ProShares UltraShort Stock Options
| SDS Etf | USD 69.24 0.45 0.65% |
ProShares UltraShort's latest option contracts expiring on January 16th 2026 are carrying combined implied volatility of 0.1 with a put-to-call open interest ratio of 0.53 over 88 outstanding agreements suggesting investors are buying more calls than puts on contracts expiring on January 16th 2026.
Open Interest Against January 16th 2026 Option Contracts
ProShares UltraShort option prices can potentially be used to forecast stock returns because most option chains provide information not only about the current prices but also about the future conditions in ProShares UltraShort's lending market. For example, when ProShares UltraShort's puts are not actively trading or completely missing in the marketplace, investors can use it to internalize expected shorting costs. So if an investor is writing a put option on ProShares UltraShort, he or she must hedge the risk by shorting ProShares UltraShort stock over its option's life.
2026-01-16
The chart above shows ProShares UltraShort's distribution of open interest by maturity on contracts that have not yet been settled. The area between the two highest points is the projection of the price at expiration. ProShares UltraShort's open interest chart also provides vital information regarding the liquidity of an option. If there is no open interest for ProShares UltraShort's option, there is no secondary market available for investors to trade.
In The Money vs. Out of Money Option Contracts on ProShares UltraShort
Analyzing ProShares UltraShort's in-the-money options over time can help investors to take a profitable long position in ProShares UltraShort regardless of its overall volatility. This is especially true when ProShares UltraShort's options are deep in the money. These options can be identified using deltas that are over 0.75. Deep in-the-money ProShares UltraShort's options could be used as guardians of the underlying stock as they move almost dollar for dollar with ProShares UltraShort's stock while costing only a fraction of its price.
ProShares UltraShort In The Money Call Balance
When ProShares UltraShort's strike price is surpassing the current stock price, the option contract against ProShares UltraShort SP500 stock is said to be in the money. When it comes to buying ProShares UltraShort's options that are 'In the Money' or 'Out of the Money', the choice depends on your outlook for the underlying security, financial situation, and what you are trying to achieve.
While 'out-of-the-money' option contracts written on ProShares UltraShort SP500 are typically viewed as the more aggressive, there are potential upsides to purchasing these types of options contracts. For one, the cost to buy an 'Out of the Money' option is lower than the cost to buy an 'In the Money' option. This cost-benefit is due to the fact that at the time of the purchase, 'Out of the Money' contracts have no intrinsic value. So, while the potential for a 100% loss is more significant, the cost and risk to enter the trade are lower.
ProShares Current Options Market Mood
ProShares UltraShort's open interest and total value indicators provide investors with the necessary information to digest the overall options buildup for its expiring contracts. In addition, it helps ProShares Etf's traders understand whether a recent fall or rise in the market is unreasonable and if the time has come to take contrarian positions. These ratios are calculated based on options trading volumes and current open interest.
Put-to-Call Open Interest
Put-to-Call Volume
Unfortunately, most ProShares UltraShort's options investors are not very successful. ProShares UltraShort's option open interest and volume spread between outstanding puts and calls are regarded by many investors as reliable indicators of the overall future market direction.
Rule 16 of the current ProShares contract
Base on the Rule 16, the options market is currently suggesting that ProShares UltraShort SP500 will have an average daily up or down price movement of about 0.005963% per day over the life of the 2026-01-16 option contract. With ProShares UltraShort trading at USD 69.24, that is roughly USD 0.004128. If you think that the market is fully incorporating ProShares UltraShort's daily price movement you should consider buying ProShares UltraShort SP500 options at the current volatility level of 0.0954%. But if you have an opposite viewpoint you should avoid it and even consider selling them.
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Purchasing ProShares UltraShort options can give investors a meaningful hedge against losses and, therefore, could be used conservatively to decrease the volatility of your portfolio. However, many options could also amount to little more than gambling, significantly enhancing your overall portfolio risk. One simple example of these aggressive strategies is the sale of "uncovered" ProShares calls. Remember, the seller must deliver ProShares UltraShort SP500 stock to the call owner when a call is exercised.
ProShares UltraShort Option Chain
When ProShares UltraShort's strike price is surpassing the current stock price, the option contract against ProShares UltraShort SP500 stock is said to be in the money. When it comes to buying options that are ITM or OTM, the choice depends on your outlook for the underlying security, financial situation, and what you are trying to achieve.
ProShares UltraShort's option chain is a display of a range of information that helps investors for ways to trade options on ProShares. In general, an option chain provides a helpful tool for investors to see all available option contracts, both puts, and calls, for ProShares. It also shows strike prices and maturity days for a ProShares UltraShort against a given expiration period. The table below combines all the option information in the form of a chain but before you use it, remember that it entails significant risk and it is not for everyone. | Open Int | Strike Price | Current Spread | Last Price | |||
Call | SDS260116C00095000 | 12 | 95.0 | 0.0 - 0.6 | 0.25 | Out |
Call | SDS260116C00090000 | 0 | 90.0 | 0.05 - 0.55 | 0.05 | |
Call | SDS260116C00085000 | 2 | 85.0 | 0.15 - 0.75 | 1.0 | Out |
Call | SDS260116C00080000 | 8 | 80.0 | 0.4 - 0.95 | 0.85 | Out |
Call | SDS260116C00079000 | 0 | 79.0 | 0.45 - 1.0 | 0.45 | |
Call | SDS260116C00078000 | 0 | 78.0 | 0.45 - 1.3 | 0.45 | |
Call | SDS260116C00077000 | 1 | 77.0 | 0.55 - 1.45 | 3.23 | Out |
Call | SDS260116C00076000 | 3 | 76.0 | 0.7 - 1.5 | 0.82 | Out |
Call | SDS260116C00075000 | 1 | 75.0 | 0.8 - 1.8 | 1.85 | Out |
Call | SDS260116C00074000 | 2 | 74.0 | 1.0 - 2.15 | 1.0 | Out |
Call | SDS260116C00073000 | 2 | 73.0 | 1.2 - 1.95 | 1.95 | Out |
Call | SDS260116C00072000 | 13 | 72.0 | 1.75 - 2.05 | 1.75 | Out |
Call | SDS260116C00071000 | 8 | 71.0 | 1.55 - 2.25 | 2.1 | Out |
Call | SDS260116C00070000 | 2 | 70.0 | 2.0 - 2.8 | 2.09 | Out |
Call | SDS260116C00069000 | 22 | 69.0 | 1.8 - 3.8 | 3.0 | Out |
Call | SDS260116C00066000 | 11 | 66.0 | 3.3 - 5.7 | 3.8 | In |
Call | SDS260116C00060000 | 50 | 60.0 | 8.2 - 10.8 | 12.35 | In |
Call | SDS260116C00055000 | 2223 | 55.0 | 0.0 - 0.0 | 0.05 | In |
Call | SDS260116C00050000 | 372 | 50.0 | 0.0 - 0.0 | 0.2 | In |
Call | SDS260116C00045000 | 351 | 45.0 | 0.0 - 0.0 | 0.0 | In |
Call | SDS260116C00044000 | 1 | 44.0 | 0.0 - 0.0 | 0.0 | In |
Call | SDS260116C00043000 | 2 | 43.0 | 0.0 - 0.0 | 0.25 | In |
Call | SDS260116C00042000 | 8 | 42.0 | 0.0 - 0.0 | 0.05 | In |
Call | SDS260116C00041000 | 10 | 41.0 | 0.0 - 0.0 | 0.0 | In |
Call | SDS260116C00040000 | 558 | 40.0 | 0.0 - 0.0 | 0.0 | In |
Call | SDS260116C00039000 | 2 | 39.0 | 0.0 - 0.0 | 0.0 | In |
Call | SDS260116C00038000 | 17 | 38.0 | 0.0 - 0.0 | 0.1 | In |
Call | SDS260116C00037000 | 40 | 37.0 | 0.0 - 0.0 | 0.42 | In |
Call | SDS260116C00036000 | 6 | 36.0 | 0.0 - 0.0 | 0.0 | In |
Call | SDS260116C00035000 | 1002 | 35.0 | 0.0 - 0.0 | 0.1 | In |
Call | SDS260116C00034000 | 52 | 34.0 | 0.0 - 0.0 | 0.1 | In |
Call | SDS260116C00033000 | 44 | 33.0 | 0.0 - 0.0 | 0.27 | In |
Call | SDS260116C00032000 | 512 | 32.0 | 0.0 - 0.0 | 0.0 | In |
Call | SDS260116C00031000 | 553 | 31.0 | 0.0 - 0.0 | 0.06 | In |
Call | SDS260116C00030000 | 1080 | 30.0 | 0.0 - 0.0 | 0.1 | In |
Call | SDS260116C00029000 | 31 | 29.0 | 0.0 - 0.0 | 0.2 | In |
Call | SDS260116C00028000 | 50 | 28.0 | 0.0 - 0.0 | 0.24 | In |
Call | SDS260116C00027000 | 317 | 27.0 | 0.0 - 0.0 | 0.43 | In |
Call | SDS260116C00026000 | 49 | 26.0 | 0.0 - 0.0 | 0.05 | In |
Call | SDS260116C00025000 | 681 | 25.0 | 0.0 - 0.0 | 0.29 | In |
Call | SDS260116C00024000 | 100 | 24.0 | 0.0 - 0.0 | 0.3 | In |
Call | SDS260116C00023000 | 1013 | 23.0 | 0.0 - 0.0 | 0.17 | In |
Call | SDS260116C00022000 | 611 | 22.0 | 0.0 - 0.0 | 0.5 | In |
Call | SDS260116C00021000 | 2410 | 21.0 | 0.0 - 0.0 | 0.15 | In |
Call | SDS260116C00020000 | 1103 | 20.0 | 0.0 - 0.0 | 0.25 | In |
Call | SDS260116C00019000 | 436 | 19.0 | 0.0 - 0.0 | 0.25 | In |
Call | SDS260116C00018000 | 1845 | 18.0 | 0.0 - 0.0 | 0.37 | In |
Call | SDS260116C00017000 | 1120 | 17.0 | 0.0 - 0.0 | 0.4 | In |
Call | SDS260116C00016000 | 602 | 16.0 | 0.0 - 0.0 | 0.55 | In |
Call | SDS260116C00015000 | 3486 | 15.0 | 0.0 - 0.0 | 0.73 | In |
Call | SDS260116C00010000 | 45 | 10.0 | 0.0 - 0.0 | 4.8 | In |
Call | SDS260116C00005000 | 11 | 5.0 | 0.0 - 0.0 | 9.2 | In |
Put | SDS260116P00095000 | 0 | 95.0 | 24.8 - 27.4 | 24.8 | In |
Put | SDS260116P00090000 | 0 | 90.0 | 20.0 - 22.8 | 20.0 | In |
Put | SDS260116P00085000 | 0 | 85.0 | 15.0 - 18.0 | 15.0 | In |
Put | SDS260116P00080000 | 101 | 80.0 | 10.3 - 13.4 | 11.43 | In |
Put | SDS260116P00079000 | 0 | 79.0 | 9.4 - 12.0 | 9.4 | In |
Put | SDS260116P00078000 | 0 | 78.0 | 8.5 - 11.0 | 8.5 | In |
Put | SDS260116P00077000 | 0 | 77.0 | 7.6 - 10.4 | 7.6 | In |
Put | SDS260116P00076000 | 0 | 76.0 | 6.9 - 9.7 | 6.9 | In |
Put | SDS260116P00075000 | 3 | 75.0 | 5.9 - 8.4 | 5.25 | In |
Put | SDS260116P00074000 | 0 | 74.0 | 5.2 - 7.8 | 5.2 | In |
Put | SDS260116P00071000 | 1 | 71.0 | 2.9 - 5.0 | 3.37 | In |
Put | SDS260116P00068000 | 1 | 68.0 | 1.85 - 2.6 | 1.73 | Out |
Put | SDS260116P00067000 | 2 | 67.0 | 1.35 - 2.8 | 1.52 | Out |
Put | SDS260116P00066000 | 1 | 66.0 | 0.55 - 2.4 | 1.25 | Out |
Put | SDS260116P00062000 | 1 | 62.0 | 0.0 - 0.7 | 0.32 | Out |
Put | SDS260116P00037000 | 1 | 37.0 | 0.0 - 0.0 | 0.0 | Out |
Put | SDS260116P00035000 | 850 | 35.0 | 0.0 - 0.0 | 19.3 | Out |
Put | SDS260116P00033000 | 1 | 33.0 | 0.0 - 0.0 | 0.0 | Out |
Put | SDS260116P00032000 | 3 | 32.0 | 0.0 - 0.0 | 0.0 | Out |
Put | SDS260116P00030000 | 2 | 30.0 | 0.0 - 0.0 | 0.0 | Out |
Put | SDS260116P00029000 | 11 | 29.0 | 0.0 - 0.0 | 11.27 | Out |
Put | SDS260116P00028000 | 9 | 28.0 | 0.0 - 0.0 | 12.5 | Out |
Put | SDS260116P00027000 | 7 | 27.0 | 0.0 - 0.0 | 0.0 | Out |
Put | SDS260116P00026000 | 19 | 26.0 | 0.0 - 0.0 | 0.0 | Out |
Put | SDS260116P00025000 | 545 | 25.0 | 0.0 - 0.0 | 9.9 | Out |
Put | SDS260116P00024000 | 1 | 24.0 | 0.0 - 0.0 | 8.76 | Out |
Put | SDS260116P00023000 | 23 | 23.0 | 0.0 - 0.0 | 8.99 | Out |
Put | SDS260116P00022000 | 1223 | 22.0 | 0.0 - 0.0 | 7.1 | Out |
Put | SDS260116P00021000 | 251 | 21.0 | 0.0 - 0.0 | 6.9 | Out |
Put | SDS260116P00020000 | 632 | 20.0 | 0.0 - 0.0 | 5.9 | Out |
Put | SDS260116P00019000 | 480 | 19.0 | 0.0 - 0.0 | 4.85 | Out |
Put | SDS260116P00018000 | 693 | 18.0 | 0.0 - 0.0 | 3.51 | Out |
Put | SDS260116P00017000 | 2474 | 17.0 | 0.0 - 0.0 | 2.45 | Out |
Put | SDS260116P00016000 | 1494 | 16.0 | 0.0 - 0.0 | 2.06 | Out |
Put | SDS260116P00015000 | 2187 | 15.0 | 0.0 - 0.0 | 1.11 | Out |
Put | SDS260116P00010000 | 146 | 10.0 | 0.0 - 0.0 | 0.05 | Out |
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in ProShares UltraShort SP500. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in commodities. You can also try the Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
The market value of ProShares UltraShort is measured differently than its book value, which is the value of ProShares that is recorded on the company's balance sheet. Investors also form their own opinion of ProShares UltraShort's value that differs from its market value or its book value, called intrinsic value, which is ProShares UltraShort's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because ProShares UltraShort's market value can be influenced by many factors that don't directly affect ProShares UltraShort's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between ProShares UltraShort's value and its price as these two are different measures arrived at by different means. Investors typically determine if ProShares UltraShort is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, ProShares UltraShort's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.