State Street SPDR S&P Bank ETF (KBE) 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 Bank ETF (KBE) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $1.29B, listed on AMEX, carrying a beta of 1.26 to the broader market. The State Street SPDR S&P Bank ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P Banks Select Industry Index (the "Index")Seeks to provide exposure to the bank segment of the S&P TMI, which comprises the following sub-industries: Asset Management & Custody Banks, Diversified Banks, Regional Banks, Diversified Financial Services, and Commercial & Residential Mortgage Finance. public since 2005-11-15.
Snapshot as of May 14, 2026.
- Spot Price
- $62.41
- Net Gamma
- -$10.5M
- Net Delta
- $169.6M
- Net Vega
- -$3.1M
- Gamma Concentration
- 0.16
As of May 14, 2026, State Street SPDR S&P Bank ETF (KBE) has negative net gamma exposure of $10.5M under the standard dealer-hedging convention. Net delta exposure is $169.6M. Negative GEX means dealers are net short gamma: they must sell into weakness and buy into strength, amplifying realized volatility and accelerating directional moves.
KBE Strategy Sizing in the Current GEX Regime
State Street SPDR S&P Bank ETF is in a negative dealer-gamma regime ($10.5M). Net dealer delta of $169.6M 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 KBE gamma exposure (gex) & greeks questions
- What is the current KBE gamma exposure (GEX)?
- As of May 14, 2026, State Street SPDR S&P Bank ETF (KBE) net gamma exposure is negative at $10.5M under the standard dealer-hedging convention. Net dealer delta exposure is $169.6M. GEX aggregates the gamma sitting on dealer books across all listed strikes and expirations.
- Is KBE in positive or negative dealer gamma right now?
- KBE 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 KBE 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.