iShares MSCI Emerging Markets ETF (EEM) 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 MSCI Emerging Markets ETF (EEM) operates in the Financial Services sector, specifically the Asset Management - Global industry, with a market capitalization near $29.65B, listed on AMEX, carrying a beta of 1.03 to the broader market. This exchange-traded fund, the iShares MSCI Emerging Markets ETF, endeavors to replicate the performance of an index that includes large and medium-sized company stocks within emerging markets. public since 2003-04-14.

Snapshot as of Jun 12, 2026.

Spot Price

$67.87

Net Gamma

$135.3M

Net Delta

-$5.60B

Net Vega

-$43.7M

Gamma Concentration

0.09

As of Jun 12, 2026, iShares MSCI Emerging Markets ETF (EEM) has positive net gamma exposure of $135.3M under the standard dealer-hedging convention. Net delta exposure is -$5.60B. 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.

EEM Strategy Sizing in the Current GEX Regime

iShares MSCI Emerging Markets ETF is in a positive dealer-gamma regime ($135.3M). Net dealer delta of -$5.60B 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.

Reading the EEM gamma exposure profile

The per-strike GEX bars above show where dealer hedging will fire as spot moves through each strike. Net dealer gamma is positive at $135.3M, so as spot moves dealers sell rallies and buy dips, mechanically dampening realized volatility. Net dealer delta of -$5.60B sets the size of the directional hedging flow that fires as spot moves: a 1% move in EEM triggers approximately $56.0M of dollar hedging. Net vega of -$43.7M measures how dealer P&L scales with implied-volatility shifts - a 1-point IV move shifts dealer book value by approximately that amount per vol point. Gamma concentration ratio is 0.09, a measure of how clustered dealer gamma is around the current spot - higher concentration means more violent hedging when spot crosses key strikes.

EEM GEX regime and trading style

In the current positive-gamma regime, iShares MSCI Emerging Markets ETF realized volatility tends to undershoot implied, supporting short-vol structures: credit spreads near established ranges, covered calls, iron condors with wings just outside the dealer-supported band. Risk: a regime flip into negative gamma typically arrives with a spot drop through a gamma-flip strike, after which the same structures get hit by accelerating moves. The current expected move of 10.59% is the anchor for sizing wings - structures with wings at ±1σ collect ~68% probability of staying inside the band.

How dealer hedging on EEM feeds spot tape

Dealer hedging is mechanical, not opinionated - the flow is the inverse of options buyer/seller positioning. Long-gamma dealers sell into rallies and buy into dips, narrowing intraday ranges. That is the mechanism behind the "pin to max pain" pattern. The gamma-flip strike is the most actionable single number on this page: cross it and the entire hedging regime inverts. Through-flip moves typically come with regime-change in realized volatility, not just direction.

Practical caveats for trading EEM GEX

Dealer-gamma exposure is a model output, not a measured quantity. The figures here use the standard assumption that customers buy options and dealers are short the inventory, hedged delta-neutral. Reality has more texture: dealers occasionally net long inventory after option-overwriter ETF flows or systematic vol-target strategy rolls, in which case the sign of the regime inverts from what the GEX page implies. EEM's current put/call volume ratio of 0.13 is a quick proxy for whether the customer-side flow is balanced; ratios well above 1.0 or below 0.6 are the regimes where the dealer-short-gamma assumption is most fragile. Cross-check with the IV-rank context on the volatility page: high-IV-rank regimes tend to coincide with negative gamma even when the headline number prints positive, because realized vol is already running hot enough to make hedging flows reactive rather than damping. When the implied move sits above 4% (10.59% here), the entire gamma profile compresses into the near-expiration tenors and the longer-dated GEX number becomes less actionable. Treat the gamma sign as a probability tilt, not a deterministic prediction.

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

EEM largest gamma exposure contracts

Top 10 contracts from the institutional-grade nightly options scan; ranked by gex within the broader S&P 500/400/600 + ETF universe.

Frequently asked EEM gamma exposure (gex) & greeks questions

What is the current EEM gamma exposure (GEX)?

As of Jun 12, 2026, iShares MSCI Emerging Markets ETF (EEM) net gamma exposure is positive at $135.3M under the standard dealer-hedging convention. Net dealer delta exposure is -$5.60B. GEX aggregates the gamma sitting on dealer books across all listed strikes and expirations.

Is EEM in positive or negative dealer gamma right now?

EEM is currently in positive dealer gamma. Dealers net long gamma buy underlying weakness and sell into rallies to maintain delta-neutrality, which dampens realized volatility and tends to pin price near heavy open-interest strikes.

What does EEM GEX tell options traders?

GEX is a regime indicator: positive-gamma regimes favor mean-reverting strategies (premium-selling near established ranges); negative-gamma regimes favor momentum and breakout strategies. The same options-strategy structure can be appropriate or inappropriate depending on the dealer-gamma regime, so reading the sign and magnitude of net GEX before sizing positions is standard practice.