DSGR
Distribution Solutions Group, Inc.
NasdaqGSUSDEQUITY
Industrials
DELAYED
Last price
34.80
■ 0.00 (0.00%)
MARKET · —
Price
Chart style
Interval
Intraday intervals only cover recent history. The site picks the finest interval the range allows.
Overlays
Session levels
Lower pane
Tool
Drag pan · Pinch zoom · Hold crosshair · pick a tool then drag to draw
Open
34.82
Prev close
34.80
Day high
34.86
Day low
34.76
Volume
281.54K
Market cap
$1.61B
P/E (TTM)
183.16
52W range
19.02 – 35.06
Day trading desk
Gap from prior close
—
—
VWAP
34.81
-0.02% from price
Relative volume
1.05×
Normal
Session range
0.29%
34.76 – 34.86
Position in range
40%
Mid range
ATR (14D)
—
Daily true range
Prior day high
—
PDH
Prior day low
—
PDL
Bid / ask spread
—
Quote not published
Session volume
187.85K
Avg 179.72K
VWAP and the session figures are computed from the delayed intraday series on this page, so they lag the live tape and will not match a broker's real-time VWAP exactly. Turn on Prior day H/L/C, Opening range and Volume profile in the chart's Studies menu to see these levels drawn on price.
Unusual options activity
Flagged1
Total notional$150.50K
Call notional$150.50K
Put notional$0
Tiltcall-weighted
Likely opening1 of 1
| Side | Strike | Expiry | Volume | Open int. | Vol / OI | Notional | IV | Score | |
|---|---|---|---|---|---|---|---|---|---|
| CALL | 30.00 | Feb 19, 27 179d |
301 | 144 | 2.1× | $150.50K | 21% | mid | 56 |
How this is calculated, and what it cannot see
A contract is flagged when today's volume approaches or exceeds its open interest, the position is worth at least $40,000, and at least 150 contracts changed hands. Open interest is what was outstanding at yesterday's close, so volume above it means the flow cannot all be closing — something is being opened.
The score weights four things: volume against open interest, dollar notional, volume against the rest of that chain, and where the last print sat inside the bid/ask spread.
What it cannot see. Volume here is a daily total, so ten small orders and one large one are indistinguishable — this is not block or sweep detection, which needs exchange-level time and sales. The print column compares the last trade to the current quote, which is a proxy for who was the aggressor, not a tagged flag. Quotes are delayed. A single large trade can be a hedge, a roll, or one leg of a spread, and none of those mean what a naked directional bet would mean.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on DSGR open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
0
Net selling
Buy transactions
0
0 shares
Sell transactions
0
—
Net transactions
0
Buys less sells
Sell : buy shares
—
Not enough filings
Insider-held shares
551.36K
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Jun 3, 26 | LANUZA CESAR Chief Executive Officer |
STOCK | 20.00K | $549.40K | Direct |
| May 13, 26 | HILLMAN LEE S Director |
STOCK | 4.60K | $125.01K | Direct |
| May 13, 26 | EDELSON I STEVEN Director |
STOCK | 4.60K | $125.01K | Direct |
| May 13, 26 | MOON MARK F Director |
STOCK | 4.60K | $125.01K | Direct |
| May 13, 26 | RHODES BIANCA Director |
STOCK | 4.60K | $125.01K | Direct |
| May 13, 26 | ZAMARRIPA ROBERT Director |
STOCK | 4.60K | $125.01K | Direct |
| Apr 1, 26 | KNUTSON RONALD J Chief Financial Officer |
STOCK | 4.00K | $107.28K | Direct |
| Mar 10, 26 | ZAMARRIPA ROBERT Director |
BUY | 14.00K | $297.22K | Direct |
| Sep 15, 25 | PUFPAF RICHARD D General Counsel |
CONVERSION | 5.35K | $66.10K | Direct |
| Aug 22, 25 | KNUTSON RONALD J Chief Financial Officer |
CONVERSION | 17.48K | $215.93K | Direct |
| Jun 3, 25 | LANUZA CESAR Chief Executive Officer |
STOCK | 20.00K | $551.00K | Direct |
| May 22, 25 | HILLMAN LEE S Director |
STOCK | 4.63K | $125.01K | Direct |
| May 22, 25 | EDELSON I STEVEN Director |
STOCK | 4.63K | $125.01K | Direct |
| May 22, 25 | MOON MARK F Director |
STOCK | 4.63K | $125.01K | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
EDELSON I STEVEN |
Director | 103.28K | Stock Award(Grant) |
HILLMAN LEE S |
Director | 111.86K | Stock Award(Grant) |
KNUTSON RONALD J |
Chief Financial Officer | 90.62K | Stock Award(Grant) |
LANUZA CESAR |
Chief Executive Officer | 100.50K | Stock Award(Grant) |
MOON MARK F |
Director | 49.89K | Stock Award(Grant) |
PUFPAF RICHARD D |
General Counsel | 0 | Conversion of Exercise of derivative security |
RHODES BIANCA |
Director | 25.34K | Stock Award(Grant) |
ZAMARRIPA ROBERT |
Director | 51.71K | Stock Award(Grant) |
Fundamentals
Market cap$1.61B
Enterprise value$2.39B
Revenue (TTM)$2.05B
Gross profit$671.45M
EBITDA$156.65M
Net income$8.96M
EPS (TTM)$0.19
Free cash flow$38.44M
Total cash$66.94M
Total debt$845.47M
Book value / share$14.16
Shares outstanding46.26M
Float42.25M
Short % of float4.64%
Dividend yield—
Beta (5Y)0.55
Valuation & profitability ratios
Trailing P/E183.16
Forward P/E19.83
PEG ratio2.69
Price / sales—
Price / book2.46
EV / revenue1.16
EV / EBITDA15.25
Gross margin32.70%
Operating margin5.45%
Profit margin0.44%
Return on equity1.37%
Return on assets2.84%
Debt / equity129.14
Current ratio2.55
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $1.98B | $1.80B | $1.57B | $1.15B | +9.8% |
| Operating revenue | $1.98B | $1.80B | $1.57B | $1.15B | +9.8% |
| Cost of revenue | $1.32B | $1.19B | $1.02B | $760.52M | +10.7% |
| Gross profit | $662.04M | $613.77M | $551.88M | $390.90M | +7.9% |
| Selling, general & admin | $583.77M | $557.82M | $508.88M | $349.11M | +4.7% |
| Total operating expense | $583.77M | $557.82M | $508.88M | $349.11M | +4.7% |
| Operating income | $78.26M | $55.95M | $42.99M | $41.79M | +39.9% |
| Net interest income | -$55.35M | -$55.15M | -$42.77M | -$24.30M | -0.4% |
| Pre-tax income | $19.41M | -$536.00K | -$2.01M | $12.94M | +3,721.5% |
| Tax provision | $11.07M | $6.80M | $6.96M | $5.53M | +62.8% |
| Net income | $8.35M | -$7.33M | -$8.97M | $7.41M | +213.8% |
| Net income to common | $8.35M | -$7.33M | -$8.97M | $7.41M | +213.8% |
| Basic EPS | 0.18 | -0.16 | -0.20 | 0.21 | +212.5% |
| Diluted EPS | 0.18 | -0.16 | -0.20 | 0.21 | +212.5% |
| EBIT | $74.76M | $54.61M | $40.77M | $37.24M | +36.9% |
| EBITDA | $155.64M | $128.99M | $104.36M | $82.42M | +20.7% |
| Basic shares | 46.36M | 46.81M | 44.87M | 34.65M | -1.0% |
| Diluted shares | 47.17M | 46.81M | 44.87M | 35.48M | +0.8% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $61.75M | $66.48M | $83.93M | $24.55M | -7.1% |
| Cash & short-term investments | $61.75M | $66.48M | $83.93M | $24.55M | -7.1% |
| Accounts receivable | $271.33M | $250.72M | $213.45M | $166.30M | +8.2% |
| Inventory | $353.37M | $348.23M | $315.98M | $264.37M | +1.5% |
| Total current assets | $746.92M | $712.17M | $657.33M | $478.19M | +4.9% |
| Property, plant & equipment | $276.68M | $256.86M | $214.73M | $138.29M | +7.7% |
| Goodwill & intangibles | $693.96M | $732.55M | $653.76M | $576.04M | -5.3% |
| Total assets | $1.75B | $1.73B | $1.55B | $1.22B | +1.2% |
| Total current liabilities | $291.46M | $266.26M | $242.01M | $169.48M | +9.5% |
| Current debt | $35.47M | $40.48M | $32.55M | $16.35M | -12.4% |
| Long-term debt | $664.20M | $693.90M | $535.88M | $395.82M | -4.3% |
| Total debt | $819.11M | $831.09M | $649.05M | $461.97M | -1.4% |
| Total liabilities | $1.10B | $1.09B | $888.73M | $652.62M | +1.2% |
| Retained earnings | -$33.69M | -$42.04M | -$34.71M | -$25.74M | +19.9% |
| Shareholder equity | $649.35M | $640.54M | $661.60M | $563.00M | +1.4% |
| Working capital | $455.46M | $445.91M | $415.31M | $308.71M | +2.1% |
| Net tangible assets | -$44.61M | -$92.01M | $7.84M | -$13.05M | +51.5% |
| Shares issued | 47.86M | 47.74M | 47.54M | 39.70M | +0.3% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | $8.35M | -$7.33M | -$8.97M | $7.41M | +213.8% |
| Depreciation & amortisation | $80.88M | $74.38M | $63.59M | $45.19M | +8.7% |
| Stock-based compensation | $6.67M | $5.23M | $8.37M | $2.45M | +27.5% |
| Change in working capital | -$18.41M | -$20.56M | $34.69M | -$74.07M | +10.5% |
| Operating cash flow | $83.85M | $56.45M | $102.29M | -$11.03M | +48.5% |
| Capital expenditure | -$40.49M | -$23.19M | -$24.68M | -$20.10M | -74.6% |
| Investing cash flow | -$29.49M | -$229.68M | -$278.52M | -$126.69M | +87.2% |
| Share buybacks | -$24.37M | -$3.20M | -$3.91M | -$2.46M | -662.2% |
| Financing cash flow | -$64.27M | $159.30M | $250.41M | $148.46M | -140.3% |
| Free cash flow | $43.35M | $33.26M | $77.61M | -$31.13M | +30.3% |
| End cash position | $75.33M | $81.73M | $99.63M | $24.74M | -7.8% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $557.73M | $496.00M | $481.60M | $517.96M | $502.44M | +12.4% |
| Operating revenue | $557.73M | $496.00M | $481.60M | $517.96M | $502.44M | +12.4% |
| Cost of revenue | $377.60M | $332.66M | $323.95M | $347.63M | $332.35M | +13.5% |
| Gross profit | $180.14M | $163.34M | $157.65M | $170.33M | $170.08M | +10.3% |
| Selling, general & admin | $152.27M | $149.71M | $149.93M | $146.71M | $143.26M | +1.7% |
| Total operating expense | $152.27M | $149.71M | $149.93M | $146.71M | $143.26M | +1.7% |
| Operating income | $27.87M | $13.63M | $7.72M | $23.62M | $26.83M | +104.5% |
| Net interest income | -$12.99M | -$12.17M | -$12.94M | -$13.96M | -$14.24M | -6.7% |
| Pre-tax income | $14.39M | $757.00K | -$6.35M | $8.38M | $11.86M | +1,801.1% |
| Tax provision | $5.90M | $375.00K | $25.00K | $1.93M | $6.86M | +1,472.5% |
| Net income | $8.49M | $382.00K | -$6.37M | $6.45M | $5.00M | +2,123.6% |
| Net income to common | $8.49M | $382.00K | -$6.37M | $6.45M | $5.00M | +2,123.6% |
| Basic EPS | 0.18 | 0.01 | -0.14 | 0.14 | 0.11 | +1,700.0% |
| Diluted EPS | 0.18 | 0.01 | -0.14 | 0.14 | 0.11 | +1,700.0% |
| EBIT | $27.38M | $12.93M | $6.60M | $22.34M | $26.10M | +111.8% |
| EBITDA | $47.25M | $32.65M | $27.12M | $42.38M | $46.44M | +44.7% |
| Basic shares | 46.21M | 46.19M | 46.20M | 46.28M | 46.38M | +0.0% |
| Diluted shares | 46.43M | 47.03M | 46.20M | 47.06M | 46.56M | -1.3% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $66.94M | $52.73M | $61.75M | $69.21M | $47.43M | +26.9% |
| Cash & short-term investments | $66.94M | $52.73M | $61.75M | $69.21M | $47.43M | +26.9% |
| Accounts receivable | $331.65M | $306.70M | $271.33M | $295.46M | $283.47M | +8.1% |
| Inventory | $378.73M | $373.51M | $353.37M | $345.21M | $350.30M | +1.4% |
| Total current assets | $831.80M | $790.91M | $746.92M | $766.39M | $740.91M | +5.2% |
| Property, plant & equipment | $274.10M | $274.96M | $276.68M | $269.31M | $267.18M | -0.3% |
| Goodwill & intangibles | $680.07M | $692.64M | $693.96M | $704.25M | $718.13M | -1.8% |
| Total assets | $1.82B | $1.79B | $1.75B | $1.77B | $1.75B | +1.5% |
| Total current liabilities | $326.85M | $301.09M | $291.46M | $305.96M | $286.30M | +8.6% |
| Current debt | $35.84M | $35.42M | $35.47M | $42.45M | $41.38M | +1.2% |
| Long-term debt | $693.66M | $696.67M | $664.20M | $665.54M | $674.99M | -0.4% |
| Total debt | $845.47M | $849.41M | $819.11M | $821.24M | $827.21M | -0.5% |
| Total liabilities | $1.16B | $1.14B | $1.10B | $1.11B | $1.10B | +1.8% |
| Retained earnings | -$24.82M | -$33.31M | -$33.69M | -$27.32M | -$33.77M | +25.5% |
| Shareholder equity | $654.72M | $648.11M | $649.35M | $653.87M | $649.38M | +1.0% |
| Working capital | $504.95M | $489.81M | $455.46M | $460.43M | $454.61M | +3.1% |
| Net tangible assets | -$25.35M | -$44.53M | -$44.61M | -$50.38M | -$68.76M | +43.1% |
| Shares issued | 47.92M | 47.88M | 47.86M | 47.83M | 47.81M | +0.1% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Net income | $8.49M | $382.00K | -$6.37M | $6.45M | $5.00M | +2,123.6% |
| Depreciation & amortisation | $19.86M | $19.72M | $20.52M | $20.04M | $20.34M | +0.7% |
| Stock-based compensation | $2.16M | $2.42M | $2.05M | $2.40M | $1.25M | -11.0% |
| Change in working capital | -$8.85M | -$44.10M | $3.94M | $8.81M | $1.36M | +79.9% |
| Operating cash flow | $21.98M | -$20.36M | $16.94M | $38.37M | $33.30M | +208.0% |
| Capital expenditure | -$11.73M | -$8.91M | -$11.85M | -$11.18M | -$8.96M | -31.7% |
| Investing cash flow | -$7.98M | -$21.82M | -$9.03M | -$8.47M | -$6.94M | +63.4% |
| Share buybacks | -$108.00K | -$70.00K | -$3.86M | -$203.00K | -$9.10M | -54.3% |
| Financing cash flow | -$3.18M | $32.05M | -$15.82M | -$9.39M | -$46.69M | -109.9% |
| Free cash flow | $10.25M | -$29.27M | $5.09M | $27.19M | $24.34M | +135.0% |
| End cash position | $75.48M | $65.00M | $75.33M | $82.70M | $61.76M | +16.1% |
Options analytics
Put / call volume
0.60
Call-heavy session
Put / call open interest
1.43
Positioning, not flow
Max pain
35.00
+0.6% from spot
ATM implied vol
6.3%
Nearest strike to spot
Skew (10% OTM)
+30.7%
Puts bid over calls
Call volume
30
Contracts, this expiry
Put volume
18
Contracts, this expiry
Heaviest call OI
35.00
130 contracts
Heaviest put OI
30.00
173 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | 0.41 | 0.47 | +15.6% |
| Mar 2026 | 0.28 | 0.24 | -15.3% |
| Dec 2025 | 0.32 | 0.18 | -43.2% |
| Sep 2025 | 0.40 | 0.40 | 0.0% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | 0.50 | 2 | $558.60M | +7.9% |
| Next quarter | 0.32 | 2 | $520.15M | +8.1% |
| Current year | 1.53 | 2 | $2.13B | +7.7% |
| Next year | 1.76 | 2 | $2.23B | +4.6% |
Analyst targets & ownership
Mean target$35.00
High target$35.00
Low target$35.00
Implied upside0.57%
Analyst count2
ConsensusHOLD
Strong buy / Buy0 / 0
Hold2
Sell / Strong sell0 / 0
Held by insiders1.19%
Held by institutions93.06%
Institutions holding172
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
—
—
SMA 20
—
—
SMA 50
—
—
SMA 100
—
—
SMA 200
—
—
EMA 12
—
—
EMA 26
—
—
EMA 50
—
—
RSI (14)
—
—
MACD (12,26,9)
—
Hist —
ATR (14)
—
—
Realised vol 30D
—
Annualised
Bollinger upper
—
20, 2σ
Bollinger lower
—
20, 2σ
50 / 200 cross
—
—
Trend bias
—
—
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Short interest
Shares short
461.73K
Prior 502.59K
Change vs prior
-8.1%
Shorts covering
% of float
4.64%
Normal
% of shares out
1.00%
Against total outstanding
Days to cover
1.7
Liquid
Float
42.25M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Jul 17, 26 | Barrington Research | DOWNGRADE | Outperform | Market Perform |
| May 21, 26 | Barrington Research | MAINTAINED | Outperform | Outperform |
| May 5, 26 | Stephens & Co. | MAINTAINED | Overweight | Overweight |
| Mar 16, 26 | Barrington Research | MAINTAINED | Outperform | Outperform |
| Mar 10, 26 | Barrington Research | MAINTAINED | Outperform | Outperform |
| Mar 2, 26 | Barrington Research | MAINTAINED | Outperform | Outperform |
| Nov 5, 25 | Barrington Research | MAINTAINED | Outperform | Outperform |
| Aug 25, 25 | Barrington Research | MAINTAINED | Outperform | Outperform |
| May 7, 25 | Barrington Research | MAINTAINED | Outperform | Outperform |
| Mar 11, 25 | Barrington Research | MAINTAINED | Outperform | Outperform |
| Nov 6, 24 | Barrington Research | MAINTAINED | Outperform | Outperform |
| Aug 19, 24 | Barrington Research | MAINTAINED | Outperform | Outperform |
Dividends & splits
Forward rate—
Forward yield—
5-year avg yield2.81%
Payout ratio0.00%
Ex-dividend dateJun 29, 2012
Next pay date—
Last split2:1
Split dateSep 1, 2023
SEC filings
Corporate Changes & Voting Matters
8-K · 2026-08-06
Corporate Changes & Voting Matters
8-K · 2026-07-16
Corporate Changes & Voting Matters
8-K · 2026-05-14
Periodic Financial Reports
10-Q · 2026-04-30
Annual Report to Shareholders
ARS · 2026-04-02
Proxy Statements
DEF 14A · 2026-04-01
Proxy Statements
PRE 14A · 2026-03-20
Periodic Financial Reports
10-K · 2026-03-05
Headlines
Is Distribution Solutions Group (DSGR) Outperforming Other Industrial Products Stocks This Year?
Zacks · 3d ago
2 Small-Cap Stocks on Our Watchlist and 1 We Turn Down
StockStory · 9d ago
Q2 Rundown: Distribution Solutions (NASDAQ:DSGR) Vs Other Maintenance and Repair Distributors Stocks
StockStory · 10d ago
Is Distribution Solutions Group (DSGR) Fully Valued On Its Q2 Earnings?
Simply Wall St. · 13d ago
Distribution Solutions Group (DSGR) Surpasses Q2 Earnings and Revenue Estimates
Zacks · 17d ago
Distribution Solutions (NASDAQ:DSGR) Reports Bullish Q2 CY2026
StockStory · 17d ago
Distribution Solutions: Q2 Earnings Snapshot
Associated Press · 17d ago
Distribution Solutions Group Announces 2026 Second Quarter Results
Business Wire · 17d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.