Direxion Daily Small Cap Bull 3X ETF (TNA) Options Chain
The options chain displays all available contracts with real-time quotes, Greeks, volume, and open interest for each strike and expiration. It is the primary tool for options trade selection.
Direxion Daily Small Cap Bull 3X ETF (TNA) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $2.21B, listed on AMEX, carrying a beta of 3.98 to the broader market. The Direxion Daily Small Cap Bull and Bear 3X ETFs seek the daily investment results, before fees and expenses, of 300%, or 300% of the inverse (or opposite), of the performance of the Russell 2000 Index. public since 2008-11-19.
Snapshot as of May 29, 2026.
- Spot Price
- $68.56
- Total OI
- 169.3K
- Total Volume
- 33.6K
- Front Expiration
- 28 days
- Second Expiration
- 34 days
- ATM IV
- 63.2%
- Avg Bid/Ask Spread
- 39.77%
As of May 29, 2026, Direxion Daily Small Cap Bull 3X ETF (TNA) has 169.3K open contracts and 33.6K contracts traded. The nearest expiration is 28 days out, followed by 34 days. ATM implied volatility is 63.2%. Average bid/ask spread across the chain is 39.77%: wider spreads, size positions conservatively. The options chain aggregates every listed strike and expiration, letting traders evaluate skew, term structure, and liquidity in a single view.
How TNA options chain Data Feeds Strategy Selection
Strategy selection on Direxion Daily Small Cap Bull 3X ETF options does not derive from any single metric in isolation. The options chain view above sits inside a broader read: ATM IV currently sits at 63.2% and dealer gamma exposure is positive, so dealer hedging is mechanically mean-reverting. Combine the options chain data here with the volatility-skew surface, dealer-gamma exposure, max-pain level, and upcoming-events calendar to build a positioning thesis. Risk-defined structures (credit spreads, debit spreads, iron condors) are usually safer than naked positions while the regime is uncertain; the data on this page anchors the inputs but does not by itself constitute a trade thesis.
How to read the TNA chain depth
The listed-expirations table above shows every expiration available for Direxion Daily Small Cap Bull 3X ETF options with its days-to-expiration count and ATM implied volatility. Front-month expirations carry the most volume, the highest gamma, and the tightest bid-ask spreads; longer-dated tenors carry less liquidity but more vega exposure. TNA front expiration sits at 28 days - the typical hedging horizon for monthly options. The backwardated slope of -0.016 means near-dated IV is pricing acute event risk.
TNA chain mechanics and execution
Options are listed at standardized strike intervals (typically $1 for sub-$25 underlyings, $2.50-$5 for mid-cap, $10-$50 for large-cap), and the deltas of each listed strike are determined by where IV lies relative to the strike's moneyness. Average bid/ask spread on the TNA chain is 39.77% - a measure of liquidity. Tighter spreads on liquid strikes mean lower transaction costs; wider spreads on long-dated or far-OTM strikes mean execution drag can dominate the math. The chain table on the SPA side shows the full per-strike, per-expiration grid; this SSR page summarizes the listed expirations and the front-month context to anchor the structural read.
Using the TNA chain to build structures
Strategy selection starts with the chain: directional theses use single-leg calls or puts, range-bound theses use credit spreads or iron condors, vol theses use straddles or strangles, calendar theses use diagonal spreads. TNA's current 18.12% expected move anchors wing placement - structures with wings at the implied band collect the modal-outcome premium under lognormal assumptions. Cross-reference with the gamma-exposure profile to understand where dealer hedging will reinforce or fight your position, and with the volatility-skew chart to confirm the strikes you're trading sit at the IV levels your strategy assumes.
Learn how the options chain is reported and how to read the data →
TNA listed expirations
Per-expiration ATM implied volatility for TNA options. Each row is one listed expiration with its days-to-expiration count and ATM IV pulled from the same term-structure feed that powers the SPA's expiration filter. Front-month expirations carry the highest gamma, the tightest bid-ask spreads, and the most volume; longer-dated tenors carry less liquidity but more vega.
| Expiration | DTE | ATM IV |
|---|---|---|
| Jun 5, 2026 | 7 | 55.1% |
| Jun 12, 2026 | 14 | 60.0% |
| Jun 18, 2026 | 20 | 62.5% |
| Jun 26, 2026 | 28 | 63.8% |
| Jul 2, 2026 | 34 | 62.2% |
| Jul 10, 2026 | 42 | 64.6% |
| Jul 17, 2026 | 49 | 61.3% |
| Oct 16, 2026 | 140 | 66.3% |
| Dec 18, 2026 | 203 | 66.5% |
| Jan 15, 2027 | 231 | 66.1% |
| Jan 21, 2028 | 602 | 64.8% |
Frequently asked TNA options chain questions
- What does the TNA options chain show right now?
- As of May 29, 2026, Direxion Daily Small Cap Bull 3X ETF (TNA) has 169.3K contracts outstanding and 33.6K traded today, with ATM IV of 63.2%. The full chain spans every listed strike and expiration with bid/ask, Greeks, volume, and open interest per contract.
- What expirations are available for TNA options?
- The nearest expiration is 28 days out, followed by 34 days. Listed expirations typically extend monthly with weeklies between, plus LEAPS one to two years out for liquid names.
- How tight are TNA options bid/ask spreads?
- Average bid/ask spread across the chain is 39.77%. Wider spreads warrant conservative sizing; mid-market fills are unreliable for retail-size orders.