State Street SPDR Portfolio S&P 500 ETF (SPYM) 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 S&P 500 ETF (SPYM) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $4.8M, listed on AMEX, carrying a beta of 1.01 to the broader market. The State Street SPDR Portfolio S&P 500 ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P 500 Index (the "Index")A low-cost ETF that seeks to offer precise, comprehensive exposure to the US large cap market segmentThe Index represents approximately 80% of the US marketOne of the low-cost core State Street SPDR Portfolio ETFs, a suite of portfolio building blocks designed to provide broad, diversified exposure to core asset classes Led by Gary L. French, public since 2005-11-15.
Snapshot as of May 15, 2026.
- Spot Price
- $87.10
- Net Gamma
- $9.4M
- Net Delta
- -$125.9M
- Net Vega
- -$424.8K
- Gamma Concentration
- 0.52
As of May 15, 2026, State Street SPDR Portfolio S&P 500 ETF (SPYM) has positive net gamma exposure of $9.4M under the standard dealer-hedging convention. Net delta exposure is -$125.9M. 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.
SPYM Strategy Sizing in the Current GEX Regime
State Street SPDR Portfolio S&P 500 ETF is in a positive dealer-gamma regime ($9.4M). Net dealer delta of -$125.9M 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 SPYM gamma exposure (gex) & greeks questions
- What is the current SPYM gamma exposure (GEX)?
- As of May 15, 2026, State Street SPDR Portfolio S&P 500 ETF (SPYM) net gamma exposure is positive at $9.4M under the standard dealer-hedging convention. Net dealer delta exposure is -$125.9M. GEX aggregates the gamma sitting on dealer books across all listed strikes and expirations.
- Is SPYM in positive or negative dealer gamma right now?
- SPYM 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 SPYM 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.