State Street SPDR S&P Emerging Markets Small Cap ETF (EWX) 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.
State Street SPDR S&P Emerging Markets Small Cap ETF (EWX) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $715.2M, listed on AMEX, carrying a beta of 0.76 to the broader market. The State Street SPDR S&P Emerging Markets Small Cap ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P Emerging Under USD2 Billion Index (the "Index")Seeks to provide exposure to the small capitalization segment of emerging countries included in the S&P Global Broad Market IndexThe selection universe includes emerging country equites within the S&P Global BMI with market capitalizations between $100 million and $2 billion at the time of inclusion public since 2008-05-22.
Snapshot as of May 15, 2026.
- Spot Price
- $72.96
- Net Gamma
- $110.2K
- Net Delta
- -$1.2M
- Net Vega
- -$3.8K
- Gamma Concentration
- 0.41
As of May 15, 2026, State Street SPDR S&P Emerging Markets Small Cap ETF (EWX) has positive net gamma exposure of $110.2K under the standard dealer-hedging convention. Net delta exposure is -$1.2M. 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.
EWX Strategy Sizing in the Current GEX Regime
State Street SPDR S&P Emerging Markets Small Cap ETF is in a positive dealer-gamma regime ($110.2K). Net dealer delta of -$1.2M 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 →
Frequently asked EWX gamma exposure (gex) & greeks questions
- What is the current EWX gamma exposure (GEX)?
- As of May 15, 2026, State Street SPDR S&P Emerging Markets Small Cap ETF (EWX) net gamma exposure is positive at $110.2K under the standard dealer-hedging convention. Net dealer delta exposure is -$1.2M. GEX aggregates the gamma sitting on dealer books across all listed strikes and expirations.
- Is EWX in positive or negative dealer gamma right now?
- EWX 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 EWX 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.