What is the current XME gamma exposure (GEX)?

As of May 15, 2026, State Street SPDR S&P Metals & Mining ETF (XME) net gamma exposure is positive at $1.3M under the standard dealer-hedging convention. Net dealer delta exposure is -$77.6M. GEX aggregates the gamma sitting on dealer books across all listed strikes and expirations.

Is XME in positive or negative dealer gamma right now?

XME 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 XME 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 S&P Metals & Mining ETF (XME) 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 S&P Metals & Mining ETF (XME) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $5.62B, listed on AMEX, carrying a beta of 1.45 to the broader market. The State Street SPDR S&P Metals & Mining ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P Metals and Mining Select Industry Index (the "Index")Seeks to provide exposure to the metals & mining segment of the S&P TMI, which comprises the following sub-industries: Aluminum, Coal & Consumable Fuels, Copper, Diversified Metals & Mining, Gold, Precious Metals & Minerals, Silver, and SteelSeeks to track a modified equal weighted index which provides the potential for unconcentrated industry exposure across large, mid and small cap stocksAllows investors to take strategic or tactical positions at a more targeted level than traditional sector based investing public since 2006-06-22.

Snapshot as of May 15, 2026.

Spot Price: $115.69
Net Gamma: $1.3M
Net Delta: -$77.6M
Net Vega: -$2.1M
Gamma Concentration: 0.07

As of May 15, 2026, State Street SPDR S&P Metals & Mining ETF (XME) has positive net gamma exposure of $1.3M under the standard dealer-hedging convention. Net delta exposure is -$77.6M. 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.

XME Strategy Sizing in the Current GEX Regime

State Street SPDR S&P Metals & Mining ETF is in a positive dealer-gamma regime ($1.3M). Net dealer delta of -$77.6M 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 XME gamma exposure (gex) & greeks questions

What is the current XME gamma exposure (GEX)?: As of May 15, 2026, State Street SPDR S&P Metals & Mining ETF (XME) net gamma exposure is positive at $1.3M under the standard dealer-hedging convention. Net dealer delta exposure is -$77.6M. GEX aggregates the gamma sitting on dealer books across all listed strikes and expirations.
Is XME in positive or negative dealer gamma right now?: XME 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 XME 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.