SPDR Portfolio High Yield... (SPHY)
SPHY Daily Gamma Exposure
Current Gamma Exposure (GEX) is 5.45K, which is 265% above the 3M average of 1.49K. Over this period, GEX peaked at 7.32K on Aug 27, 2025 and bottomed at -2.01K on Jul 11, 2025, showing a shift between positive and negative gamma regimes. The exposure has been increasing recently, suggesting growing dealer hedging that could dampen volatility. Today's put-call gamma ratio of 0.27 is below the recent average of 3.58, indicating call-heavy positioning. High GEX volatility (±3.08K) suggests frequent repositioning and potential regime changes.
GEX History
| Date | Call GEX | Put GEX | Net GEX | P/C GEX |
|---|---|---|---|---|
| Aug 29, 2025 | 7,453.45 | -2,008.06 | 5,445.39 | 0.27 |
| Aug 27, 2025 | 9,135.21 | -1,819.29 | 7,315.92 | 0.20 |
| Aug 25, 2025 | 7,209.47 | -2,021.95 | 5,187.52 | 0.28 |
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