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SentimentUpdated daily · calls through October 19, 2026 · short interest as of September 30, 2026

Short Leveraged ETFs

Two kinds of positioning in the funds that move two or three times against an index. Short interest is shares borrowed and sold: a short seller of an inverse fund gains when the index rises, or harvests the decay these funds lose to daily rebalancing. Call buying on an inverse fund is a bet that the index falls.

Today's reading

In FINRA's September 30, 2026 report, short interest rose in 5 of the 11 funds from the prior settlement. The largest change was QID, −43.3% to 2.08M shares. On October 19, 2026, SSG had the busiest call trading against its own recent record: 43 contracts, 1.0× its 20-session average.

Sources, methodology & freshnessFINRA consolidated short interest; OCC volume query (cleared contracts); Massive option contract bars and share counts; ProShares daily shares outstanding · Call volume daily after the close; short interest twice a month, about two weeks after each settlementData as of 2026-10-19 · Open ↓
Source
FINRA consolidated short interest; OCC volume query (cleared contracts); Massive option contract bars and share counts; ProShares daily shares outstanding
Methodology
Short interest restated in today’s shares across splits; call contracts per session, halved from OCC’s two-sided count; expiry breakdown summed over every listed call
Updates
Call volume daily after the close; short interest twice a month, about two weeks after each settlementData as of 2026-10-19
Maintained & reviewed by Yuriy Matso — methodology shown on the page.
Short Leveraged ETFs2026-10-19
FundShortChangeCalls
SQQQ −3×9.44M−23%58K
QID −2×2.08M−43%671
SPXU −3×1.03M+31%290
SDS −2×623K−10%101
SOXS −3×8.55M−2%28K
SSG −2×40K−20%43
FAZ −3×309K+2%180
SKF −2×21K−23%2
FNGD −3×212K+37%no options
DULL −3×6,918+19%no options
GLL −2×387K+5%94

Short: FINRA shares short at the 2026-09-30 settlement, in today's shares; change against the prior report. Calls: OCC contracts cleared on 2026-10-19. Descriptions, not forecasts.

01

SQQQ (−3×): ProShares UltraPro Short QQQ

Moves three times the opposite way of the Nasdaq-100 each day.

Short interest

Shares short, Sep 30, 2026
9.44M
vs prior settlement
−23.3%
Sep 15, 2026
Value short
$325M
Share of the fund
15.2%
of shares outstanding
Rank since 2017
97%
percentile of 211 reports
Range:

Shares short, in today's shares

Last updated Sep 30, 2026 · FINRA, twice monthly
0M7M14M201820192020202120222023202420252026SQQQ34.49.44M
FINRA consolidated short interest, twice a month since Dec 29, 2017, in shares. Each report is restated in today's shares: a count from before a split is multiplied by every split since, so a position from before a 1-for-10 reverse split reads a tenth as large. The top pane is SQQQ's split-adjusted close.
Range:

Shorts added (red) and covered (green) between reports, dollars

Last updated Sep 30, 2026 · FINRA, twice monthly
-239.8M-2.9M234M20192020202120222023202420252026SQQQ34.4−$102M
The change in shares short from one FINRA report to the next (about two weeks), in today's shares, times SQQQ's average close over the sessions between the two reports: red bars are new short positions, green bars are shorts covered. A price move with no change in the position reads as zero, unlike the change in the dollar value short. Net of everyone's adds and covers, so an average price estimates what they paid. The top pane is SQQQ's split-adjusted close.
Range:

Value short, dollars

Last updated Sep 30, 2026 · FINRA, twice monthly
0M492.6M985.2M201820192020202120222023202420252026SQQQ34.4$325M
FINRA consolidated short interest, twice a month since Dec 29, 2017, as dollars: shares short times SQQQ's price as it traded that day. A dollar figure needs no split adjustment. The top pane is SQQQ's split-adjusted close.
Range:

Shares short as a share of the fund, %

Last updated Sep 30, 2026 · FINRA, twice monthly
0%12%24.1%201820192020202120222023202420252026SQQQ34.415.2%
Shares short over the fund's shares outstanding on each settlement date, both in today's shares; the share count is ProShares' own daily figure. The top pane is SQQQ's split-adjusted close.

Call volume, in contracts

Calls, Oct 19, 2026
57,906
20-session average
72,947
today 0.8× it
Rank over a year
51%
percentile of sessions
Year's busiest session
333,273
Range:

Calls traded per session, contracts

Last updated Oct 19, 2026 · OCC, daily
0369260738520NovFebMayAugNovFebMayAugSQQQ37.51-for-51-for-558K72947
Calls traded20-session average
Call contracts cleared each session, all exchanges, from OCC (its free record covers two years). The top pane is SQQQ's split-adjusted close. Marked: the 1-for-5 split of November 7, 2024 and the 1-for-5 split of November 20, 2025. A contract is 100 shares either side of a split, so the count steps with no change in positioning: down after a reverse split, when each contract covers more dollars, and up after a forward split.

By expiration, October 19, 2026

Bars: each expiry's calls over the last 30 sessions, same scale across cards
Oct 23, 20264d
29,181
5-day avg 19,020
Oct 30, 202611d
12,792
5-day avg 7,981
Nov 6, 202618d
4,072
5-day avg 2,540
Nov 13, 202625d
633
5-day avg 630
Nov 20, 202632d
4,034
5-day avg 7,401
Nov 27, 202639d
213
5-day avg 568
Dec 18, 202660d
3,564
5-day avg 3,667
Jan 15, 202788d
1,368
5-day avg 2,814
Later4 expiries
2,199
Mar 19, 2027 to Jan 19, 2029
Total call volume58,056 contracts

The expiries add up the day's trades in every listed SQQQ call; OCC cleared 57,906. The busiest expiry was October 23, 2026.

02

QID (−2×): ProShares UltraShort QQQ

Moves two times the opposite way of the Nasdaq-100 each day.

Short interest

Shares short, Sep 30, 2026
2.08M
vs prior settlement
−43.3%
Sep 15, 2026
Value short
$27.41M
Share of the fund
12.8%
of shares outstanding
Rank since 2017
96%
percentile of 211 reports
Range:

Shares short, in today's shares

Last updated Sep 30, 2026 · FINRA, twice monthly
0M1.8M3.7M201820192020202120222023202420252026QID13.22.08M
FINRA consolidated short interest, twice a month since Dec 29, 2017, in shares. Each report is restated in today's shares: a count from before a split is multiplied by every split since, so a position from before a 1-for-10 reverse split reads a tenth as large. The top pane is QID's split-adjusted close.
Range:

Shorts added (red) and covered (green) between reports, dollars

Last updated Sep 30, 2026 · FINRA, twice monthly
-26.9M11.5M50M20192020202120222023202420252026QID13.2−$21.45M
The change in shares short from one FINRA report to the next (about two weeks), in today's shares, times QID's average close over the sessions between the two reports: red bars are new short positions, green bars are shorts covered. A price move with no change in the position reads as zero, unlike the change in the dollar value short. Net of everyone's adds and covers, so an average price estimates what they paid. The top pane is QID's split-adjusted close.
Range:

Value short, dollars

Last updated Sep 30, 2026 · FINRA, twice monthly
0M26.2M52.3M201820192020202120222023202420252026QID13.2$27.41M
FINRA consolidated short interest, twice a month since Dec 29, 2017, as dollars: shares short times QID's price as it traded that day. A dollar figure needs no split adjustment. The top pane is QID's split-adjusted close.
Range:

Shares short as a share of the fund, %

Last updated Sep 30, 2026 · FINRA, twice monthly
0%8.7%17.4%201820192020202120222023202420252026QID13.212.8%
Shares short over the fund's shares outstanding on each settlement date, both in today's shares; the share count is ProShares' own daily figure. The top pane is QID's split-adjusted close.

Call volume, in contracts

Calls, Oct 19, 2026
671
20-session average
1,063
today 0.6× it
Rank over a year
31%
percentile of sessions
Year's busiest session
5,975
Range:

Calls traded per session, contracts

Last updated Oct 19, 2026 · OCC, daily
021564312NovFebMayAugNovFebMayAugQID14.06711063
Calls traded20-session average
Call contracts cleared each session, all exchanges, from OCC (its free record covers two years). The top pane is QID's split-adjusted close.

By expiration, October 19, 2026

Bars: each expiry's calls over the last 30 sessions, same scale across cards
Nov 20, 202632d
470
5-day avg 1,186
Dec 18, 202660d
129
5-day avg 46
Jan 15, 202788d
63
5-day avg 110
Apr 16, 2027179d
6
5-day avg 19
Jan 21, 2028459d
3
5-day avg 1
Jan 19, 2029823d
0
5-day avg 9
Total call volume671 contracts

The expiries add up the day's trades in every listed QID call; OCC cleared 671. The busiest expiry was November 20, 2026.

03

SPXU (−3×): ProShares UltraPro Short S&P 500

Moves three times the opposite way of the S&P 500 each day.

Short interest

Shares short, Sep 30, 2026
1.03M
vs prior settlement
+30.8%
Sep 15, 2026
Value short
$35.80M
Share of the fund
8.2%
of shares outstanding
Rank since 2017
92%
percentile of 211 reports
Range:

Shares short, in today's shares

Last updated Sep 30, 2026 · FINRA, twice monthly
0M0.8M1.6M201820192020202120222023202420252026SPXU34.81.03M
FINRA consolidated short interest, twice a month since Dec 29, 2017, in shares. Each report is restated in today's shares: a count from before a split is multiplied by every split since, so a position from before a 1-for-10 reverse split reads a tenth as large. The top pane is SPXU's split-adjusted close.
Range:

Shorts added (red) and covered (green) between reports, dollars

Last updated Sep 30, 2026 · FINRA, twice monthly
-50.5M-5.1M40.3M20192020202120222023202420252026SPXU34.8+$8.35M
The change in shares short from one FINRA report to the next (about two weeks), in today's shares, times SPXU's average close over the sessions between the two reports: red bars are new short positions, green bars are shorts covered. A price move with no change in the position reads as zero, unlike the change in the dollar value short. Net of everyone's adds and covers, so an average price estimates what they paid. The top pane is SPXU's split-adjusted close.
Range:

Value short, dollars

Last updated Sep 30, 2026 · FINRA, twice monthly
0M41.5M83M201820192020202120222023202420252026SPXU34.8$35.80M
FINRA consolidated short interest, twice a month since Dec 29, 2017, as dollars: shares short times SPXU's price as it traded that day. A dollar figure needs no split adjustment. The top pane is SPXU's split-adjusted close.
Range:

Shares short as a share of the fund, %

Last updated Sep 30, 2026 · FINRA, twice monthly
0%7.8%15.6%201820192020202120222023202420252026SPXU34.88.2%
Shares short over the fund's shares outstanding on each settlement date, both in today's shares; the share count is ProShares' own daily figure. The top pane is SPXU's split-adjusted close.

Call volume, in contracts

Calls, Oct 19, 2026
290
20-session average
1,920
today 0.2× it
Rank over a year
1%
percentile of sessions
Year's busiest session
19,249
Range:

Calls traded per session, contracts

Last updated Oct 19, 2026 · OCC, daily
07773.515547NovFebMayAugNovFebMayAugSPXU34.41-for-42901920
Calls traded20-session average
Call contracts cleared each session, all exchanges, from OCC (its free record covers two years). The top pane is SPXU's split-adjusted close. Marked: the 1-for-4 split of November 20, 2025. A contract is 100 shares either side of a split, so the count steps with no change in positioning: down after a reverse split, when each contract covers more dollars, and up after a forward split.

By expiration, October 19, 2026

Bars: each expiry's calls over the last 30 sessions, same scale across cards
Nov 20, 202632d
158
5-day avg 697
Dec 18, 202660d
23
5-day avg 371
Jan 15, 202788d
65
5-day avg 129
Mar 19, 2027151d
1
5-day avg 27
Apr 16, 2027179d
0
5-day avg 91
May 21, 2027214d
0
5-day avg 29
Jun 17, 2027241d
0
5-day avg 0
Jan 21, 2028459d
43
5-day avg 42
Later1 expiries
0
Jan 19, 2029 to Jan 19, 2029
Total call volume290 contracts

The expiries add up the day's trades in every listed SPXU call; OCC cleared 290. The busiest expiry was November 20, 2026.

04

SDS (−2×): ProShares UltraShort S&P 500

Moves two times the opposite way of the S&P 500 each day.

Short interest

Shares short, Sep 30, 2026
623K
vs prior settlement
−9.6%
Sep 15, 2026
Value short
$33.98M
Share of the fund
9.2%
of shares outstanding
Rank since 2017
99%
percentile of 211 reports
Range:

Shares short, in today's shares

Last updated Sep 30, 2026 · FINRA, twice monthly
0M0.4M0.7M201820192020202120222023202420252026SDS54.5623K
FINRA consolidated short interest, twice a month since Dec 29, 2017, in shares. Each report is restated in today's shares: a count from before a split is multiplied by every split since, so a position from before a 1-for-10 reverse split reads a tenth as large. The top pane is SDS's split-adjusted close.
Range:

Shorts added (red) and covered (green) between reports, dollars

Last updated Sep 30, 2026 · FINRA, twice monthly
-37.7M7.4M52.6M20192020202120222023202420252026SDS54.5−$3.60M
The change in shares short from one FINRA report to the next (about two weeks), in today's shares, times SDS's average close over the sessions between the two reports: red bars are new short positions, green bars are shorts covered. A price move with no change in the position reads as zero, unlike the change in the dollar value short. Net of everyone's adds and covers, so an average price estimates what they paid. The top pane is SDS's split-adjusted close.
Range:

Value short, dollars

Last updated Sep 30, 2026 · FINRA, twice monthly
0M40.7M81.3M201820192020202120222023202420252026SDS54.5$33.98M
FINRA consolidated short interest, twice a month since Dec 29, 2017, as dollars: shares short times SDS's price as it traded that day. A dollar figure needs no split adjustment. The top pane is SDS's split-adjusted close.
Range:

Shares short as a share of the fund, %

Last updated Sep 30, 2026 · FINRA, twice monthly
0%5.2%10.4%201820192020202120222023202420252026SDS54.59.2%
Shares short over the fund's shares outstanding on each settlement date, both in today's shares; the share count is ProShares' own daily figure. The top pane is SDS's split-adjusted close.

Call volume, in contracts

Calls, Oct 19, 2026
101
20-session average
225
today 0.4× it
Rank over a year
15%
percentile of sessions
Year's busiest session
4,227
Range:

Calls traded per session, contracts

Last updated Oct 19, 2026 · OCC, daily
05644.511289NovFebMayAugNovFebMayAugSDS54.21-for-5101225
Calls traded20-session average
Call contracts cleared each session, all exchanges, from OCC (its free record covers two years). The top pane is SDS's split-adjusted close. Marked: the 1-for-5 split of November 20, 2025. A contract is 100 shares either side of a split, so the count steps with no change in positioning: down after a reverse split, when each contract covers more dollars, and up after a forward split.

By expiration, October 19, 2026

Bars: each expiry's calls over the last 30 sessions, same scale across cards
Nov 20, 202632d
97
5-day avg 127
Dec 18, 202660d
0
5-day avg 18
Jan 15, 202788d
0
5-day avg 6
Mar 19, 2027151d
2
5-day avg 2
Jun 17, 2027241d
0
5-day avg 0
Jan 21, 2028459d
2
5-day avg 4
Total call volume101 contracts

The expiries add up the day's trades in every listed SDS call; OCC cleared 101. The busiest expiry was November 20, 2026.

05

SOXS (−3×): Direxion Daily Semiconductor Bear 3X

Moves three times the opposite way of the NYSE Semiconductor Index each day.

Short interest

Shares short, Sep 30, 2026
8.55M
vs prior settlement
−1.9%
Sep 15, 2026
Value short
$283M
Share of the fund
16.0%
of shares outstanding
Rank since 2018
100%
percentile of 200 reports
Range:

Shares short, in today's shares

Last updated Sep 30, 2026 · FINRA, twice monthly
0M4.4M8.7M20192020202120222023202420252026SOXS33.18.55M
FINRA consolidated short interest, twice a month since Jun 15, 2018, in shares. Each report is restated in today's shares: a count from before a split is multiplied by every split since, so a position from before a 1-for-10 reverse split reads a tenth as large. The top pane is SOXS's split-adjusted close.
Range:

Shorts added (red) and covered (green) between reports, dollars

Last updated Sep 30, 2026 · FINRA, twice monthly
-46M48.8M143.6M2020202120222023202420252026SOXS33.1−$6.19M
The change in shares short from one FINRA report to the next (about two weeks), in today's shares, times SOXS's average close over the sessions between the two reports: red bars are new short positions, green bars are shorts covered. A price move with no change in the position reads as zero, unlike the change in the dollar value short. Net of everyone's adds and covers, so an average price estimates what they paid. The top pane is SOXS's split-adjusted close.
Range:

Value short, dollars

Last updated Sep 30, 2026 · FINRA, twice monthly
0M222.7M445.5M20192020202120222023202420252026SOXS33.1$283M
FINRA consolidated short interest, twice a month since Jun 15, 2018, as dollars: shares short times SOXS's price as it traded that day. A dollar figure needs no split adjustment. The top pane is SOXS's split-adjusted close.
Range:

Shares short as a share of the fund, %

Last updated Sep 30, 2026 · FINRA, twice monthly
0%17.2%34.4%20192020202120222023202420252026SOXS33.116.0%
Shares short over Massive's share count on each settlement date. Reports within 30 days after a split are left out, because that count lags a split. The top pane is SOXS's split-adjusted close.

Call volume, in contracts

Calls, Oct 19, 2026
27,943
20-session average
46,432
today 0.6× it
Rank over a year
26%
percentile of sessions
Year's busiest session
624,606
Range:

Calls traded per session, contracts

Last updated Oct 19, 2026 · OCC, daily
0194638389276NovFebMayAugNovFebMayAugSOXS46.61-for-201-for-1028K46432
Calls traded20-session average
Call contracts cleared each session, all exchanges, from OCC (its free record covers two years). The top pane is SOXS's split-adjusted close. Marked: the 1-for-20 split of March 5, 2026 and the 1-for-10 split of July 15, 2026. A contract is 100 shares either side of a split, so the count steps with no change in positioning: down after a reverse split, when each contract covers more dollars, and up after a forward split.

By expiration, October 19, 2026

Bars: each expiry's calls over the last 30 sessions, same scale across cards
Oct 23, 20264d
19,889
5-day avg 15,867
Oct 30, 202611d
2,992
5-day avg 3,738
Nov 6, 202618d
452
5-day avg 1,484
Nov 13, 202625d
309
5-day avg 676
Nov 20, 202632d
1,916
5-day avg 5,052
Nov 27, 202639d
155
5-day avg 334
Dec 18, 202660d
80
5-day avg 103
Jan 15, 202788d
1,546
5-day avg 3,198
Later4 expiries
973
Feb 19, 2027 to Jan 19, 2029
Total call volume28,312 contracts

The expiries add up the day's trades in every listed SOXS call; OCC cleared 27,943. The busiest expiry was October 23, 2026.

06

SSG (−2×): ProShares UltraShort Semiconductors

Moves two times the opposite way of a US semiconductor index each day.

Short interest

Shares short, Sep 30, 2026
40K
vs prior settlement
−19.7%
Sep 15, 2026
Value short
$424K
Share of the fund
1.2%
of shares outstanding
Rank since 2017
98%
percentile of 211 reports
Range:

Shares short, in today's shares

Last updated Sep 30, 2026 · FINRA, twice monthly
0M0.05M0.1M201820192020202120222023202420252026SSG10.540K
FINRA consolidated short interest, twice a month since Dec 29, 2017, in shares. Each report is restated in today's shares: a count from before a split is multiplied by every split since, so a position from before a 1-for-10 reverse split reads a tenth as large. The top pane is SSG's split-adjusted close.
Range:

Shorts added (red) and covered (green) between reports, dollars

Last updated Sep 30, 2026 · FINRA, twice monthly
-1M0.6M2.1M20192020202120222023202420252026SSG10.5−$109K
The change in shares short from one FINRA report to the next (about two weeks), in today's shares, times SSG's average close over the sessions between the two reports: red bars are new short positions, green bars are shorts covered. A price move with no change in the position reads as zero, unlike the change in the dollar value short. Net of everyone's adds and covers, so an average price estimates what they paid. The top pane is SSG's split-adjusted close.
Range:

Value short, dollars

Last updated Sep 30, 2026 · FINRA, twice monthly
0M0.7M1.4M201820192020202120222023202420252026SSG10.5$424K
FINRA consolidated short interest, twice a month since Dec 29, 2017, as dollars: shares short times SSG's price as it traded that day. A dollar figure needs no split adjustment. The top pane is SSG's split-adjusted close.
Range:

Shares short as a share of the fund, %

Last updated Sep 30, 2026 · FINRA, twice monthly
0%9%17.9%201820192020202120222023202420252026SSG10.51.2%
Shares short over the fund's shares outstanding on each settlement date, both in today's shares; the share count is ProShares' own daily figure. The top pane is SSG's split-adjusted close.

Call volume, in contracts

Calls, Oct 19, 2026
43
20-session average
43
today 1.0× it
Rank over a year
76%
percentile of sessions
Year's busiest session
447
Range:

Calls traded per session, contracts

Last updated Oct 19, 2026 · OCC, daily
0202404NovFebMayAugNovFebMayAugSSG12.41-for-51-for-44343
Calls traded20-session average
Call contracts cleared each session, all exchanges, from OCC (its free record covers two years). The top pane is SSG's split-adjusted close. Marked: the 1-for-5 split of November 7, 2024 and the 1-for-4 split of November 20, 2025. A contract is 100 shares either side of a split, so the count steps with no change in positioning: down after a reverse split, when each contract covers more dollars, and up after a forward split.

By expiration, October 19, 2026

Bars: each expiry's calls over the last 30 sessions, same scale across cards
Nov 20, 202632d
43
5-day avg 28
Dec 18, 202660d
0
5-day avg 0
Jan 15, 202788d
0
5-day avg 1
Apr 16, 2027179d
0
5-day avg 1
Total call volume43 contracts

The expiries add up the day's trades in every listed SSG call; OCC cleared 43. The busiest expiry was November 20, 2026.

07

FAZ (−3×): Direxion Daily Financial Bear 3X

Moves three times the opposite way of the Russell 1000 Financial Services Index each day.

Short interest

Shares short, Sep 30, 2026
309K
vs prior settlement
+1.8%
Sep 15, 2026
Value short
$12.23M
Share of the fund
10.9%
of shares outstanding
Rank since 2017
98%
percentile of 211 reports
Range:

Shares short, in today's shares

Last updated Sep 30, 2026 · FINRA, twice monthly
0M0.2M0.4M201820192020202120222023202420252026FAZ39.5309K
FINRA consolidated short interest, twice a month since Dec 29, 2017, in shares. Each report is restated in today's shares: a count from before a split is multiplied by every split since, so a position from before a 1-for-10 reverse split reads a tenth as large. The top pane is FAZ's split-adjusted close.
Range:

Shorts added (red) and covered (green) between reports, dollars

Last updated Sep 30, 2026 · FINRA, twice monthly
-8.6M-0.1M8.3M20192020202120222023202420252026FAZ39.5+$205K
The change in shares short from one FINRA report to the next (about two weeks), in today's shares, times FAZ's average close over the sessions between the two reports: red bars are new short positions, green bars are shorts covered. A price move with no change in the position reads as zero, unlike the change in the dollar value short. Net of everyone's adds and covers, so an average price estimates what they paid. The top pane is FAZ's split-adjusted close.
Range:

Value short, dollars

Last updated Sep 30, 2026 · FINRA, twice monthly
0M21.3M42.6M201820192020202120222023202420252026FAZ39.5$12.23M
FINRA consolidated short interest, twice a month since Dec 29, 2017, as dollars: shares short times FAZ's price as it traded that day. A dollar figure needs no split adjustment. The top pane is FAZ's split-adjusted close.
Range:

Shares short as a share of the fund, %

Last updated Sep 30, 2026 · FINRA, twice monthly
0%15.3%30.6%201820192020202120222023202420252026FAZ39.510.9%
Shares short over Massive's share count on each settlement date. Reports within 30 days after a split are left out, because that count lags a split. The top pane is FAZ's split-adjusted close.

Call volume, in contracts

Calls, Oct 19, 2026
180
20-session average
527
today 0.3× it
Rank over a year
36%
percentile of sessions
Year's busiest session
2,905
Range:

Calls traded per session, contracts

Last updated Oct 19, 2026 · OCC, daily
01478729574NovFebMayAugNovFebMayAugFAZ36.31-for-10180527
Calls traded20-session average
Call contracts cleared each session, all exchanges, from OCC (its free record covers two years). The top pane is FAZ's split-adjusted close. Marked: the 1-for-10 split of September 29, 2025. A contract is 100 shares either side of a split, so the count steps with no change in positioning: down after a reverse split, when each contract covers more dollars, and up after a forward split.

By expiration, October 19, 2026

Bars: each expiry's calls over the last 30 sessions, same scale across cards
Nov 20, 202632d
153
5-day avg 69
Dec 18, 202660d
0
5-day avg 4
Jan 15, 202788d
12
5-day avg 78
Apr 16, 2027179d
5
5-day avg 7
Jan 21, 2028459d
10
5-day avg 38
Total call volume180 contracts

The expiries add up the day's trades in every listed FAZ call; OCC cleared 180. The busiest expiry was November 20, 2026.

08

SKF (−2×): ProShares UltraShort Financials

Moves two times the opposite way of a US financials index each day.

Short interest

Shares short, Sep 30, 2026
21K
vs prior settlement
−23.0%
Sep 15, 2026
Value short
$547K
Share of the fund
4.0%
of shares outstanding
Rank since 2017
93%
percentile of 211 reports
Range:

Shares short, in today's shares

Last updated Sep 30, 2026 · FINRA, twice monthly
0M0.02M0.05M201820192020202120222023202420252026SKF26.221K
FINRA consolidated short interest, twice a month since Dec 29, 2017, in shares. Each report is restated in today's shares: a count from before a split is multiplied by every split since, so a position from before a 1-for-10 reverse split reads a tenth as large. The top pane is SKF's split-adjusted close.
Range:

Shorts added (red) and covered (green) between reports, dollars

Last updated Sep 30, 2026 · FINRA, twice monthly
-2.8M-0.7M1.5M20192020202120222023202420252026SKF26.2−$155K
The change in shares short from one FINRA report to the next (about two weeks), in today's shares, times SKF's average close over the sessions between the two reports: red bars are new short positions, green bars are shorts covered. A price move with no change in the position reads as zero, unlike the change in the dollar value short. Net of everyone's adds and covers, so an average price estimates what they paid. The top pane is SKF's split-adjusted close.
Range:

Value short, dollars

Last updated Sep 30, 2026 · FINRA, twice monthly
0M2.2M4.5M201820192020202120222023202420252026SKF26.2$547K
FINRA consolidated short interest, twice a month since Dec 29, 2017, as dollars: shares short times SKF's price as it traded that day. A dollar figure needs no split adjustment. The top pane is SKF's split-adjusted close.
Range:

Shares short as a share of the fund, %

Last updated Sep 30, 2026 · FINRA, twice monthly
0%6.7%13.4%201820192020202120222023202420252026SKF26.24.0%
Shares short over the fund's shares outstanding on each settlement date, both in today's shares; the share count is ProShares' own daily figure. The top pane is SKF's split-adjusted close.

Call volume, in contracts

Calls, Oct 16, 2026
2
20-session average
14
today 0.1× it
Rank over a year
45%
percentile of sessions
Year's busiest session
321
Range:

Calls traded per session, contracts

Last updated Oct 16, 2026 · OCC, daily
0518.51037NovFebMayAugNovFebMayAugSKF24.31-for-4214
Calls traded20-session average
Call contracts cleared each session, all exchanges, from OCC (its free record covers two years). The top pane is SKF's split-adjusted close. Marked: the 1-for-4 split of November 7, 2024. A contract is 100 shares either side of a split, so the count steps with no change in positioning: down after a reverse split, when each contract covers more dollars, and up after a forward split.

By expiration, October 16, 2026

Bars: each expiry's calls over the last 30 sessions, same scale across cards
Oct 16, 20260d
1
5-day avg 3
Nov 20, 202635d
1
5-day avg 0
Dec 18, 202663d
0
5-day avg 0
Jan 15, 202791d
0
5-day avg 0
Apr 16, 2027182d
0
5-day avg 2
Total call volume2 contracts

The expiries add up the day's trades in every listed SKF call; OCC cleared 2. The busiest expiry was October 16, 2026.

09

FNGD (−3×): MicroSectors FANG+ −3X Inverse Leveraged ETN

Moves three times the opposite way of the NYSE FANG+ Index each day. FNGD is an exchange-traded note with no listed options, so its section shows short interest only.

Short interest

Shares short, Sep 30, 2026
212K
vs prior settlement
+37.1%
Sep 15, 2026
Value short
$5.24M
Share of the fund
—
no share count
Rank since 2018
98%
percentile of 209 reports
Range:

Shares short, in today's shares

Last updated Sep 30, 2026 · FINRA, twice monthly
0M0.1M0.3M20192020202120222023202420252026FNGD24.7212K
FINRA consolidated short interest, twice a month since Jan 31, 2018, in shares. Each report is restated in today's shares: a count from before a split is multiplied by every split since, so a position from before a 1-for-10 reverse split reads a tenth as large. The top pane is FNGD's split-adjusted close.
Range:

Shorts added (red) and covered (green) between reports, dollars

Last updated Sep 30, 2026 · FINRA, twice monthly
-13.8M-2.9M8M20192020202120222023202420252026FNGD24.7+$1.43M
The change in shares short from one FINRA report to the next (about two weeks), in today's shares, times FNGD's average close over the sessions between the two reports: red bars are new short positions, green bars are shorts covered. A price move with no change in the position reads as zero, unlike the change in the dollar value short. Net of everyone's adds and covers, so an average price estimates what they paid. The top pane is FNGD's split-adjusted close.
Range:

Value short, dollars

Last updated Sep 30, 2026 · FINRA, twice monthly
0M16.9M33.8M20192020202120222023202420252026FNGD24.7$5.24M
FINRA consolidated short interest, twice a month since Jan 31, 2018, as dollars: shares short times FNGD's price as it traded that day. A dollar figure needs no split adjustment. The top pane is FNGD's split-adjusted close.
Range:

Shares short as a share of the fund, %

Last updated May 30, 2025 · FINRA, twice monthly
0%10.4%20.9%2019202020212022202320242025FNGD82.68.3%
Shares short over Massive's share count on each settlement date. The chart ends on May 30, 2025: Massive has carried no share count for FNGD after that date and we hold no other source for one, so later reports have no percentage. The shares and dollar charts above run to Sep 30, 2026. The top pane is FNGD's split-adjusted close.
10

DULL (−3×): MicroSectors Gold −3X Inverse Leveraged ETN

Moves three times the opposite way of gold each day. DULL is an exchange-traded note with no listed options, so its section shows short interest only.

Short interest

Shares short, Sep 30, 2026
6,918
vs prior settlement
+19.1%
Sep 15, 2026
Value short
$447K
Share of the fund
—
no share count
Rank since 2023
81%
percentile of 87 reports
Range:

Shares short, in today's shares

Last updated Sep 30, 2026 · FINRA, twice monthly
0M0.01M0.02M202420252026DULL64.66,918
FINRA consolidated short interest, twice a month since Feb 28, 2023, in shares. Each report is restated in today's shares: a count from before a split is multiplied by every split since, so a position from before a 1-for-10 reverse split reads a tenth as large. The top pane is DULL's split-adjusted close.
Range:

Shorts added (red) and covered (green) between reports, dollars

Last updated Sep 30, 2026 · FINRA, twice monthly
-0.9M0.1M1M202420252026DULL64.6+$67K
The change in shares short from one FINRA report to the next (about two weeks), in today's shares, times DULL's average close over the sessions between the two reports: red bars are new short positions, green bars are shorts covered. A price move with no change in the position reads as zero, unlike the change in the dollar value short. Net of everyone's adds and covers, so an average price estimates what they paid. The top pane is DULL's split-adjusted close.
Range:

Value short, dollars

Last updated Sep 30, 2026 · FINRA, twice monthly
0M0.8M1.6M202420252026DULL64.6$447K
FINRA consolidated short interest, twice a month since Feb 28, 2023, as dollars: shares short times DULL's price as it traded that day. A dollar figure needs no split adjustment. The top pane is DULL's split-adjusted close.
Range:

Shares short as a share of the fund, %

Last updated May 30, 2025 · FINRA, twice monthly
0%11%21.9%20242025DULL2051.6%
Shares short over Massive's share count on each settlement date. The chart ends on May 30, 2025: Massive has carried no share count for DULL after that date and we hold no other source for one, so later reports have no percentage. The shares and dollar charts above run to Sep 30, 2026. The top pane is DULL's split-adjusted close.
11

GLL (−2×): ProShares UltraShort Gold

Moves two times the opposite way of gold each day.

Short interest

Shares short, Sep 30, 2026
387K
vs prior settlement
+5.3%
Sep 15, 2026
Value short
$9.64M
Share of the fund
9.3%
of shares outstanding
Rank since 2017
93%
percentile of 211 reports
Range:

Shares short, in today's shares

Last updated Sep 30, 2026 · FINRA, twice monthly
0M0.4M0.9M201820192020202120222023202420252026GLL24.9387K
FINRA consolidated short interest, twice a month since Dec 29, 2017, in shares. Each report is restated in today's shares: a count from before a split is multiplied by every split since, so a position from before a 1-for-10 reverse split reads a tenth as large. The top pane is GLL's split-adjusted close.
Range:

Shorts added (red) and covered (green) between reports, dollars

Last updated Sep 30, 2026 · FINRA, twice monthly
-11.8M-3.1M5.5M20192020202120222023202420252026GLL24.9+$459K
The change in shares short from one FINRA report to the next (about two weeks), in today's shares, times GLL's average close over the sessions between the two reports: red bars are new short positions, green bars are shorts covered. A price move with no change in the position reads as zero, unlike the change in the dollar value short. Net of everyone's adds and covers, so an average price estimates what they paid. The top pane is GLL's split-adjusted close.
Range:

Value short, dollars

Last updated Sep 30, 2026 · FINRA, twice monthly
0M10.3M20.6M201820192020202120222023202420252026GLL24.9$9.64M
FINRA consolidated short interest, twice a month since Dec 29, 2017, as dollars: shares short times GLL's price as it traded that day. A dollar figure needs no split adjustment. The top pane is GLL's split-adjusted close.
Range:

Shares short as a share of the fund, %

Last updated Sep 30, 2026 · FINRA, twice monthly
0%9.7%19.4%201820192020202120222023202420252026GLL24.99.3%
Shares short over the fund's shares outstanding on each settlement date, both in today's shares; the share count is ProShares' own daily figure. The top pane is GLL's split-adjusted close.

Call volume, in contracts

Calls, Oct 19, 2026
94
20-session average
346
today 0.3× it
Rank over a year
18%
percentile of sessions
Year's busiest session
16,291
Range:

Calls traded per session, contracts

Last updated Oct 19, 2026 · OCC, daily
08145.516291NovFebMayAugNovFebMayAugGLL25.21-for-21-for-294346
Calls traded20-session average
Call contracts cleared each session, all exchanges, from OCC (its free record covers two years). The top pane is GLL's split-adjusted close. Marked: the 1-for-2 split of June 13, 2025 and the 1-for-2 split of November 20, 2025. A contract is 100 shares either side of a split, so the count steps with no change in positioning: down after a reverse split, when each contract covers more dollars, and up after a forward split.

By expiration, October 19, 2026

Bars: each expiry's calls over the last 30 sessions, same scale across cards
Nov 20, 202632d
57
5-day avg 66
Dec 18, 202660d
5
5-day avg 1
Jan 15, 202788d
7
5-day avg 148
Apr 16, 2027179d
25
5-day avg 7
Total call volume94 contracts

The expiries add up the day's trades in every listed GLL call; OCC cleared 94. The busiest expiry was November 20, 2026.

12

How the numbers are built

Short interest is FINRA's consolidated short position across all exchanges, settled on the 15th and the last business day of each month and published about two weeks later. These funds reverse-split often, which shrinks a share count overnight, so every report is restated in today's shares. The dollar value is the reported shares times the price as it traded that day, which no split changes. The share of the fund divides by ProShares' own daily shares outstanding for its funds; Massive's count, used for the others, runs about two sessions behind the issuer's and has gaps.

Daily call volume is OCC's cleared count for the fund's options. OCC reports each trade once for the buyer's account and once for the seller's, so its sum is halved to count contracts. The breakdown by expiration adds up Massive's daily trades in every listed call on the fund's own symbol at every strike. Contracts moved to an adjusted symbol after a split are left out. The two counts differ slightly, and the page prints both.

FNGD and DULL are exchange-traded notes with no listed options. FANG+ has no −2× fund; for gold the −2× fund is GLL. No forward study ships with this page: it describes positioning and does not claim that either measure predicts the index.

Data: FINRA consolidated short interest; OCC volume query; Massive option contract bars and share counts; ProShares daily shares outstanding; daily closes. Download the series: short.json.

How Short Leveraged ETFs Works

  1. 1
    Read the short interest
    FINRA collects every broker’s short position twice a month. The page charts each fund’s position since late 2017 three ways: in shares, restated in today’s shares because a split changes a share count overnight; in dollars, which no split changes; and as a share of the fund’s shares outstanding, using the issuer’s own daily count for ProShares funds and Massive’s elsewhere.
  2. 2
    Read the daily call volume
    The chart counts call contracts cleared at OCC each session over the last two years, with a 20-session average. A call on an inverse fund gains when the index falls, so a jump in call volume is traders paying for downside.
  3. 3
    Break the day down by expiration
    Under the chart, each card is one expiration date with the day’s call contracts, its five-session average and its bars over the last 30 sessions on a shared scale. The total under the cards adds every expiration together.

Who Uses Short Leveraged ETFs

Options traders
See whether downside call buying in SQQQ or SOXS is concentrated in this week’s expiry, which tends to be short-term hedging or speculation, or spread into later months.
Short sellers of leveraged funds
Track how crowded the borrow is in a fund you short for decay, and how fast it is changing between reports.
Market watchers
Compare positioning across the Nasdaq-100, S&P 500, semiconductor, financial, FANG+ and gold inverse funds on one page, with the −3× and −2× fund on each index side by side.

Pro Tips

01
Short interest in an inverse fund is not a bearish bet
Shorting SQQQ gains when the Nasdaq-100 rises. Much of it is also pairs trading: short both the 3x and the −3x fund and collect what daily rebalancing costs them in choppy markets. Read it as positioning, not as a view on direction.
02
Weekly expiries carry most of the volume
In the funds with weekly options, the nearest expiry usually carries the largest share of the day’s calls. A day when later months carry the volume is the one that differs.
03
Compare a fund with its own history
SQQQ and SOXS trade far more options than FAZ or SPXU, so raw contract counts are not comparable across funds. The rank over a year and the multiple of the 20-session average are.

Common Issues & Solutions

Why does short interest lag?▾
FINRA settles positions on the 15th and the last business day of the month and publishes them about two weeks later, so the latest report is always one to four weeks old.
Why do the expiries not add up to OCC’s count?▾
OCC counts cleared contracts; the expiry breakdown adds up exchange trades from Massive, which can miss a contract with no bar or a late correction, and leaves out contracts on an adjusted symbol after a split. The gap is usually a few percent.
Why is there no call volume for FNGD and DULL?▾
Both are exchange-traded notes from MicroSectors with no listed options, so OCC has no record for them.
Why is there no −2× FANG+ fund?▾
None is listed. MicroSectors offers FANG+ at 3× and −3× and a 2× long note (FNGO), but no −2× version.

Frequently Asked Questions

What is the short interest in SQQQ, QID, SPXU and SDS?▾
SQQQ 9.44M shares ($325M); QID 2.08M shares ($27.41M); SPXU 1.03M shares ($35.80M); SDS 623K shares ($33.98M); SOXS 8.55M shares ($283M); SSG 40K shares ($424K); FAZ 309K shares ($12.23M); SKF 21K shares ($547K); FNGD 212K shares ($5.24M); DULL 6,918 shares ($447K); GLL 387K shares ($9.64M), at FINRA's September 30, 2026 settlement, in today's shares after splits.
Which inverse leveraged ETF has the most call volume?▾
On October 19, 2026, SQQQ traded 57,906 call contracts, the most of the funds with listed options (QID 671, SPXU 290, SDS 101, SOXS 27,943, SSG 43, FAZ 180, SKF 2, GLL 94). The counts are OCC's cleared contracts.
What is a short leveraged ETF?▾
An inverse fund that aims to return a multiple of the opposite of an index’s move each day: three times for SQQQ (Nasdaq-100), SPXU (S&P 500), SOXS (semiconductors) and FAZ (financials), two times for QID, SDS, SSG and SKF. Because the multiple resets daily, holding one for longer than a day can return far less than the multiple times the index’s fall.
Why would anyone short an inverse ETF?▾
To bet on the index rising without borrowing the index itself, or to collect the decay these funds suffer in volatile, directionless markets, often by shorting the 3x and the −3x fund together.
What does call volume on SQQQ mean?▾
A call on SQQQ gains when SQQQ rises, which happens when the Nasdaq-100 falls. Heavy call buying in SQQQ is traders paying for a fall in the Nasdaq-100, through a fund that already carries three times leverage.

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SQQQ Options
Implied volatility, skew and open interest for SQQQ
SOXS Options
Implied volatility, skew and open interest for SOXS