ProShares S&P 500 Ex-Financials ETF (SPXN) Straddle

Trading a SPXN straddle lets you take a pure volatility position on ProShares S&P 500 Ex-Financials ETF without committing to a direction. ProShares S&P 500 Ex-Financials ETF's straddle involves buying (or selling) a call and a put at the same strike and expiration, profiting when the stock moves more (or less) than the combined premium implies. Use our scanner to evaluate SPXN straddle pricing in real time and find the moments when expected moves are mispriced.

A long straddle on SPXN profits from large moves in either direction and is a classic play into binary events like earnings, product announcements, or macro releases. A short straddle profits when ProShares S&P 500 Ex-Financials ETF stays range-bound and implied volatility contracts. The breakeven points are simple: strike plus total premium on the upside, strike minus total premium on the downside. Comparing the SPXN straddle price to historical realized moves helps you judge whether the market is overpaying or underpaying for volatility.

Under normal circumstances, the fund will invest at least 80% of its total assets in component securities of the index. The index and fund seek to provide exposure to the companies of the S&P 500 Index (the S&P 500) with the exception of those companies included in the Financials and Real Estate Sectors.

Earnings, product cycles, macro prints — any time volatility itself is the trade, the SPXN straddle is the cleanest expression of that view. Our scanner prices every SPXN straddle against historical realized moves, flags expirations where the market is overpaying or underpaying for vol, and ranks setups by breakeven width and IV rank. Whether you're long a SPXN straddle into a catalyst or short a SPXN straddle to harvest decay, the options straddle setups that matter are all in one place.