Is SPIB in positive or negative dealer gamma right now?

SPIB 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 SPIB 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 Portfolio Intermediate Term Corporate Bond ETF (SPIB) 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 Portfolio Intermediate Term Corporate Bond ETF (SPIB) operates in the Financial Services sector, specifically the Asset Management - Bonds industry, with a market capitalization near $10.97B, listed on AMEX, carrying a beta of 0.69 to the broader market. The State Street SPDR Portfolio Intermediate Term Corporate Bond ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Bloomberg Intermediate US Corporate Index (the "Index")One of the low cost core State Street SPDR Portfolio ETFs, a suite of portfolio building block designed to provide broad, diversified exposure to core asset classesA low cost ETF that seeks to offer precise, comprehensive exposure to US corporate bonds that have a maturity greater than or equal to 1 year and less than 10 yearsThe Index includes investment grade, fixed rate, taxable, US dollar denominated debt with $300 million of par outstanding, and is market cap weighted and reconstituted on the last business day of the month public since 2009-02-20.

Snapshot as of May 15, 2026.

Spot Price: $33.28
Net Gamma: $30.8K
Net Delta: -$16.3K
Net Vega: -$234
Gamma Concentration: 0.92

As of May 15, 2026, State Street SPDR Portfolio Intermediate Term Corporate Bond ETF (SPIB) has positive net gamma exposure of $30.8K under the standard dealer-hedging convention. Net delta exposure is -$16.3K. 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.

SPIB Strategy Sizing in the Current GEX Regime

State Street SPDR Portfolio Intermediate Term Corporate Bond ETF is in a positive dealer-gamma regime ($30.8K). Net dealer delta of -$16.3K 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 SPIB gamma exposure (gex) & greeks questions

What is the current SPIB gamma exposure (GEX)?: As of May 15, 2026, State Street SPDR Portfolio Intermediate Term Corporate Bond ETF (SPIB) net gamma exposure is positive at $30.8K under the standard dealer-hedging convention. Net dealer delta exposure is -$16.3K. GEX aggregates the gamma sitting on dealer books across all listed strikes and expirations.
Is SPIB in positive or negative dealer gamma right now?: SPIB 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 SPIB 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.