ProShares - S&P 500 Ex-Financials ETF (SPXN) Max Pain Analysis
Max pain is the strike price where aggregate option buyer payout is minimized at expiration. It represents the price at which option writers retain the most premium.
ProShares - S&P 500 Ex-Financials ETF (SPXN) operates in the Financial Services sector, specifically the Asset Management - Global industry, with a market capitalization near $75.6M, listed on AMEX, carrying a beta of 1.03 to the broader market. This exchange-traded fund (ETF) is structured to invest a minimum of 80% of its total assets in the constituent securities of its benchmark index under typical market conditions. public since 2015-09-24.
Snapshot as of Jun 30, 2026.
- Spot Price
- $82.28
- Total OI
- 0
How to read the SPXN max-pain chart
The open-interest histogram above shows where ProShares - S&P 500 Ex-Financials ETF call and put writers have stacked the most inventory. Strikes with elevated call OI act as overhead resistance when dealers are long-gamma (they sell rallies into the wall); strikes with elevated put OI act as support (dealers buy dips toward the wall). The max-pain strike is the single price at which the total cash payout to option holders is minimized - the lowest-pain price for the writers as a group. . Net dealer gamma is positive at $0, so as spot moves dealers sell rallies and buy dips, mechanically dampening realized volatility.
SPXN max-pain in context
Max pain is an end-of-cycle convergence signal, not an intraday compass. Cross-reference the level with the gamma-flip strike on the GEX page, the front-month ATM IV reading (currently 19.7%), and any catalyst risk on the calendar. Total listed OI on SPXN sits at 0 contracts; pin strength generally scales with this number, since heavier OI means more delta to hedge as spot drifts toward the strike. A pin can fail - earnings, FDA decisions, central-bank surprises, and other vol catalysts can rip spot past max pain regardless of where dealers want it. Use max pain to size risk-defined structures, not as a directional thesis.
Reading SPXN max-pain alongside dealer positioning
The clean version of the max-pain mechanism requires positive dealer gamma to enforce convergence; in a negative-gamma regime the same OI distribution can repel rather than attract spot. SPXN is currently in a positive-gamma regime, so the max-pain pull mechanic is structurally active. Combine the pin level with the gamma-flip level and the implied move to model out where spot is likely to anchor through expiration.