SPDR Gold Shares (GLD) 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.
SPDR Gold Shares (GLD) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $155.84B, listed on AMEX, carrying a beta of 0.16 to the broader market. The investment objective of SPDR Gold Trust (the "Trust") is for the shares to reflect the performance of the price of gold bullion, less the Trust's expensesThe first US traded gold ETF and the first US-listed ETF backed by a physical assetFor many investors, the costs associated with buying GLD shares in the secondary market and the payment of the Trust's ongoing expenses may be lower than the costs associated with buying, storing and insuring physical gold in a traditional allocated gold bullion account public since 2004-11-18.
Snapshot as of May 15, 2026.
- Spot Price
- $418.08
- Net Gamma
- $420.6M
- Net Delta
- -$13.43B
- Net Vega
- -$236.0M
- Gamma Concentration
- 0.03
As of May 15, 2026, SPDR Gold Shares (GLD) has positive net gamma exposure of $420.6M under the standard dealer-hedging convention. Net delta exposure is -$13.43B. 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.
GLD Strategy Sizing in the Current GEX Regime
SPDR Gold Shares is in a positive dealer-gamma regime ($420.6M). Net dealer delta of -$13.43B 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 →
GLD largest gamma exposure contracts
| Type | Strike | Expiration | Volume | OI | IV | Bid | Ask |
|---|---|---|---|---|---|---|---|
| CALL | $450.00 | Jun 18, 2026 | 1.1K | 73.7K | 24.0% | $2.85 | $2.88 |
| CALL | $425.00 | Jun 18, 2026 | 236 | 39.9K | 23.2% | $9.35 | $9.60 |
Top 2 contracts from the ORATS-sourced nightly scan; ranked by gex within the broader S&P 500/400/600 + ETF universe.
Frequently asked GLD gamma exposure (gex) & greeks questions
- What is the current GLD gamma exposure (GEX)?
- As of May 15, 2026, SPDR Gold Shares (GLD) net gamma exposure is positive at $420.6M under the standard dealer-hedging convention. Net dealer delta exposure is -$13.43B. GEX aggregates the gamma sitting on dealer books across all listed strikes and expirations.
- Is GLD in positive or negative dealer gamma right now?
- GLD 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 GLD 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.