Neos S&P 500(R) High Income ETF (SPYI) 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.
Neos S&P 500(R) High Income ETF (SPYI) operates in the Financial Services sector, specifically the Asset Management - Income industry, with a market capitalization near $9.24B, listed on CBOE, carrying a beta of 0.69 to the broader market. The NEOS S&P 500 High Income ETF seeks high monthly income in a tax efficient manner, with the potential for upside appreciation in rising markets. public since 2022-08-30.
Snapshot as of May 15, 2026.
- Spot Price
- $53.58
- Net Gamma
- $3.3M
- Net Delta
- -$29.3M
- Net Vega
- -$80.6K
- Gamma Concentration
- 0.32
As of May 15, 2026, Neos S&P 500(R) High Income ETF (SPYI) has positive net gamma exposure of $3.3M under the standard dealer-hedging convention. Net delta exposure is -$29.3M. 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.
SPYI Strategy Sizing in the Current GEX Regime
Neos S&P 500(R) High Income ETF is in a positive dealer-gamma regime ($3.3M). Net dealer delta of -$29.3M 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 SPYI gamma exposure (gex) & greeks questions
- What is the current SPYI gamma exposure (GEX)?
- As of May 15, 2026, Neos S&P 500(R) High Income ETF (SPYI) net gamma exposure is positive at $3.3M under the standard dealer-hedging convention. Net dealer delta exposure is -$29.3M. GEX aggregates the gamma sitting on dealer books across all listed strikes and expirations.
- Is SPYI in positive or negative dealer gamma right now?
- SPYI 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 SPYI 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.