Global X - Defense Tech ETF (SHLD) 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.
Global X - Defense Tech ETF (SHLD) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $4.41B, listed on AMEX, carrying a beta of 0.24 to the broader market. The Global X Defense Tech ETF (SHLD) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Global X Defense Tech Index. Led by None, public since 2024-06-17.
Snapshot as of May 15, 2026.
- Spot Price
- $62.27
- Net Gamma
- $858.7K
- Net Delta
- -$4.3M
- Net Vega
- -$132.8K
- Gamma Concentration
- 0.18
As of May 15, 2026, Global X - Defense Tech ETF (SHLD) has positive net gamma exposure of $858.7K under the standard dealer-hedging convention. Net delta exposure is -$4.3M. Positive GEX means dealers are net long gamma: they buy into dips and sell into rallies, damping realized volatility and often causing price to pin near heavy open-interest strikes.
SHLD Strategy Sizing in the Current GEX Regime
Global X - Defense Tech ETF is in a positive dealer-gamma regime ($858.7K). Net dealer delta of -$4.3M sets the size of the directional hedging flow that fires as spot moves. In this regime, mean-reverting strategies fit the regime: credit spreads, iron condors, covered calls near established ranges. Realized volatility tends to undershoot implied during positive-gamma stretches, supporting the short-vol structures. 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 SHLD gamma exposure (gex) & greeks questions
- What is the current SHLD gamma exposure (GEX)?
- As of May 15, 2026, Global X - Defense Tech ETF (SHLD) net gamma exposure is positive at $858.7K under the standard dealer-hedging convention. Net dealer delta exposure is -$4.3M. GEX aggregates the gamma sitting on dealer books across all listed strikes and expirations.
- Is SHLD in positive or negative dealer gamma right now?
- SHLD is currently in positive dealer gamma. Dealers net long gamma buy underlying weakness and sell into rallies to maintain delta-neutrality, which dampens realized volatility and tends to pin price near heavy open-interest strikes.
- What does SHLD 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.