Sprott Active Gold & Silver Miners ETF (GBUG) 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.
Sprott Active Gold & Silver Miners ETF (GBUG) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $70.6M, listed on NASDAQ, carrying a beta of -0.06 to the broader market. The fund seeks to achieve its investment objective by investing 80% of its net assets in shares of gold and silver, focused companies that are engaged in exploring, developing and mining; or royalty and streaming companies engaged in the financing of gold and silver assets. public since 2025-02-20.
Snapshot as of May 15, 2026.
- Spot Price
- $44.88
- Net Gamma
- $22.2K
- Net Delta
- -$580.3K
- Net Vega
- -$4.8K
- Gamma Concentration
- 0.09
As of May 15, 2026, Sprott Active Gold & Silver Miners ETF (GBUG) has positive net gamma exposure of $22.2K under the standard dealer-hedging convention. Net delta exposure is -$580.3K. 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.
GBUG Strategy Sizing in the Current GEX Regime
Sprott Active Gold & Silver Miners ETF is in a positive dealer-gamma regime ($22.2K). Net dealer delta of -$580.3K 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 GBUG gamma exposure (gex) & greeks questions
- What is the current GBUG gamma exposure (GEX)?
- As of May 15, 2026, Sprott Active Gold & Silver Miners ETF (GBUG) net gamma exposure is positive at $22.2K under the standard dealer-hedging convention. Net dealer delta exposure is -$580.3K. GEX aggregates the gamma sitting on dealer books across all listed strikes and expirations.
- Is GBUG in positive or negative dealer gamma right now?
- GBUG 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 GBUG 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.