State Street SPDR MSCI USA Climate Paris Aligned ETF (NZUS) Max Pain Analysis
Max pain is the strike price where aggregate option buyer payout is minimized at expiration. It represents the price at which option writers retain the most premium.
State Street SPDR MSCI USA Climate Paris Aligned ETF (NZUS) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $3.0M, listed on NASDAQ, carrying a beta of 1.10 to the broader market. NZUS seeks to provide investment results that, before fees and expenses, correspond generally to the MSCI USA Climate Paris Aligned Index (“the Index”)Seeks to track an index designed to reduce exposure to the physical and transition risks of climate change and increase target exposure to sustainable investment opportunities by incorporating the recommendations of the Taskforce on Climate Related Financial Disclosures (TCFD) and minimum requirements of the EU Paris Aligned BenchmarkMay be considered by investors seeking to implement net-zero strategies and address climate change in a holistic way public since 2022-04-18.
Snapshot as of May 22, 2026.
- Spot Price
- $38.28
- Total OI
- 0
How to read the NZUS max-pain chart
The open-interest histogram above shows where State Street SPDR MSCI USA Climate Paris Aligned ETF call and put writers have stacked the most inventory. Strikes with elevated call OI act as overhead resistance when dealers are long-gamma (they sell rallies into the wall); strikes with elevated put OI act as support (dealers buy dips toward the wall). The max-pain strike is the single price at which the total cash payout to option holders is minimized - the lowest-pain price for the writers as a group. . Net dealer gamma is positive at $0, so as spot moves dealers sell rallies and buy dips, mechanically dampening realized volatility.
NZUS max-pain in context
Max pain is an end-of-cycle convergence signal, not an intraday compass. Cross-reference the level with the gamma-flip strike on the GEX page, the front-month ATM IV reading (currently 28.0%), and any catalyst risk on the calendar. Total listed OI on NZUS sits at 0 contracts; pin strength generally scales with this number, since heavier OI means more delta to hedge as spot drifts toward the strike. A pin can fail - earnings, FDA decisions, central-bank surprises, and other vol catalysts can rip spot past max pain regardless of where dealers want it. Use max pain to size risk-defined structures, not as a directional thesis.
Reading NZUS max-pain alongside dealer positioning
The clean version of the max-pain mechanism requires positive dealer gamma to enforce convergence; in a negative-gamma regime the same OI distribution can repel rather than attract spot. NZUS is currently in a positive-gamma regime, so the max-pain pull mechanic is structurally active. Combine the pin level with the gamma-flip level and the implied move to model out where spot is likely to anchor through expiration.