SPDR S&P 500 ETF Trust (SPY)
AMEX: SPY
· Real-Time Price · USD
640.37
-4.68 (-0.73%)
At close: Sep 02, 2025, 3:59 PM
641.21
0.13%
After-hours: Sep 02, 2025, 07:59 PM EDT
SPY Delta Exposure By Expiry
The total Delta Exposure (DEX) for SPY across all expirations shows 476,559,729.04 net shares that market makers must hedge, with 1,172,302,968.18 from calls and 695,743,239.14 from puts. The put-call delta ratio of 0.59 suggests neutral market maker positioning. The largest delta concentration at Sep 19, 25 with 154,323,140.03 net DEX represents significant hedging pressure that may cap upside moves. The nearest expiration on Sep 4, 25 carries negative delta forcing market makers to buy shares, potentially providing support.
SPY DEX Table
| Expiry Date | Call Delta | Put Delta | Net Delta | P/C Delta |
|---|---|---|---|---|
| Sep 4, 25 | 4,402,460.69 | -5,604,672.11 | -1,202,211.42 | 1.27 |
| Sep 5, 25 | 35,327,143.11 | -33,480,519.31 | 1,846,623.8 | 0.95 |
| Sep 8, 25 | 1,345,020.97 | -1,995,117.92 | -650,096.95 | 1.48 |
| Sep 9, 25 | 1,229,657.4 | -2,054,862.12 | -825,204.72 | 1.67 |
| Sep 10, 25 | 312,832.49 | -1,174,569.8 | -861,737.31 | 3.75 |
| Sep 11, 25 | 134,150.73 | -175,529.06 | -41,378.33 | 1.31 |
| Sep 12, 25 | 21,448,113.28 | -29,457,506.14 | -8,009,392.86 | 1.37 |
| Sep 19, 25 | 288,942,617.64 | -134,619,477.61 | 154,323,140.03 | 0.47 |
| Sep 26, 25 | 8,719,075.32 | -9,935,705.53 | -1,216,630.21 | 1.14 |
| Sep 30, 25 | 73,644,535.66 | -46,442,449.94 | 27,202,085.72 | 0.63 |
| Oct 3, 25 | 2,988,645.8 | -3,343,927.84 | -355,282.04 | 1.12 |
| Oct 10, 25 | 139,046.81 | -204,200.71 | -65,153.9 | 1.47 |
| Oct 17, 25 | 63,361,434.24 | -87,019,625.71 | -23,658,191.47 | 1.37 |
| Oct 31, 25 | 39,662,275.67 | -38,130,274.15 | 1,532,001.52 | 0.96 |
| Nov 21, 25 | 19,762,809.78 | -26,388,920.61 | -6,626,110.83 | 1.34 |
| Nov 28, 25 | 9,189,558.05 | -5,939,412.33 | 3,250,145.72 | 0.65 |
| Dec 19, 25 | 148,603,968.72 | -52,859,046.33 | 95,744,922.39 | 0.36 |
| Dec 31, 25 | 38,678,181.27 | -12,627,240.71 | 26,050,940.56 | 0.33 |
| Jan 16, 26 | 133,714,996.61 | -56,482,361.16 | 77,232,635.45 | 0.42 |
| Jan 30, 26 | 2,439,723.09 | -1,438,513.42 | 1,001,209.67 | 0.59 |