What is the UGE 30-day expected price range?

As of Jul 15, 2026, with UGE at $18.65 and ATM IV at 34.5%, the implied 30-day one-standard-deviation range is approximately ±$1.84, or about $16.81 to $20.49. IV rank is subdued, so the priced distribution is tighter than the 1-year typical width.

What does UGE risk-neutral density tell us?

Risk-neutral density is the probability distribution of future UGE price implied by listed option prices. Extracted via Breeden-Litzenberger (twice-differentiating the call price function with respect to strike), it represents the pricing kernel rather than the real-world probability of outcomes. Persistent skew or fat-tail features in the density reflect how the market is pricing tail risk.

How does UGE ATM IV translate to a probability range?

ATM IV is annualized; multiplying by sqrt(t/365) scales it to the chosen tenor. Under lognormal assumptions, the resulting standard deviation defines the ±1σ band that contains roughly 68% of outcomes, ±2σ for 95%. Empirical equity returns have fatter tails than log-normal, so the implied tail probabilities under-state realized tail frequency in stressed regimes.

ProShares - Ultra Consumer Staples (UGE) Probability Analysis

Probability analysis extracts the risk-neutral probability distribution implied by option prices. It shows the market-implied likelihood of the underlying reaching various price levels by expiration.

ProShares - Ultra Consumer Staples (UGE) operates in the Financial Services sector, specifically the Asset Management - Leveraged industry, with a market capitalization near $10.4M, listed on AMEX, carrying a beta of 0.80 to the broader market. ProShares Ultra Consumer Staples strives to achieve daily investment returns that are two times (2x) the daily performance of the S&P Consumer Staples Select Sector Index, prior to accounting for any fees and expenses. public since 2007-02-01.

Snapshot as of Jul 15, 2026.

Spot Price: $18.65
ATM IV: 34.5%
IV Rank: 5.5%
IV Percentile: 46.4%
HV 20-Day: 36.9%
IV Skew 25Δ: 0.040

As of Jul 15, 2026, ProShares - Ultra Consumer Staples (UGE) at $18.65 has an ATM IV of 34.5%, implying a 30-day one-standard-deviation range of approximately ±$1.84. IV rank is 5.5% (subdued, distribution priced tighter than usual). IV percentile is 46.4%. The 25-delta skew is +0.040: upside tail priced richer than downside, biasing probability mass above spot. Under lognormal assumptions roughly 68% of outcomes fall within ±1σ and 95% within ±2σ; risk-neutral probability analysis refines this by extracting the market-implied distribution directly from options prices, capturing the fat tails that real markets exhibit.

How UGE probability analysis Data Feeds Strategy Selection

Strategy selection on ProShares - Ultra Consumer Staples options does not derive from any single metric in isolation. The probability analysis view above sits inside a broader read: ATM IV currently sits at 34.5% and dealer gamma exposure is positive, so dealer hedging is mechanically mean-reverting. Combine the probability analysis 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 UGE probability distribution

The probability cone above is the option-market-implied distribution of where ProShares - Ultra Consumer Staples spot could end up at expiration. It's derived from the implied-volatility surface via a risk-neutral pricing transformation, not from historical realized returns. With ATM IV at 34.5% and spot at $18.65, the 1σ band is approximately ±11.9% over a 30-day horizon. Recent realized HV-20 of 36.9% runs 2.4 vol points above current implied, an inverted regime where premium buyers are underpaying.

UGE risk-neutral vs real-world probabilities

The probabilities derived from option prices reflect the market's risk-adjusted view, not the realized statistical distribution. Risk-neutral probabilities include the equity risk premium and skew preferences priced into options, so they tend to overstate tail probability and understate upside drift relative to actually-realized outcomes. For probability-of-touch calculations and assignment-risk modeling, risk-neutral is the right benchmark. For position-sizing your own conviction, blend with realized-volatility-based statistics from the HV columns.

Trading the UGE distribution

Probability-driven strategies aim to capture mispricings between the implied distribution and your own probability assessment. Premium-selling structures (credit spreads, iron condors, cash-secured puts) profit when the implied distribution overprices tail probability relative to realized; premium-buying (debit spreads, long calls/puts, long straddles) profits in the reverse. With UGE IV rank at 5.5%, the chain is pricing tighter tails than recent realized history; buyers get cheaper optionality but need a real catalyst to monetize. Always pair probability-driven strategy selection with a stop loss or wing-defined risk - the implied distribution is a snapshot, and regime shifts can invalidate it intraday.

Learn how risk-neutral density is reported and how to read the data →

Frequently asked UGE probability analysis questions

What is the UGE 30-day expected price range?: As of Jul 15, 2026, with UGE at $18.65 and ATM IV at 34.5%, the implied 30-day one-standard-deviation range is approximately ±$1.84, or about $16.81 to $20.49. IV rank is subdued, so the priced distribution is tighter than the 1-year typical width.
What does UGE risk-neutral density tell us?: Risk-neutral density is the probability distribution of future UGE price implied by listed option prices. Extracted via Breeden-Litzenberger (twice-differentiating the call price function with respect to strike), it represents the pricing kernel rather than the real-world probability of outcomes. Persistent skew or fat-tail features in the density reflect how the market is pricing tail risk.
How does UGE ATM IV translate to a probability range?: ATM IV is annualized; multiplying by sqrt(t/365) scales it to the chosen tenor. Under lognormal assumptions, the resulting standard deviation defines the ±1σ band that contains roughly 68% of outcomes, ±2σ for 95%. Empirical equity returns have fatter tails than log-normal, so the implied tail probabilities under-state realized tail frequency in stressed regimes.