |
| 5 | Goldman Sachs Group Inc Custodian | $1.20B | 6.21% | 2026-06-30 |
| 6 | PEAK6 LLC | $892.54M | 4.64% | 2026-06-30 |
| 7 | MOORE CAPITAL MANAGEMENT, LP | $554.78M | 2.88% | 2026-06-30 |
| 8 | Millennium Management LLC Custodian | $544.07M | 2.83% | 2026-06-30 |
| 9 | Barclays PLC Custodian | $532.33M | 2.77% | 2026-06-30 |
| 10 | Brevan Howard Capital Management LP | $461.05M | 2.40% | 2026-06-30 |
| 11 | Squarepoint Ops LLC | $460.62M | 2.39% | 2026-06-30 |
| 12 | Jain Global LLC | $430.78M | 2.24% | 2026-06-30 |
| 13 | Citigroup Inc. Custodian | $426.91M | 2.22% | 2026-06-30 |
| 14 | UBS Group AG Custodian | $404.86M | 2.10% | 2026-06-30 |
| 15 | Wells Fargo & Company Custodian | $341.18M | 1.77% | 2026-06-30 |
| 16 | BNP Paribas Financial Markets Custodian | $309.95M | 1.61% | 2026-06-30 |
| 17 | BRIGADE CAPITAL MANAGEMENT, LP | $259.26M | 1.35% | 2026-06-30 |
| 18 | Wolverine Trading, LLC Custodian | $244.13M | 1.27% | 2025-09-30 |
| 19 | NOMURA HOLDINGS INC | $237.35M | 1.23% | 2026-06-30 |
| 20 | Gates Capital Management, Inc. | $216.05M | 1.12% | 2026-06-30 |
| 21 | Schonfeld Strategic Advisors LLC | $212.58M | 1.11% | 2026-06-30 |
| 22 | Glenorchy Capital Ltd | $206.46M | 1.07% | 2026-06-30 |
| 23 | Massar Capital Management, LP | $200.30M | 1.04% | 2026-06-30 |
| 24 | Eisler Capital Management Ltd. | $177.90M | 0.92% | 2025-09-30 |
| 25 | Verition Fund Management LLC | $124.50M | 0.65% | 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
113.20M
SI % of Float
18.21%
Days to Cover
2.21
Short Vol Ratio
57.9%
Free Float
—
Float %
—
Short interest 2026-09-30 • Short volume 2026-10-16
Constituent Performance
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Constituents
| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
|---|