iShares Large Cap Value Active ETF (BLCV) Gamma Exposure (GEX) & Greeks

Gamma exposure (GEX) analysis shows how options positioning creates dealer hedging pressure across strikes. Includes delta, vanna, charm, vomma, and vega exposure by strike price.

iShares Large Cap Value Active ETF (BLCV) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $108.4M, listed on AMEX, carrying a beta of 0.84 to the broader market. The iShares Large Cap Value Active ETF seeks to maximize total return. public since 2023-05-23.

Snapshot as of May 15, 2026.

Spot Price

$38.94

Net Gamma

$226

Net Delta

-$3.7K

Net Vega

-$18

Gamma Concentration

1.00

As of May 15, 2026, iShares Large Cap Value Active ETF (BLCV) has positive net gamma exposure of $226 under the standard dealer-hedging convention. Net delta exposure is -$3.7K. Positive GEX means dealers are net long gamma: they buy into dips and sell into rallies, damping realized volatility and often causing price to pin near heavy open-interest strikes.

BLCV Strategy Sizing in the Current GEX Regime

iShares Large Cap Value Active ETF is in a positive dealer-gamma regime ($226). Net dealer delta of -$3.7K sets the size of the directional hedging flow that fires as spot moves. In this regime, mean-reverting strategies fit the regime: credit spreads, iron condors, covered calls near established ranges. Realized volatility tends to undershoot implied during positive-gamma stretches, supporting the short-vol structures. The gamma-flip level - the spot price at which net dealer gamma changes sign - is the most actionable anchor for sizing: through-flip moves trigger qualitatively different hedging behavior than within-regime moves, so risk-defined structures sized to the current spot may not stay sized correctly if a flip is near.

Learn how gamma exposure is reported and how to read the data →