Vanguard Tax-Exempt Bond ETF (VTEB) 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.
Vanguard Tax-Exempt Bond ETF (VTEB) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $45.48B, listed on AMEX, carrying a beta of 0.95 to the broader market. The investment objective of this index fund is to seek to track the performance of a benchmark index that measures the investment-grade segment of the U. public since 2015-08-25.
Snapshot as of May 15, 2026.
- Spot Price
- $49.83
- Net Gamma
- -$11.5M
- Net Delta
- $21.7M
- Net Vega
- -$23.4K
- Gamma Concentration
- 0.97
As of May 15, 2026, Vanguard Tax-Exempt Bond ETF (VTEB) has negative net gamma exposure of $11.5M under the standard dealer-hedging convention. Net delta exposure is $21.7M. Negative GEX means dealers are net short gamma: they must sell into weakness and buy into strength, amplifying realized volatility and accelerating directional moves.
VTEB Strategy Sizing in the Current GEX Regime
Vanguard Tax-Exempt Bond ETF is in a negative dealer-gamma regime ($11.5M). Net dealer delta of $21.7M 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 VTEB gamma exposure (gex) & greeks questions
- What is the current VTEB gamma exposure (GEX)?
- As of May 15, 2026, Vanguard Tax-Exempt Bond ETF (VTEB) net gamma exposure is negative at $11.5M under the standard dealer-hedging convention. Net dealer delta exposure is $21.7M. GEX aggregates the gamma sitting on dealer books across all listed strikes and expirations.
- Is VTEB in positive or negative dealer gamma right now?
- VTEB 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 VTEB 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.