What is the current QUS gamma exposure (GEX)?

As of May 15, 2026, State Street SPDR MSCI USA StrategicFactors ETF (QUS) net gamma exposure is negative at $589 under the standard dealer-hedging convention. Net dealer delta exposure is $2.3K. GEX aggregates the gamma sitting on dealer books across all listed strikes and expirations.

Is QUS in positive or negative dealer gamma right now?

QUS 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 QUS 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.

State Street SPDR MSCI USA StrategicFactors ETF (QUS) 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 MSCI USA StrategicFactors ETF (QUS) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $1.49B, listed on AMEX, carrying a beta of 0.76 to the broader market. The State Street SPDR MSCI USA StrategicFactors ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the MSCI USA Factor Mix A-Series Capped Index (the "Index")Seeks to track a Smart Beta index that blends low volatility, quality and value exposures together in a single strategyThe resulting mix may offer a low-volatility strategy with an equal focus on high-quality and attractively valued firmsMulti-factor smart beta strategies can bridge the gap between active and passive management, providing an opportunity for investors to rethink exposures and potentially maximize risk-adjusted returns more efficiently public since 2015-04-16.

Snapshot as of May 15, 2026.

Spot Price: $183.53
Net Gamma: -$589
Net Delta: $2.3K
Net Vega: -$15
Gamma Concentration: 1.00

As of May 15, 2026, State Street SPDR MSCI USA StrategicFactors ETF (QUS) has negative net gamma exposure of $589 under the standard dealer-hedging convention. Net delta exposure is $2.3K. Negative GEX means dealers are net short gamma: they must sell into weakness and buy into strength, amplifying realized volatility and accelerating directional moves.

QUS Strategy Sizing in the Current GEX Regime

State Street SPDR MSCI USA StrategicFactors ETF is in a negative dealer-gamma regime ($589). Net dealer delta of $2.3K 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 QUS gamma exposure (gex) & greeks questions

What is the current QUS gamma exposure (GEX)?: As of May 15, 2026, State Street SPDR MSCI USA StrategicFactors ETF (QUS) net gamma exposure is negative at $589 under the standard dealer-hedging convention. Net dealer delta exposure is $2.3K. GEX aggregates the gamma sitting on dealer books across all listed strikes and expirations.
Is QUS in positive or negative dealer gamma right now?: QUS 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 QUS 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.