ProShares - Ultra Russell2000 (UWM) 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.
ProShares - Ultra Russell2000 (UWM) operates in the Financial Services sector, specifically the Asset Management - Leveraged industry, with a market capitalization near $247.6M, listed on AMEX, carrying a beta of 2.60 to the broader market. The ProShares Ultra Russell2000 aims to deliver daily investment returns that precisely double the daily performance of the Russell 2000 Index, before the deduction of any fees or expenses. public since 2007-01-25.
Snapshot as of Jun 30, 2026.
- Spot Price
- $67.35
- Total OI
- 1.8K
- Total Volume
- 110
- Front Expiration
- 17 days
- Second Expiration
- 52 days
- ATM IV
- 44.2%
- Avg Bid/Ask Spread
- 19.74%
As of Jun 30, 2026, ProShares - Ultra Russell2000 (UWM) has 1.8K open contracts and 110 contracts traded. The nearest expiration is 17 days out, followed by 52 days. ATM implied volatility is 44.2%. Average bid/ask spread across the chain is 19.74%: 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 UWM options chain Data Feeds Strategy Selection
Strategy selection on ProShares - Ultra Russell2000 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 44.2% 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 UWM chain depth
The listed-expirations table above shows every expiration available for ProShares - Ultra Russell2000 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. UWM front expiration sits at 17 days - the typical hedging horizon for monthly options. The backwardated slope of -0.030 means near-dated IV is pricing acute event risk.
UWM 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 UWM chain is 19.74% - 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 UWM 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. UWM's current 12.67% 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 →
UWM listed expirations
Per-expiration ATM implied volatility for UWM 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 |
|---|---|---|
| Jul 17, 2026 | 17 | 44.2% |
| Aug 21, 2026 | 52 | 41.2% |
| Oct 16, 2026 | 108 | 44.3% |
| Jan 15, 2027 | 199 | 44.1% |
Frequently asked UWM options chain questions
- What does the UWM options chain show right now?
- As of Jun 30, 2026, ProShares - Ultra Russell2000 (UWM) has 1.8K contracts outstanding and 110 traded today, with ATM IV of 44.2%. The full chain spans every listed strike and expiration with bid/ask, Greeks, volume, and open interest per contract.
- What expirations are available for UWM options?
- The nearest expiration is 17 days out, followed by 52 days. Listed expirations typically extend monthly with weeklies between, plus LEAPS one to two years out for liquid names.
- How tight are UWM options bid/ask spreads?
- Average bid/ask spread across the chain is 19.74%. Wider spreads warrant conservative sizing; mid-market fills are unreliable for retail-size orders.