Invesco KBW Property & Casualty Insurance ETF (KBWP) 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.
Invesco KBW Property & Casualty Insurance ETF (KBWP) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $386.0M, listed on NASDAQ, carrying a beta of 0.36 to the broader market. The Invesco KBW Property & Casualty Insurance ETF (Fund) is based on the KBW Nasdaq Property & Casualty Index (Index). public since 2010-12-22.
Snapshot as of May 14, 2026.
- Spot Price
- $117.84
- Net Gamma
- -$437
- Net Delta
- -$51.7K
- Net Vega
- -$128
- Gamma Concentration
- 0.24
As of May 14, 2026, Invesco KBW Property & Casualty Insurance ETF (KBWP) has negative net gamma exposure of $437 under the standard dealer-hedging convention. Net delta exposure is -$51.7K. Negative GEX means dealers are net short gamma: they must sell into weakness and buy into strength, amplifying realized volatility and accelerating directional moves.
KBWP Strategy Sizing in the Current GEX Regime
Invesco KBW Property & Casualty Insurance ETF is in a negative dealer-gamma regime ($437). Net dealer delta of -$51.7K 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 KBWP gamma exposure (gex) & greeks questions
- What is the current KBWP gamma exposure (GEX)?
- As of May 14, 2026, Invesco KBW Property & Casualty Insurance ETF (KBWP) net gamma exposure is negative at $437 under the standard dealer-hedging convention. Net dealer delta exposure is -$51.7K. GEX aggregates the gamma sitting on dealer books across all listed strikes and expirations.
- Is KBWP in positive or negative dealer gamma right now?
- KBWP 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 KBWP 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.