What is the current XTN gamma exposure (GEX)?

As of May 15, 2026, State Street SPDR S&P Transportation ETF (XTN) net gamma exposure is negative at $1.8M under the standard dealer-hedging convention. Net dealer delta exposure is $16.6M. GEX aggregates the gamma sitting on dealer books across all listed strikes and expirations.

Is XTN in positive or negative dealer gamma right now?

XTN 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 XTN 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 Transportation ETF (XTN) 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 Transportation ETF (XTN) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $153.2M, listed on AMEX, carrying a beta of 1.69 to the broader market. The State Street SPDR S&P Transportation ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P Transportation Select Industry Index (the "Index")Seeks to provide exposure to the transportation segment of the S&P TMI, comprises the following sub-industries: Air Freight & Logistics, Airport Services, Cargo Ground Transportation, Highways & Rail Tracks, Marine Transportation, Marine Ports & Services,Passenger Airlines, Passenger Ground Transportation, and Rail TransportationSeeks 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 2011-01-27.

Snapshot as of May 15, 2026.

Spot Price: $101.34
Net Gamma: -$1.8M
Net Delta: $16.6M
Net Vega: -$11.4K
Gamma Concentration: 0.82

As of May 15, 2026, State Street SPDR S&P Transportation ETF (XTN) has negative net gamma exposure of $1.8M under the standard dealer-hedging convention. Net delta exposure is $16.6M. Negative GEX means dealers are net short gamma: they must sell into weakness and buy into strength, amplifying realized volatility and accelerating directional moves.

XTN Strategy Sizing in the Current GEX Regime

State Street SPDR S&P Transportation ETF is in a negative dealer-gamma regime ($1.8M). Net dealer delta of $16.6M 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 XTN gamma exposure (gex) & greeks questions

What is the current XTN gamma exposure (GEX)?: As of May 15, 2026, State Street SPDR S&P Transportation ETF (XTN) net gamma exposure is negative at $1.8M under the standard dealer-hedging convention. Net dealer delta exposure is $16.6M. GEX aggregates the gamma sitting on dealer books across all listed strikes and expirations.
Is XTN in positive or negative dealer gamma right now?: XTN 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 XTN 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.