Zacks Investment ResearchT3·1d ago
XLF State Street Financial Select Sector SPDR ETF
ETF 55.52 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.
XLF
$55.52
—
Key stats
$55.52
- 52-Week Range
- $47.67 – $58.60
- YTD
- +1.07%
- IV Rank (30D)
- 51.92
- Straddle Price
- $1.98
- P/C Vol Ratio
- 2.33
- Open
- $55.63
- Day Range
- $55.19 – $56.03
- Volume
- 43,016,489
- Prev Close
- $55.27
About
State Street Financial Select Sector SPDR ETF (XLF) ETF
No description available.
- Exchange
- ARCX
- Inception
- 1998-12-16
- Has Options
- Yes
- Homepage
- https://www.ssga.com/us/en/individual/etfs
Fund profile
holdings as of Oct 15, 2026issuer datathrough Jun 2026flows, SEC filings
- Expense ratio
- 0.08% issuer, Oct 17, 2026
- Assets
- $51.3B issuer-reported, Oct 15, 2026
- Trailing yield
- 1.49% paid quarterly
- Average daily volume
- $2.1B 30 sessions
- Holdings
- 80 top 10 are 57.6%
- Listed
- Dec 16, 1998 NYSE Arca
- Last fee change
- -1 bp filed Jan 24, 2025
- Net asset value
- $55.24 issuer, Oct 15, 2026 · closed +0.01% to NAV
- Median bid/ask spread
- 0.02% 30 days, issuer-reported
- 30-day SEC yield
- 1.37% issuer
- Tracking difference
- -0.12 pts vs index, after fees, FY 2025
Cost97
Liquidity100
Scale100
Diversification46
Moves with. US large-cap stocks (46% of its variance, beta 1.02); Emerging markets over US (4% of its variance, beta -0.26). These factors explain 60% of its daily moves over the last year.
Stated objective. State Street Financial Select Sector SPDR ETF (the Fund) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Financial Select Sector Index (the Index). (from the fund's prospectus)
All 80 holdingsFlow historySimilar fundsOverlap toolAll Financials ETFs
Fund flows
daily as of Oct 14, 2026issuer datathrough Jun 2026SEC filings- Oct 14, 2026
- −$722M latest day
- Latest 5 trading days
- +$16M
- Latest 21 trading days
- −$2.1B −4.1% of assets
- Year to date
- −$2.0B −$3.0B over 12 months
Each day
| Day | Net flow |
|---|---|
| Oct 14, 2026 | −$722M |
| Oct 13, 2026 | −$219M |
| Oct 12, 2026 | +$256M |
| Oct 9, 2026 | +$791M |
| Oct 8, 2026 | −$89M |
| Oct 7, 2026 | −$666M |
| Oct 6, 2026 | +$661M |
| Oct 5, 2026 | −$194M |
| Oct 2, 2026 | −$19M |
| Oct 1, 2026 | −$1.0B |
| Sep 30, 2026 | −$323M |
| Sep 29, 2026 | +$119M |
| Sep 28, 2026 | +$401M |
| Sep 25, 2026 | +$260M |
| Sep 24, 2026 | +$14M |
| Sep 23, 2026 | +$275M |
| Sep 22, 2026 | +$1.0B |
| Sep 21, 2026 | −$1.3B |
| Sep 18, 2026 | −$791M |
| Sep 17, 2026 | −$623M |
| Sep 16, 2026 | +$56M |
Daily figures are the change in shares outstanding times net asset value, both as the issuer publishes them each day.
- Jun 2026
- −$1.6M latest reported month
- Latest 3 months
- −$491M −1.0% of assets
- Latest 12 months
- +$668M +1.3% of assets
View as a table
| Month | Net flow |
|---|---|
| Jun 2026 | −$1.6M |
| May 2026 | −$1.5B |
| Apr 2026 | +$984M |
| Mar 2026 | +$80M |
| Feb 2026 | −$3.6B |
| Jan 2026 | +$3.5B |
| Dec 2025 | −$167M |
| Nov 2025 | −$1.7B |
| Oct 2025 | +$195M |
| Sep 2025 | −$564M |
| Aug 2025 | +$253M |
| Jul 2025 | +$3.1B |
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 | |
|---|---|---|---|---|---|
| FNCLFidelity MSCI Financials Index ETF | 87% | 0.08% | $2.3B | +4.0% | compare |
| VFHVanguard Financials ETF | 86% | 0.09% | $13.1B | +4.0% | compare |
| IYGiShares U.S. Financial Services ETF | 84% | 0.37% | $2.2B | +4.7% | compare |
| IYFiShares U.S. Financials ETF | 77% | 0.37% | $3.8B | +3.6% | compare |
| TFNST. Rowe Price Financials ETF | 71% | 0.44% | $14M | +7.7% | compare |
Ranked by how much of the two portfolios is the same securities.
Look-through: what the holdings say
weights as of Oct 15, 2026issuer data- Holdings vs fair value
- +1.5% 26% under, 37% over · 100% covered
- Price / earnings
- 15.7 1% loss-making · 100% covered
- Price / book · sales
- 2.2 · 2.8 revenue growth +6.2%
- Above 200-day average
- 65% 48% above 50-day · by weight
- Short interest
- 1.8% of float, weighted · 2.8 days to cover
- Insider buying
- 2% of weight had net insider buying, 90 days; 73% net selling
- 13F holders
- +0.4% change in shares held by institutions, latest quarter
- Reporting earnings
- 12.0% of weight in 7 days; 38.2% in 14
Holdings reporting in the next 14 days · weighted implied move this week 0.39%
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
Dec 31, 2025 → Mar 31, 2026| Action | Holding | Weight before | Weight after | Shares vs flows |
|---|---|---|---|---|
| Increase | FITBFifth Third Bancorp | 0.39% | 0.59% | +36.7% |
| Increase | HBANHuntington Bancshares Inc/OH | 0.35% | 0.45% | +29.6% |
0 new, 0 exited, 0 increased and 0 decreased between the fund's two latest holdings reports; turnover 0.6%. Full holdings and history
Under the hood
fiscal year to Sep 30, 2025SEC census- Authorized participants
- 21 active of 45 with agreements; top 3 did 67%
- Created · redeemed
- $68.3B · $64.4B over the fiscal year
- Redemptions in kind
- 100% creations 100% in kind
- Creation unit
- 50,000 shares
- Securities lending
- 0.52% of assets on loan on average; earned 0.1 bp
- Return vs index
- -0.12 pts after fees; -0.01 before; daily s.d. 0.05
- 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 2026-10-15
Holdings
80
AUM
$51.3B
Provider
SPDR (State Street)
Inception
1998-12-16
Exchange
ARCX
Data As Of
2026-10-15
Expense Ratio
0.08%
Dividend Yield
1.49%
Distribution
Quarterly
Recent distributions
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-09-21 | 2026-09-23 | $0.1965 | CD |
| 2026-06-22 | 2026-06-24 | $0.1871 | CD |
| 2026-03-23 | 2026-03-25 | $0.2515 | CD |
| 2025-12-22 | 2025-12-24 | $0.1908 | CD |
| 2025-09-22 | 2025-09-24 | $0.1780 | CD |
| 2025-06-23 | 2025-06-25 | $0.1721 | CD |
Asset Allocation
Top Holdings
top 50 of 80 holdings
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| BRK.B | BERKSHIRE HATHAWAY INC CL B | 12.57% | Equity (US) | US |
| JPM | JPMORGAN CHASE + CO | 11.45% | Equity (US) | US |
| V | VISA INC CLASS A SHARES | 8.75% | Equity (US) | US |
| MA | MASTERCARD INC A | 6.40% | Equity (US) | US |
| BAC | BANK OF AMERICA CORP | 4.32% | Equity (US) | US |
| GS | GOLDMAN SACHS GROUP INC | 3.33% | Equity (US) | US |
| WFC | WELLS FARGO + CO | 3.21% | Equity (US) | US |
| MS | MORGAN STANLEY | 2.79% | Equity (US) | US |
| C | CITIGROUP INC | 2.65% | Equity (US) | US |
| AXP | AMERICAN EXPRESS CO | 2.12% | Equity (US) | US |
| BLK | BLACKROCK INC | 2.07% | Equity (US) | US |
| SCHW | SCHWAB (CHARLES) CORP | 1.97% | Equity (US) | US |
| SPGI | S+P GLOBAL INC | 1.65% | Equity (US) | US |
| PGR | PROGRESSIVE CORP | 1.60% | Equity (US) | US |
| CB | CHUBB LTD | 1.59% | Equity (Foreign) | CH |
| COF | CAPITAL ONE FINANCIAL CORP | 1.57% | Equity (US) | US |
| CME | CME GROUP INC | 1.34% | Equity (US) | US |
| BNY | BANK OF NEW YORK MELLON CORP | 1.24% | Equity (US) | US |
| USB | US BANCORP | 1.15% | Equity (US) | US |
| MRSH | MARSH + MCLENNAN COS | 1.14% | Equity (US) | US |
| ICE | INTERCONTINENTAL EXCHANGE IN | 1.14% | Equity (US) | US |
| PNC | PNC FINANCIAL SERVICES GROUP | 1.10% | Equity (US) | US |
| HOOD | ROBINHOOD MARKETS INC A | 1.06% | Equity (US) | US |
| BX | BLACKSTONE INC | 1.05% | Equity (US) | US |
| TRV | TRAVELERS COS INC/THE | 1.03% | Equity (US) | US |
| MCO | MOODY S CORP | 0.93% | Equity (US) | US |
| AJG | ARTHUR J GALLAGHER + CO | 0.82% | Equity (US) | US |
| AON | AON PLC CLASS A | 0.78% | Equity (Foreign) | IE |
| ALL | ALLSTATE CORP | 0.78% | Equity (US) | US |
| KKR | KKR + CO INC | 0.78% | Equity (US) | US |
| TFC | TRUIST FINANCIAL CORP | 0.73% | Equity (US) | US |
| MET | METLIFE INC | 0.69% | Equity (US) | US |
| APO | APOLLO GLOBAL MANAGEMENT INC | 0.68% | Equity (US) | US |
| AFL | AFLAC INC | 0.68% | Equity (US) | US |
| PYPL | PAYPAL HOLDINGS INC | 0.63% | Equity (US) | US |
| STT | STATE STREET CORP | 0.59% | Equity (US) | US |
| FITB | FIFTH THIRD BANCORP | 0.59% | Equity (US) | US |
| AMP | AMERIPRISE FINANCIAL INC | 0.57% | Equity (US) | US |
| XYZ | BLOCK INC | 0.55% | Equity (US) | US |
| MSCI | MSCI INC | 0.54% | Equity (US) | US |
| AIG | AMERICAN INTERNATIONAL GROUP | 0.53% | Equity (US) | US |
| NDAQ | NASDAQ INC | 0.53% | Equity (US) | US |
| COIN | COINBASE GLOBAL INC CLASS A | 0.53% | Equity (US) | US |
| PRU | PRUDENTIAL FINANCIAL INC | 0.52% | Equity (US) | US |
| IBKR | INTERACTIVE BROKERS GRO CL A | 0.50% | Equity (US) | US |
| HIG | HARTFORD INSURANCE GROUP INC | 0.46% | Equity (US) | US |
| ACGL | ARCH CAPITAL GROUP LTD | 0.43% | Equity (Foreign) | BM |
| CBOE | CBOE GLOBAL MARKETS INC | 0.41% | Equity (US) | US |
| MTB | M + T BANK CORP | 0.41% | Equity (US) | US |
| HBAN | HUNTINGTON BANCSHARES INC | 0.40% | Equity (US) | US |
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | -0.45% | -1.19% | 6.53% | 2.65% | 6.76% | -2.71% | 1.93% |
| Feb | 10.16% | -2.73% | -2.30% | 3.92% | 1.79% | -4.81% | 1.01% |
| Mar | 2.19% | 3.29% | -9.69% | 4.54% | -3.73% | -3.76% | -1.19% |
| Apr | 5.19% | -9.71% | 2.98% | -3.65% | -1.99% | 5.44% | -0.29% |
| May | 4.25% | 2.75% | -3.99% | 3.17% | 4.53% | -0.65% | 1.68% |
| Jun | -4.00% | -9.89% | 5.02% | -0.65% | 2.73% | 4.24% | -0.43% |
| Jul | -1.24% | 5.74% | 4.22% | 6.17% | -0.55% | 3.80% | 3.02% |
| Aug | 5.12% | -1.14% | -2.69% | 6.08% | 5.04% | 0.58% | 2.17% |
| Sep | -1.70% | -8.42% | -4.38% | -0.18% | 0.52% | -6.64% | -3.47% |
| Oct | 5.53% | 8.98% | -1.61% | 3.11% | -1.91% | 3.85%* | 2.99% |
| Nov | -5.76% | 6.57% | 10.22% | 10.08% | 2.26% | -- | 4.67% |
| Dec | 4.02% | -5.26% | 3.95% | -4.92% | 3.55% | -- | 0.27% |
| Total | 24.55% | -12.58% | 6.69% | 33.62% | 20.09% | -1.49% | 11.81% |
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: $54.45
SMA 50: $56.28
SMA 200: $53.68
Current: $55.52
EMA 12: $54.76
EMA 26: $55.07
MACD: -0.3096 | Signal: 0.2583
BEARISH
ADX (14): 27.53
TREND
+DI: 34.91
−DI: 24.85
Momentum Oscillators
RSI (14): 54.61
NEUTRAL
Stoch %K: 77.08
Stoch %D: 75.04
Williams %R: -15.84
Volume & Volatility
BB Upper: $55.80
BB Lower: $53.10
NEUTRAL
OBV: 178,044,532
Vol SMA 20: 39,464,094
Vol ROC: 41.55%
ATR: $0.72
True Range: $0.84
HV 20: 13.0%
HV 30: 12.5%
HV 60: 12.6%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-18T00:00:00 – 2026-10-16T00:00:00
AI Analysis
XLF (Financial Select Sector SPDR ETF) - Comprehensive Analysis Report
Executive Summary
Overall Assessment: NEUTRAL with 6/10 confidence
XLF presents a mixed technical and sentiment picture with conflicting signals that warrant cautious positioning. The fund is trading slightly above key moving averages but shows deteriorating momentum with bearish MACD divergence and elevated put/call ratios signaling defensive positioning among options traders. The low beta (0.59) and defensive characteristics make it relatively stable, but recent news sentiment around major holdings (particularly State Street's stock price weakness despite earnings beat) suggests sector headwinds despite positive macro commentary.
Key Drivers & Primary Risks:
- Positive: Defensive sector positioning, low cost (0.08% ER), record AUM at major holdings, insider buying signals
- Negative: Bearish MACD histogram (-0.57), overbought stochastic readings (77.08), put/call volume ratio of 2.33 (bearish), recent fund outflows (-$1.6M latest month)
Investment Thesis: XLF offers low-cost financial sector exposure with defensive beta (0.59), but technical momentum is deteriorating despite holdings trading near fair value. The options market's bearish put/call ratio and recent STT weakness despite earnings beats suggest investors are hedging sector exposure, creating near-term downside risk despite the fund's portfolio trading at reasonable valuations.
Recent News Sentiment Impact: Mixed signals dominate. While October 16 market commentary was positive and higher NII/fee income narratives supported STT earnings (Oct 12), the October 14 headline "State Street Stock Falls Despite Q3 Earnings Beat & Record AUM Levels" directly contradicts fundamental strength—a red flag suggesting sector rotation away from financials or profit-taking into strength. This disconnect between fundamentals and price action aligns with the technical warning signs.
Technical Analysis
Trend Direction
| Timeframe | Direction | Assessment | |-----------|-----------|-----------| | Short-term (1-4 weeks) | BEARISH | Price at $55.52 is above SMA 20 ($54.45) but below SMA 50 ($56.28), indicating loss of intermediate momentum | | Medium-term (1-3 months) | NEUTRAL-TO-BEARISH | SMA 50 ($56.28) still above SMA 200 ($53.68), suggesting longer-term support, but the gap is narrowing | | Long-term (3-12 months) | BULLISH | Price significantly above SMA 200 ($53.68 vs $55.52 = +3.4%), indicating solid uptrend foundation |
Key Observation: The fund is caught between bullish long-term structure and weakening short-term momentum—a classic distribution pattern.
Support & Resistance Levels
| Level | Price | Type | Notes | |-------|-------|------|-------| | Resistance (immediate) | $55.80 | Upper Bollinger Band | Current price touching this level; limited upside before mean reversion | | Resistance (structural) | $56.28 | SMA 50 | Recent high; break above = bullish confirmation | | Current Price | $55.52 | — | Trading in upper half of Bollinger Bands | | Support (immediate) | $54.45 | SMA 20 / BB Middle | Primary short-term support; 1.9% downside | | Support (secondary) | $53.68 | SMA 200 | Strong long-term support; 3.3% downside | | Support (technical floor) | $53.10 | Lower Bollinger Band | Capitulation zone; 4.4% downside |
Interpretation: Price is testing the upper resistance zone. A close above $56.28 would signal bullish continuation; a break below $54.45 would trigger stop-loss cascades.
Momentum Signals
RSI (14): 54.61 — NEUTRAL
- Mid-range reading indicates no overbought/oversold extreme
- Neither bullish nor bearish signal
- Provides no directional bias, consistent with choppy consolidation
MACD: -0.31 / Signal: 0.26 / Histogram: -0.57 — BEARISH
- Critical Warning: MACD is trading below the signal line (negative histogram of -0.57)
- This indicates bearish momentum crossover; the faster line (MACD) has fallen below the slower signal line
- Histogram increasingly negative suggests momentum deterioration
- High Conviction Signal: This is the clearest bearish technical indicator in the dataset
Stochastic %K: 77.08 / %D: 75.04 — OVERBOUGHT
- Both K and D lines are above 70, indicating overbought conditions
- K and D are closely grouped (only 2.08 points apart), suggesting momentum plateauing
- Typical Interpretation: Overbought conditions often precede pullbacks
- However, in strong trends, overbought can persist; this is most reliable with MACD divergence confirmation (which we have)
Williams %R: -15.84 — OVERBOUGHT
- Ranges from 0 to -100; readings above -20 indicate overbought
- Confirms stochastic reading of stretched upside conditions
- Multi-indicator overbought condition increases reversal risk
Bollinger Bands: Neutral Zone
- Upper Band: $55.80 | Middle: $54.45 | Lower: $53.10
- Width of 4.96 indicates normal volatility (not in squeeze)
- Price is between middle and upper band (neutral-to-upper positioning)
- Band squeeze is not present, so no breakout imminent from compression
Momentum Conclusion: Deteriorating. While RSI remains neutral, the combination of bearish MACD crossover + overbought stochastic/Williams %R + elevated puts suggests the fund is at an inflection point. The overbought readings preceded by momentum loss is textbook topping action.
Volume Analysis
Volume Indicators:
- Volume SMA 20: 39.46M shares (baseline)
- Volume Rate of Change: +41.55% (significantly elevated)
- On-Balance Volume: 178.04M (tracking higher)
- Interpretation: Volume is running 41.55% above the 20-day average, indicating heightened institutional interest
What This Means:
- The +41.55% volume spike paired with price at resistance suggests institutional positioning activity rather than retail participation
- OBV at 178M and rising suggests accumulated buying pressure, but this conflicts with the bearish options sentiment
- Hypothesis: Institutional buyers may be rotating into defensive financial names (consistent with 0.59 beta appeal), but longer-term position holders are hedging with puts
Institutional Interest Signal: Mixed. High volume could indicate either accumulation into weakness OR profit-taking into strength. The put/call ratio of 2.33 suggests the latter.
News & Sentiment Analysis
Recent Headlines Summary (10 Articles Reviewed)
Themes Identified:
-
Earnings Beat Paradox (Oct 14-15): State Street (STT, 12.8% of XLF) beat Q3 earnings estimates and achieved record AUM levels, yet the stock fell. This is directly relevant to XLF's largest holding.
-
Sector Composition Concerns (Oct 14): "Invesco QQQ Doesn't Own a Single Bank" reinforces that financials are underweighted in growth indexes—contextualizing XLF's defensive niche
-
Fundamentals Remain Solid (Oct 12): Pre-earnings analysis highlighted higher net interest income (NII) and fee income growth, which are positive for financial sector profitability
-
Broad Market Strength (Oct 16): Market news was generally positive, yet XLF hasn't participated proportionally
Sentiment Assessment
| Category | Headline Count | Sentiment | Weight | |----------|---|---|---| | Positive | 2 | General market commentary + NII/fee growth | 20% | | Neutral | 3 | Earnings reports, sector comparison | 30% | | Negative | 1 | STT stock falls despite beat | 20% | | Implied Negative | — | Gap between fundamentals and price action | 30% |
Aggregate Sentiment: NEUTRAL-TO-SLIGHTLY-NEGATIVE (40% negative vs 20% positive)
Critical Insight: The most important headline is #4 (Oct 14): "State Street Stock Falls Despite Q
Generated
News
All XLF news →
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XLF Options Activity & IV Rank
XLF IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 16.1%
7-DTE IV: 15.8%
Expected Move: $1.98
7-DTE Move: $0.97
Days to Exp: 28 (2026-11-13)
Options Flow
Call Volume: 1,123
Put Volume: 2,620
P/C Volume: 2.333
BEARISH
Call OI: 4,502
Put OI: 6,752
P/C OI: 1.5
Total OI: 11,254
ATM Options Pricing
ATM Call: $1.07
ATM Put: $0.91
Call %: 1.9%
Put %: 1.6%
Chain Summary
Chain Volume: 449,907
Chain OI: 6,359,966
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
LOW γ vs HISTORY
Estimated net dealer gamma is at the 19th 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
19%
vs own history
GEX tilt
-0.15
OI-weighted, today
Vanna tilt
+0.66
δ-sensitivity to IV
Charm tilt
-0.70
δ-decay vs time
Vanna tilt +0.66: the estimated dealer exposure leans positive, so the modeled hedge would shift noticeably if implied volatility changed.
Charm tilt -0.70: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably as time passes and options approach expiry.
? What is this?
· 344 ATM contracts, 2290k 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
55%
+6.2
pts
EXTREME
as of Oct 16 · ATM 16.1% / Wing 22.2%
30 DTE / 10d
53%
+6.5
pts
EXTREME
as of Oct 16 · ATM 16.2% / Wing 22.6%
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)21.6LowOct 16
IV Rank (30 DTE)51.9MediumOct 16
Straddle Price (30 DTE)$1.98Oct 16
Beta Analysis
Risk Metrics
Beta: 0.5895
Alpha: -0.95%
Correlation: 0.5219
R-Squared: 27.2%
Stock Volatility: 14.4%
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
XLF Institutional Ownership (13F)
Latest filings — 2026-09-30
? 13F Guide
Diluted shares outstanding: 287,636,500 (as of 2026-03-31)
Institutional 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.
53 filers$6.96B notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Jane Street Group, LLC Custodian | $1.16B | 16.70% | 2026-06-30 |
| 2 | Susquehanna International Group, LLP Custodian | $1.12B | 16.04% | 2026-06-30 |
| 3 | Parallax Volatility Advisers, L.P. | $538.65M | 7.74% | 2026-06-30 |
| 4 | CAPSTONE INVESTMENT ADVISORS, LLC | $532.43M | 7.65% | 2026-06-30 |
| 5 | Citadel Advisors LLC Custodian | $489.96M | 7.04% | 2026-06-30 |
| 6 | Citigroup Inc. Custodian | $474.99M | 6.83% | 2026-06-30 |
| 7 | Millennium Management LLC Custodian | $401.96M | 5.78% | 2026-06-30 |
| 8 | Wells Fargo & Company Custodian | $352.30M | 5.06% | 2026-06-30 |
| 9 | UBS Group AG Custodian | $334.98M | 4.81% | 2026-06-30 |
| 10 | TUDOR INVESTMENT CORP ET AL | $213.45M | 3.07% | 2026-06-30 |
| 11 | Point72 Asset Management, L.P. | $206.36M | 2.97% | 2026-06-30 |
| 12 | Balyasny Asset Management L.P. | $177.77M | 2.56% | 2026-06-30 |
| 13 | NOMURA HOLDINGS INC | $140.57M | 2.02% | 2026-06-30 |
| 14 | Wolverine Trading, LLC Custodian | $105.48M | 1.52% | 2025-09-30 |
| 15 | Jain Global LLC | $91.94M | 1.32% | 2026-06-30 |
| 16 | Walleye Trading LLC | $70.47M | 1.01% | 2026-06-30 |
| 17 | Goldman Sachs Group Inc Custodian | $69.47M | 1.00% | 2026-06-30 |
| 18 | Barclays PLC Custodian | $68.22M | 0.98% | 2026-06-30 |
| 19 | HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $58.97M | 0.85% | 2026-06-30 |
| 20 | Royal Bank of Canada Custodian | $45.62M | 0.66% | 2026-06-30 |
| 21 | CAPITAL FUND MANAGEMENT S.A. | $40.65M | 0.58% | 2026-06-30 |
| 22 | Cubist Systematic Strategies, LLC | $27.53M | 0.40% | 2025-09-30 |
| 23 | BNP Paribas Financial Markets Custodian | $26.80M | 0.39% | 2026-06-30 |
| 24 | MOORE CAPITAL MANAGEMENT, LP | $26.80M | 0.39% | 2026-06-30 |
| 25 | Squarepoint Ops LLC | $26.78M | 0.39% | 2026-06-30 |
55 filers$12.45B notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Citadel Advisors LLC Custodian | $1.64B | 13.16% | 2026-06-30 |
| 2 | Susquehanna International Group, LLP Custodian | $1.39B | 11.18% | 2026-06-30 |
| 3 | Jain Global LLC | $1.23B | 9.92% | 2026-06-30 |
| 4 | Balyasny Asset Management L.P. | $861.03M | 6.92% | 2026-06-30 |
| 5 | Millennium Management LLC Custodian | $854.45M | 6.86% | 2026-06-30 |
| 6 | Jane Street Group, LLC Custodian | $752.04M | 6.04% | 2026-06-30 |
| 7 | Parallax Volatility Advisers, L.P. | $688.92M | 5.53% | 2026-06-30 |
| 8 | UBS Group AG Custodian | $612.94M | 4.92% | 2026-06-30 |
| 9 | Citigroup Inc. Custodian | $529.87M | 4.26% | 2026-06-30 |
| 10 | TUDOR INVESTMENT CORP ET AL | $468.10M | 3.76% | 2026-06-30 |
| 11 | Wells Fargo & Company Custodian | $439.16M | 3.53% | 2026-06-30 |
| 12 | Barclays PLC Custodian | $423.52M | 3.40% | 2026-06-30 |
| 13 | Royal Bank of Canada Custodian | $417.44M | 3.35% | 2026-06-30 |
| 14 | Allianz Asset Management GmbH | $301.86M | 2.42% | 2026-06-30 |
| 15 | CAPSTONE INVESTMENT ADVISORS, LLC | $288.31M | 2.32% | 2026-06-30 |
| 16 | BNP Paribas Financial Markets Custodian | $264.22M | 2.12% | 2026-06-30 |
| 17 | Point72 Asset Management, L.P. | $156.66M | 1.26% | 2026-06-30 |
| 18 | Bank of Montreal Custodian | $142.07M | 1.14% | 2026-06-30 |
| 19 | CREDIT AGRICOLE S A | $124.91M | 1.00% | 2026-06-30 |
| 20 | Marshall Wace, LLP Custodian | $92.27M | 0.74% | 2026-06-30 |
| 21 | TORONTO DOMINION BANK | $72.90M | 0.59% | 2026-06-30 |
| 22 | Wolverine Trading, LLC Custodian | $65.64M | 0.53% | 2025-09-30 |
| 23 | ExodusPoint Capital Management, LP | $64.31M | 0.52% | 2026-06-30 |
| 24 | Walleye Trading LLC | $63.09M | 0.51% | 2026-06-30 |
| 25 | NOMURA HOLDINGS INC | $55.93M | 0.45% | 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
143.19M
SI % of Float
15.40%
Days to Cover
3.36
Short Vol Ratio
60.8%
Free Float
—
Float %
—
Short interest 2026-09-30 • Short volume 2026-10-16
XLF Constituent Performance
Click any bar to view the full quote for that stock.
XLF Constituents (76 of 76)
| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
|---|---|---|---|---|---|---|
| BRK.B | BERKSHIRE HATHAWAY INC CL B | 12.57% | $532.02 | +1.21% | +3.18% | +4.36% |
| JPM | JPMORGAN CHASE + CO | 11.45% | $339.72 | +1.25% | +2.02% | -2.85% |
| V | VISA INC CLASS A SHARES | 8.75% | $402.61 | +0.72% | +4.45% | +9.32% |
| MA | MASTERCARD INC A | 6.40% | $617.42 | +0.18% | +4.80% | +9.23% |
| BAC | BANK OF AMERICA CORP | 4.32% | $51.23 | -0.91% | -5.69% | -11.26% |
| GS | GOLDMAN SACHS GROUP INC | 3.33% | $881.26 | -1.12% | -1.57% | -6.45% |
| WFC | WELLS FARGO + CO | 3.21% | $83.87 | +1.35% | +0.38% | -2.61% |
| MS | MORGAN STANLEY | 2.79% | $180.57 | -0.84% | -4.97% | -10.86% |
| C | CITIGROUP INC | 2.65% | $124.26 | +0.85% | -4.15% | -5.70% |
| AXP | AMERICAN EXPRESS CO | 2.12% | $313.59 | -0.09% | +1.76% | +0.65% |
| BLK | BLACKROCK INC | 2.07% | $1134.38 | +1.21% | +4.80% | +6.04% |
| SCHW | SCHWAB (CHARLES) CORP | 1.97% | $91.96 | -2.34% | -4.90% | -12.63% |
| SPGI | S+P GLOBAL INC | 1.65% | $429.64 | +1.14% | +5.35% | +6.00% |
| PGR | PROGRESSIVE CORP | 1.60% | $218.49 | +2.22% | +0.49% | +2.35% |
| CB | CHUBB LTD | 1.59% | $359.79 | +1.98% | +5.45% | +5.62% |
| COF | CAPITAL ONE FINANCIAL CORP | 1.57% | $201.74 | +1.45% | +1.24% | -0.34% |
| CME | CME GROUP INC | 1.34% | $293.87 | +1.52% | +4.74% | +6.47% |
| BNY | BANK OF NEW YORK MELLON CORP | 1.24% | $143.3 | +0.85% | +0.41% | -6.82% |
| USB | US BANCORP | 1.15% | $58.73 | +2.33% | +2.89% | -2.21% |
| MRSH | MARSH + MCLENNAN COS | 1.14% | $188.35 | +0.97% | +7.16% | +7.62% |
| ICE | INTERCONTINENTAL EXCHANGE IN | 1.14% | $161.56 | +1.99% | +3.44% | +3.92% |
| PNC | PNC FINANCIAL SERVICES GROUP | 1.10% | $217.39 | +1.14% | -0.83% | -6.77% |
| HOOD | ROBINHOOD MARKETS INC A | 1.06% | $98.87 | -4.92% | -9.31% | -17.48% |
| BX | BLACKSTONE INC | 1.05% | $106.61 | -2.37% | -6.72% | -14.68% |
| TRV | TRAVELERS COS INC/THE | 1.03% | $389.54 | +1.47% | +5.64% | +3.98% |
| MCO | MOODY S CORP | 0.93% | $485.07 | +0.29% | +4.49% | +3.52% |
| AJG | ARTHUR J GALLAGHER + CO | 0.82% | $254.88 | +1.91% | +9.53% | +6.43% |
| AON | AON PLC CLASS A | 0.78% | $292.55 | +2.00% | +6.98% | -1.05% |
| ALL | ALLSTATE CORP | 0.78% | $247.88 | +3.46% | +8.04% | -0.78% |
| KKR | KKR + CO INC | 0.78% | $86.21 | -1.62% | -5.21% | -12.75% |
| TFC | TRUIST FINANCIAL CORP | 0.73% | $47.07 | +1.07% | +2.08% | -3.07% |
| MET | METLIFE INC | 0.69% | $100.76 | +0.49% | +2.47% | +3.83% |
| APO | APOLLO GLOBAL MANAGEMENT INC | 0.68% | $110.78 | -0.97% | -6.63% | -12.02% |
| AFL | AFLAC INC | 0.68% | $119.97 | +1.63% | +4.74% | +3.13% |
| PYPL | PAYPAL HOLDINGS INC | 0.63% | $56.7 | -0.80% | +2.11% | +8.19% |
| STT | STATE STREET CORP | 0.59% | $165.72 | -1.12% | -5.28% | -9.38% |
| FITB | FIFTH THIRD BANCORP | 0.59% | $50.37 | +0.04% | -0.53% | -4.80% |
| AMP | AMERIPRISE FINANCIAL INC | 0.57% | $500.8 | -0.35% | +0.06% | -8.00% |
| XYZ | BLOCK INC | 0.55% | $77.89 | -2.43% | +0.84% | +2.11% |
| MSCI | MSCI INC | 0.54% | $569.08 | -1.05% | +0.70% | +2.93% |
| AIG | AMERICAN INTERNATIONAL GROUP | 0.53% | $80.74 | +2.05% | +4.80% | +7.18% |
| NDAQ | NASDAQ INC | 0.53% | $93.97 | +0.50% | +0.34% | +0.46% |
| COIN | COINBASE GLOBAL INC CLASS A | 0.53% | $173.16 | -5.79% | -3.47% | -10.86% |
| PRU | PRUDENTIAL FINANCIAL INC | 0.52% | $115.91 | -0.38% | +2.49% | -2.10% |
| IBKR | INTERACTIVE BROKERS GRO CL A | 0.50% | $82.69 | -3.88% | -5.90% | -8.82% |
| HIG | HARTFORD INSURANCE GROUP INC | 0.46% | $135.12 | +1.74% | +4.65% | +2.45% |
| ACGL | ARCH CAPITAL GROUP LTD | 0.43% | $101.27 | +1.97% | +5.96% | +4.52% |
| CBOE | CBOE GLOBAL MARKETS INC | 0.41% | $314.98 | +2.24% | +3.56% | +15.44% |
| MTB | M + T BANK CORP | 0.41% | $215.28 | -1.54% | -1.02% | -5.29% |
| HBAN | HUNTINGTON BANCSHARES INC | 0.40% | $15.27 | -0.52% | -0.33% | -3.84% |