ProShares - UltraShort Materials (SMN) 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.
ProShares - UltraShort Materials (SMN) operates in the Financial Services sector, specifically the Asset Management - Leveraged industry, with a market capitalization near $679,620, listed on AMEX, carrying a beta of -1.57 to the broader market. ProShares UltraShort Materials seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the S&P Materials Select SectorSM Index. public since 2007-02-02.
Snapshot as of May 15, 2026.
- Spot Price
- $10.49
- Net Gamma
- -$62
- Net Delta
- $2.1K
- Net Vega
- -$7
- Gamma Concentration
- 1.00
As of May 15, 2026, ProShares - UltraShort Materials (SMN) has negative net gamma exposure of $62 under the standard dealer-hedging convention. Net delta exposure is $2.1K. Negative GEX means dealers are net short gamma: they must sell into weakness and buy into strength, amplifying realized volatility and accelerating directional moves.
SMN Strategy Sizing in the Current GEX Regime
ProShares - UltraShort Materials is in a negative dealer-gamma regime ($62). Net dealer delta of $2.1K 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 SMN gamma exposure (gex) & greeks questions
- What is the current SMN gamma exposure (GEX)?
- As of May 15, 2026, ProShares - UltraShort Materials (SMN) net gamma exposure is negative at $62 under the standard dealer-hedging convention. Net dealer delta exposure is $2.1K. GEX aggregates the gamma sitting on dealer books across all listed strikes and expirations.
- Is SMN in positive or negative dealer gamma right now?
- SMN 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 SMN 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.