PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (HYS) 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.
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (HYS) operates in the Financial Services sector, specifically the Asset Management - Bonds industry, with a market capitalization near $1.71B, listed on AMEX, carrying a beta of 0.47 to the broader market. The Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of The BofA Merrill Lynch 0-5 Year US High Yield Constrained IndexSM public since 2011-06-17.
Snapshot as of May 15, 2026.
- Spot Price
- $93.08
- Net Gamma
- -$2.7K
- Net Delta
- $12.5K
- Net Vega
- -$1
- Gamma Concentration
- 0.56
As of May 15, 2026, PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (HYS) has negative net gamma exposure of $2.7K under the standard dealer-hedging convention. Net delta exposure is $12.5K. Negative GEX means dealers are net short gamma: they must sell into weakness and buy into strength, amplifying realized volatility and accelerating directional moves.
HYS Strategy Sizing in the Current GEX Regime
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund is in a negative dealer-gamma regime ($2.7K). Net dealer delta of $12.5K sets the size of the directional hedging flow that fires as spot moves. In this regime, momentum and breakout strategies fit the regime: long calls or puts, ratio backspreads, calendar spreads positioned for vol expansion. Realized volatility tends to overshoot implied during negative-gamma stretches, hurting indiscriminate short-vol exposure. 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 HYS gamma exposure (gex) & greeks questions
- What is the current HYS gamma exposure (GEX)?
- As of May 15, 2026, PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund (HYS) net gamma exposure is negative at $2.7K under the standard dealer-hedging convention. Net dealer delta exposure is $12.5K. GEX aggregates the gamma sitting on dealer books across all listed strikes and expirations.
- Is HYS in positive or negative dealer gamma right now?
- HYS is currently in negative dealer gamma. Dealers net short gamma must sell into weakness and buy into strength to maintain delta-neutrality, which amplifies realized volatility and tends to accelerate directional moves.
- What does HYS 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.