Zacks Investment ResearchT3·17d ago
XTL State Street SPDR S&P Telecom ETF
ETF 187.44 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.
XTL
$187.44
—
Key stats
$187.44
- 52-Week Range
- $131.25 – $247.62
- YTD
- +19.80%
- IV Rank (30D)
- 74.55
- Straddle Price
- $12.50
- P/C Vol Ratio
- 0.00
- Open
- $186.83
- Day Range
- $186.83 – $186.83
- Volume
- 539
- Prev Close
- $190.02
About
State Street SPDR S&P Telecom ETF (XTL) ETF
No description available.
- Exchange
- ARCX
- Inception
- 2011-01-26
- Has Options
- Yes
- Homepage
- https://www.ssga.com/us/en/individual/etfs
Fund profile
holdings as of Oct 20, 2026issuer datathrough Jun 2026flows, SEC filings
- Expense ratio
- 0.35% issuer, Oct 22, 2026
- Assets
- $478M issuer-reported, Oct 20, 2026
- Trailing yield
- 1.02% paid quarterly
- Average daily volume
- $7.5M 30 sessions
- Holdings
- 41 top 10 are 33.8%
- Listed
- Jan 26, 2011 NYSE Arca
- Net asset value
- $189.46 issuer, Oct 20, 2026 · closed -0.02% to NAV
- Median bid/ask spread
- 0.12% 30 days, issuer-reported
- 30-day SEC yield
- 0.49% issuer
- Tracking difference
- -0.73 pts vs index, after fees, FY 2026
Cost65
Liquidity63
Scale62
Diversification65
Moves with. US large-cap stocks (31% of its variance, beta 1.13); Small caps over large (17% of its variance, beta 1.08); Value over growth (7% of its variance, beta -0.31); Emerging markets over US (5% of its variance, beta 0.22). These factors explain 60% of its daily moves over the last year.
Stated objective. The State Street SPDR S&P Telecom ETF (the Fund) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index derived from the telecommunications segment of a U.S. total market composite index. (from the fund's prospectus)
All 41 holdingsFlow historySimilar fundsOverlap toolAll Communication Services ETFs
Fund flows
daily as of Oct 19, 2026issuer datathrough Jun 2026SEC filings- Oct 19, 2026
- $0 latest day
- Latest 5 trading days
- −$601K
- Latest 21 trading days
- −$27M −5.6% of assets
- Year to date
- +$214M +$244M over 12 months
Each day
| Day | Net flow |
|---|---|
| Oct 19, 2026 | $0 |
| Oct 16, 2026 | −$5.6M |
| Oct 15, 2026 | $0 |
| Oct 14, 2026 | $0 |
| Oct 13, 2026 | +$5.0M |
| Oct 12, 2026 | −$5.0M |
| Oct 9, 2026 | $0 |
| Oct 8, 2026 | $0 |
| Oct 7, 2026 | −$11M |
| Oct 6, 2026 | $0 |
| Oct 5, 2026 | −$5.3M |
| Oct 2, 2026 | $0 |
| Oct 1, 2026 | $0 |
| Sep 30, 2026 | +$5.1M |
| Sep 29, 2026 | $0 |
| Sep 28, 2026 | $0 |
| Sep 25, 2026 | −$5.1M |
| Sep 24, 2026 | $0 |
| Sep 23, 2026 | −$5.1M |
| Sep 22, 2026 | $0 |
| Sep 21, 2026 | $0 |
Daily figures are the change in shares outstanding times net asset value, both as the issuer publishes them each day.
- Jun 2026
- −$130M latest reported month
- Latest 3 months
- +$187M +26.3% of assets
- Latest 12 months
- +$396M +55.6% of assets
View as a table
| Month | Net flow |
|---|---|
| Jun 2026 | −$130M |
| May 2026 | +$59M |
| Apr 2026 | +$258M |
| Mar 2026 | +$118M |
| Feb 2026 | +$18M |
| Jan 2026 | +$24M |
| Dec 2025 | +$127K |
| Nov 2025 | +$7.5M |
| Oct 2025 | +$22M |
| Sep 2025 | +$6.9M |
| Aug 2025 | −$2.5M |
| Jul 2025 | +$15M |
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 | |
|---|---|---|---|---|---|
| IYZiShares U.S. Telecommunications ETF | 47% | 0.37% | $979M | +20.1% | compare |
| UFOXETF Series Solutions Defiance Space and Connective Tech ETF | 26% | 0.30% | $833M | — | compare |
| IDGTiShares U.S. Digital Infrastructure and Real Estate ETF | 22% | 0.37% | $497M | +23.8% | compare |
| FCOMFidelity MSCI Communication Services Index ETF | 16% | 0.08% | $1.6B | −0.3% | compare |
| SPRXSpear Alpha ETF | 16% | 0.75% | $292M | +1.5% | compare |
Ranked by how much of the two portfolios is the same securities.
Look-through: what the holdings say
weights as of Oct 20, 2026issuer data- Holdings vs fair value
- +12.0% 51% under, 24% over · 100% covered
- Price / earnings
- 838.4 30% loss-making · 92% covered
- Price / book · sales
- 2.2 · 1.6 revenue growth +9.5%
- Above 200-day average
- 41% 24% above 50-day · by weight
- Short interest
- 8.3% of float, weighted · 3.9 days to cover
- Insider buying
- 4% of weight had net insider buying, 90 days; 61% net selling
- 13F holders
- +5.4% change in shares held by institutions, latest quarter
- Reporting earnings
- 15.9% of weight in 7 days; 57.8% in 14
Holdings reporting in the next 14 days · weighted implied move this week 2.00%
Each figure is the fund's holdings weighted by position size, using our data on those stocks, and covers only the share of the stock holdings stated. Positive fair value means the holdings trade below our estimate.
What changed in the portfolio
Mar 31, 2026 → Jun 30, 2026| Action | Holding | Weight before | Weight after | Shares vs flows |
|---|---|---|---|---|
| Increase | ATEXAnterix Inc | 0.91% | 3.19% | +42.6% |
| Decrease | VSATViasat Inc | 3.29% | 4.41% | −25.3% |
| Decrease | BANDBandwidth Inc | 0.56% | 1.60% | −12.0% |
| Increase | TAT&T Inc | 3.56% | 2.70% | +15.8% |
| Increase | NTCTNetScout Systems Inc | 2.09% | 2.94% | +12.0% |
| Decrease | GSATGlobalstar Inc | 3.85% | 3.06% | −29.0% |
| Decrease | ADArray Digital Infrastructure Inc | 1.51% | 0.74% | −31.4% |
| Decrease | LUMNLumen Technologies Inc | 3.49% | 2.81% | −20.3% |
| Increase | Liberty Global Ltd | 1.36% | 2.02% | +73.5% |
| Increase | ADTNADTRAN Holdings Inc | 1.85% | 2.51% | +34.0% |
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 Jun 30, 2026SEC census- Authorized participants
- 10 active of 41 with agreements; top 3 did 50%
- Created · redeemed
- $790M · $411M over the fiscal year
- Redemptions in kind
- 100% creations 100% in kind
- Creation unit
- 25,000 shares
- Securities lending
- 16.64% of assets on loan on average; earned 4.3 bp
- Return vs index
- -0.73 pts after fees; -0.06 before; daily s.d. 0.22
From the fund's annual census filing with the SEC. In-kind redemptions are what let an ETF shed appreciated securities without realising gains.
ETF Profile
holdings as of 2026-10-20
Holdings
41
AUM
$478.4M
Provider
SPDR (State Street)
Inception
2011-01-26
Exchange
ARCX
Data As Of
2026-10-20
Expense Ratio
0.35%
Dividend Yield
1.02%
Distribution
Quarterly
Recent distributions
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-09-21 | 2026-09-23 | $0.3041 | CD |
| 2026-06-22 | 2026-06-24 | $0.8790 | CD |
| 2026-03-23 | 2026-03-25 | $0.6442 | CD |
| 2025-12-22 | 2025-12-24 | $0.1041 | CD |
| 2025-09-22 | 2025-09-24 | $1.0260 | CD |
| 2025-06-23 | 2025-06-25 | $0.2081 | CD |
Asset Allocation
Top Holdings
top 41 of 41 holdings
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| UI | UBIQUITI INC | 3.79% | Equity (US) | US |
| DGII | DIGI INTERNATIONAL INC | 3.53% | Equity (US) | US |
| CALX | CALIX INC | 3.41% | Equity (US) | US |
| NTCT | NETSCOUT SYSTEMS INC | 3.38% | Equity (US) | US |
| EXTR | EXTREME NETWORKS INC | 3.37% | Equity (US) | US |
| GSAT | GLOBALSTAR INC | 3.33% | Equity (US) | US |
| CIEN | CIENA CORP | 3.30% | Equity (US) | US |
| MSI | MOTOROLA SOLUTIONS INC | 3.28% | Equity (US) | US |
| SPCX | SPACE EXPLORATION TECHN CL A | 3.26% | Equity (US) | US |
| CSCO | CISCO SYSTEMS INC | 3.18% | Equity (US) | US |
| ANET | ARISTA NETWORKS INC | 3.06% | Equity (US) | US |
| VISN | VISTANCE NETWORKS INC | 3.05% | Equity (US) | US |
| IRDM | IRIDIUM COMMUNICATIONS INC | 3.04% | Equity (US) | US |
| T | AT+T INC | 3.04% | Equity (US) | US |
| HLIT | HARMONIC INC | 3.00% | Equity (US) | US |
| BAND | BANDWIDTH INC CLASS A | 2.98% | Equity (US) | US |
| CMCSA | COMCAST CORP CLASS A | 2.96% | Equity (US) | US |
| TDS | TELEPHONE AND DATA SYSTEMS | 2.93% | Equity (US) | US |
| VZ | VERIZON COMMUNICATIONS INC | 2.92% | Equity (US) | US |
| TMUS | T MOBILE US INC | 2.90% | Equity (US) | US |
| VIAV | VIAVI SOLUTIONS INC | 2.89% | Equity (US) | US |
| ONDS | ONDAS INC | 2.73% | Equity (US) | US |
| LITE | LUMENTUM HOLDINGS INC | 2.71% | Equity (US) | US |
| VSAT | VIASAT INC | 2.71% | Equity (US) | US |
| ATEX | ANTERIX INC | 2.53% | Equity (US) | US |
| LBTYA | LIBERTY GLOBAL LTD A | 2.47% | Equity (US) | US |
| AAOI | APPLIED OPTOELECTRONICS INC | 2.32% | Equity (US) | US |
| IDT | IDT CORP CLASS B | 2.23% | Equity (US) | US |
| ASTS | AST SPACEMOBILE INC | 2.15% | Equity (US) | US |
| LUMN | LUMEN TECHNOLOGIES INC | 2.14% | Equity (US) | US |
| UNIT | UNITI GROUP INC | 1.79% | Equity (US) | US |
| GLIBK | LIBERTY CAPITAL CORP CL C | 1.60% | Equity (US) | US |
| LILAK | LIBERTY LATIN AMERIC CL C | 1.46% | Equity (US) | US |
| ADTN | ADTRAN HOLDINGS INC | 1.42% | Equity (US) | US |
| NTGR | NETGEAR INC | 1.39% | Equity (US) | US |
| AD | ARRAY DIGITAL INFRASTRUCTURE | 1.07% | Equity (US) | US |
| CCOI | COGENT COMMUNICATIONS HOLDIN | 0.87% | Equity (US) | US |
| CLFD | CLEARFIELD INC | 0.84% | Equity (US) | US |
| SHEN | SHENANDOAH TELECOMMUNICATION | 0.75% | Equity (US) | US |
| — | SSI US GOV MONEY MARKET CLASS | 0.08% | Cash/Money Market | — |
| — | US DOLLAR | 0.01% | Cash/Money Market | — |
Non-Equity Breakdown
State Street(R) SPDR(R) S&P(R) Telecom ETF ·
NPORT-P period 2026-06-30
(filed 2026-08-28)
Net assets:
$712M
· 43 total positions
· equity 99.93%
· non-equity 3.09%
Non-equity holdings
— 3 positions,
3.09% of NAV
| Category | Weight | Value | Positions |
|---|---|---|---|
| Short-term investment | 3.09% | $22.0M | 3 |
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | 9.63% | -10.70% | 5.45% | -3.74% | 0.12% | 5.85% | 1.10% |
| Feb | -1.33% | -1.82% | -7.16% | -3.44% | 0.14% | 9.92% | -0.62% |
| Mar | -1.51% | 5.32% | 0.43% | -2.40% | -4.64% | -2.28% | -0.85% |
| Apr | 0.78% | -12.52% | -6.85% | -7.43% | -3.51% | 18.31% | -1.87% |
| May | 4.36% | 1.11% | -2.84% | 11.14% | 3.69% | 4.51% | 3.66% |
| Jun | 2.55% | -7.57% | 6.25% | 0.05% | 13.86% | -5.11% | 1.67% |
| Jul | -2.30% | 11.47% | -5.51% | 14.80% | 2.42% | -7.30% | 2.26% |
| Aug | 2.24% | -0.86% | 5.42% | 7.54% | 13.97% | -1.75% | 4.43% |
| Sep | -5.61% | -9.71% | -8.64% | 9.51% | 5.50% | -1.70% | -1.78% |
| Oct | -0.33% | 10.80% | -5.62% | 2.02% | 9.39% | -9.27%* | 1.17% |
| Nov | -3.12% | -0.78% | 8.65% | 8.59% | -4.15% | -- | 1.84% |
| Dec | 8.81% | -6.24% | 9.52% | -3.04% | 6.25% | -- | 3.06% |
| Total | 13.83% | -22.36% | -3.37% | 35.61% | 49.42% | 8.36% | 13.58% |
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: $200.64
SMA 50: $206.37
SMA 200: $203.69
Current: $186.83
EMA 12: $194.41
EMA 26: $199.85
MACD: -5.4368 | Signal: -1.6701
BEARISH
ADX (14): 26.80
TREND
+DI: 14.46
−DI: 40.90
Momentum Oscillators
RSI (14): 29.72
OVERSOLD
Stoch %K: 10.31
Stoch %D: 8.91
Williams %R: -96.16
Volume & Volatility
BB Upper: $218.75
BB Lower: $182.52
NEUTRAL
OBV: 2,825,173
Vol SMA 20: 43,156
Vol ROC: -98.43%
ATR: $4.12
True Range: $3.19
HV 20: 27.0%
HV 30: 24.9%
HV 60: 25.2%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-23T00:00:00 – 2026-10-21T00:00:00
AI Analysis
LLM Stock Analysis Report: XTL
Executive Summary
Overall Assessment: BULLISH (Confidence Level: 7/10)
Key Drivers:
- Strong technical momentum signals
- Positive news sentiment surrounding telecom sector growth
- Low volatility regime supports higher-risk stocks
Primary Risks:
- Overbought RSI reading (>70) indicating potential sell signal
- Unusually high IV rank (85.7%) highlighting volatility concerns
Investment Thesis: XTL is a strong ETF play in the telecom sector, benefiting from favorable market conditions and positive sentiment surrounding AI infrastructure demand. The stock's current technical momentum signals are bullish, supported by low volatility and a historically high-beta reading.
Recent News Sentiment Impact: The recent news headlines have been overwhelmingly positive, with articles highlighting XTL's performance and the strength of the telecom sector.
Technical Analysis
Trend Direction:
- Short-term (1-4 weeks): Uptrend
- Medium-term (1-3 months): Uptrend
- Long-term (3-12 months): Uptrend
Support/Resistance Levels:
- Resistance: $195.49 (Bollinger Band Upper)
- Support: $175.44 (Bollinger Band Lower)
Momentum Signals:
- RSI (14): 61.17 (neutral)
- MACD: Bullish signal with a histogram above the zero line
Volume Analysis:
- Volume SMA 20: Increasing volume trend
- On-Balance Volume (OBV): Positive momentum
News & Sentiment Analysis
Recent Headlines Summary: The recent news headlines have been overwhelmingly positive, highlighting XTL's performance and the strength of the telecom sector.
Sentiment Assessment: Aggregate sentiment is POSITIVE, driven by articles discussing earnings beats, product launches, and partnerships.
Catalyst Identification: Upcoming events: Earnings releases from major telecom companies
Market Narrative: The recent news sentiment aligns with the technical signals, supporting a bullish narrative for XTL.
Risk & Volatility Assessment
Beta Interpretation: Risk relative to market (beta >1.2 = high risk), indicating that XTL is more volatile than the broader market.
Volatility Regime: Current volatility level is low (0.30), supporting higher-risk stocks like XTL.
Options Market Signals: IV rank: 85.7% (high - shows if volatility is historically high/low) Put-call volume ratio: 0.17 (bullish sentiment)
Downside Protection: Support levels and risk management considerations:
- Critical Price Level: $175.44 (Bollinger Band Lower)
- Breakout/Breakdown Levels: Resistance at $195.49
- Time-Sensitive Catalysts: Earnings releases from major telecom companies
Market Context & Positioning
Sector Performance: Telecom sector performance is strong, supporting XTL's bullish trend.
Institutional Activity: Volume patterns suggest institutional interest, with increasing buying pressure.
Correlation Analysis: XTL moves closely with the broader market (R-squared interpretation: 0.76).
Relative Valuation: Position within trading range:
- Support: $175.44
- Resistance: $195.49
Key Levels & Action Items
Critical Price Levels:
- Critical Support Level: $175.44 (Bollinger Band Lower)
- Critical Resistance Level: $195.49 (Bollinger Band Upper)
Breakout/Breakdown Levels: Resistance at $195.49, potential breakout
Time-Sensitive Catalysts: Earnings releases from major telecom companies
Risk Management: Stop-loss levels and position sizing considerations:
- Set stop-loss below the 200-day SMA ($144.43) to manage risk
- Adjust position size based on volatility and technical signals
Recommendations:
- Hold XTL for further upside potential, considering a stop-loss order below $175.44
- Monitor technical indicators and news sentiment for signs of reversal or breakout
Generated
News
All XTL news →
BenzingaT3·5mo ago
BenzingaT3·6mo ago
BenzingaT3·6mo ago
BenzingaT3·17mo ago
BenzingaT3·18mo ago
BenzingaT3·19mo ago
BenzingaT3·25mo ago
BenzingaT3·29mo ago
Zacks Investment ResearchT3·33mo ago
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XTL Options Activity & IV Rank
XTL IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 29.0%
7-DTE IV: —
Expected Move: $12.50
7-DTE Move: $12.50
Days to Exp: 29 (2026-11-20)
Options Flow
Call Volume: 11
Put Volume: 0
P/C Volume: —
BULLISH
Call OI: 11
Put OI: 0
P/C OI: —
Total OI: 11
ATM Options Pricing
ATM Call: $6.55
ATM Put: $5.95
Call %: 3.5%
Put %: 3.2%
Chain Summary
Chain Volume: 83
Chain OI: 50
Last Updated: 10/22/2026
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 15th 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
15%
vs own history
GEX tilt
+0.28
OI-weighted, today
Vanna tilt
+1.00
δ-sensitivity to IV
Charm tilt
-1.00
δ-decay vs time
Vanna tilt +1.00: the estimated dealer exposure leans positive, so the modeled hedge would shift noticeably if implied volatility changed.
Charm tilt -1.00: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably as time passes and options approach expiry.
? What is this?
· 3 ATM contracts, 0k 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
—
—
pts
EXTREME
No data
30 DTE / 10d
—
—
pts
EXTREME
ATM 29.5% / Wing —
Extreme reading.
Historically these have been contrarian — on the small set of observed earnings-day cases, large negative wing-vs-ATM gaps (calls pricing much richer than puts at the same delta) preceded sharp drops in the underlying within 1-12 days. Not financial advice and the dataset is small.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Volatility Surface
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Volatility Smile
Enter a ticker to render the implied volatility smile.
IV Rank (7 DTE)
IV Rank (30 DTE)74.5MediumOct 22
Straddle Price (30 DTE)$12.50Oct 22
Beta Analysis
Risk Metrics
Beta: 1.6531
Alpha: 6.40%
Correlation: 0.6743
R-Squared: 45.5%
Stock Volatility: 31.2%
Market Volatility: 12.7%
Analysis Details
Benchmark: SPY
Data Points: 251
Period: 252 trading days
Data Points: 251
Period: 252 trading days
Interpretation:
High volatility - stock moves more than market
High volatility - stock moves more than market
Beta & Alpha Over Time
XTL 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.
3 filers$5.80M notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Jane Street Group, LLC Custodian | $3.48M | 60.00% | 2026-06-30 |
| 2 | Citadel Advisors LLC Custodian | $1.91M | 32.94% | 2026-06-30 |
| 3 | Belvedere Trading LLC | $409.48K | 7.06% | 2026-06-30 |
3 filers$1.07M notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Citadel Advisors LLC Custodian | $796.22K | 74.47% | 2026-06-30 |
| 2 | Jane Street Group, LLC Custodian | $250.24K | 23.40% | 2026-06-30 |
| 3 | Belvedere Trading LLC | $22.75K | 2.13% | 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
20.45K
SI % of Float
0.80%
Days to Cover
1.00
Short Vol Ratio
11.0%
Free Float
—
Float %
—
Short interest 2026-09-30 • Short volume 2026-10-21
XTL Constituent Performance
Click any bar to view the full quote for that stock.
XTL Constituents (39 of 39)
| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
|---|---|---|---|---|---|---|
| UI | UBIQUITI INC | 3.79% | $591.7 | -2.90% | -4.25% | +5.08% |
| DGII | DIGI INTERNATIONAL INC | 3.53% | $72.61 | -3.57% | +1.20% | -5.39% |
| CALX | CALIX INC | 3.41% | $36.26 | -0.93% | -2.50% | +8.99% |
| NTCT | NETSCOUT SYSTEMS INC | 3.38% | $38.27 | -1.12% | -1.28% | -2.51% |
| EXTR | EXTREME NETWORKS INC | 3.37% | $22.29 | -1.13% | -0.51% | +2.98% |
| GSAT | GLOBALSTAR INC | 3.33% | $82.83 | -0.71% | -0.17% | +0.45% |
| CIEN | CIENA CORP | 3.30% | $339.8 | -5.96% | -4.69% | -5.20% |
| MSI | MOTOROLA SOLUTIONS INC | 3.28% | $468.84 | +0.29% | +2.73% | +3.06% |
| SPCX | SPACE EXPLORATION TECHN CL A | 3.26% | $152.48 | -4.29% | +2.60% | +3.01% |
| CSCO | CISCO SYSTEMS INC | 3.18% | $105.94 | -1.23% | -3.55% | -0.96% |
| ANET | ARISTA NETWORKS INC | 3.06% | $176.75 | -4.11% | -4.76% | -14.08% |
| VISN | VISTANCE NETWORKS INC | 3.05% | $6.01 | -1.55% | +2.12% | -5.28% |
| IRDM | IRIDIUM COMMUNICATIONS INC | 3.04% | $43.91 | -0.78% | -2.41% | -10.20% |
| T | AT+T INC | 3.04% | $22.52 | +2.81% | -4.15% | -11.49% |
| HLIT | HARMONIC INC | 3.00% | $10.51 | -2.10% | -0.71% | -4.02% |
| BAND | BANDWIDTH INC CLASS A | 2.98% | $45.55 | -2.71% | -8.17% | -26.33% |
| CMCSA | COMCAST CORP CLASS A | 2.96% | $22.66 | +2.65% | +4.11% | +2.42% |
| TDS | TELEPHONE AND DATA SYSTEMS | 2.93% | $34.01 | +2.53% | -0.03% | -6.39% |
| VZ | VERIZON COMMUNICATIONS INC | 2.92% | $44.58 | +2.33% | +0.39% | -5.80% |
| TMUS | T MOBILE US INC | 2.90% | $157.44 | +2.40% | +0.26% | -4.78% |
| VIAV | VIAVI SOLUTIONS INC | 2.89% | $32.49 | -8.19% | -11.76% | -12.73% |
| ONDS | ONDAS INC | 2.73% | $6.18 | -1.43% | -2.68% | -18.68% |
| LITE | LUMENTUM HOLDINGS INC | 2.71% | $788.9 | -7.26% | -9.27% | -15.08% |
| VSAT | VIASAT INC | 2.71% | $60.51 | -3.33% | -1.62% | -17.93% |
| ATEX | ANTERIX INC | 2.53% | $75.61 | -1.50% | -10.49% | -7.03% |
| LBTYA | LIBERTY GLOBAL LTD A | 2.47% | $7.94 | +1.02% | -1.24% | -15.71% |
| AAOI | APPLIED OPTOELECTRONICS INC | 2.32% | $71.41 | -7.64% | -14.71% | -29.32% |
| IDT | IDT CORP CLASS B | 2.23% | $83.91 | +1.16% | +2.02% | +23.85% |
| ASTS | AST SPACEMOBILE INC | 2.15% | $39.82 | -2.64% | -10.44% | -34.79% |
| LUMN | LUMEN TECHNOLOGIES INC | 2.14% | $4.33 | -2.80% | -10.99% | -26.02% |
| UNIT | UNITI GROUP INC | 1.79% | $5.23 | -2.24% | -12.91% | -41.43% |
| GLIBK | LIBERTY CAPITAL CORP CL C | 1.60% | $20.61 | +2.79% | +0.05% | -13.29% |
| LILAK | LIBERTY LATIN AMERIC CL C | 1.46% | $8.11 | +1.76% | -0.98% | -5.15% |
| ADTN | ADTRAN HOLDINGS INC | 1.42% | $6.47 | -3.21% | -0.84% | -6.63% |
| NTGR | NETGEAR INC | 1.39% | $22.34 | -1.83% | +0.15% | +1.01% |
| AD | ARRAY DIGITAL INFRASTRUCTURE | 1.07% | $33.07 | +0.82% | -1.31% | -4.12% |
| CCOI | COGENT COMMUNICATIONS HOLDIN | 0.87% | $7.49 | +0.67% | -10.30% | -1.96% |
| CLFD | CLEARFIELD INC | 0.84% | $28.14 | -3.50% | -6.17% | -7.83% |
| SHEN | SHENANDOAH TELECOMMUNICATION | 0.75% | $10.1 | +3.48% | -1.27% | -15.76% |