SMH Gamma Exposure (GEX)
VanEck Semiconductor ETF · computed from open interest and end-of-day quotes as of 2026-07-10 · spot $611.03 · updated nightly
Net GEX by strike
■ positive (dealers dampen moves) ■ negative (dealers amplify moves) — strikes within ±15% of spot.
Gamma walls
| Strike | Net GEX / 1% | Share of total gamma | Distance from spot |
|---|---|---|---|
| $600 | −$105M | 8.8% | -1.81% |
| $550 | −$58M | 4.8% | -9.99% |
| $545 | −$47M | 3.9% | -10.81% |
| $540 | −$38M | 3.1% | -11.62% |
| $650 | $37M | 3.1% | 6.38% |
GEX by expiration
| Expiration | Net GEX / 1% | Absolute GEX |
|---|---|---|
| 2026-07-13 | $17M | $33M |
| 2026-07-15 | −$2M | $4M |
| 2026-07-17 | −$279M | $729M |
| 2026-07-20 | $1M | $3M |
| 2026-07-22 | $1M | $2M |
| 2026-07-24 | −$28M | $50M |
| 2026-07-31 | −$70M | $107M |
| 2026-08-07 | −$4M | $10M |
| 2026-08-14 | $9M | $10M |
| 2026-08-21 | −$118M | $248M |
What is gamma exposure?
When you buy an option, a market maker usually takes the other side and hedges by holding shares of SMH. As the price moves, the amount they must hold changes — that sensitivity is gamma. GEX aggregates it across all open contracts (calls positive, puts negative, per the standard dealer-positioning convention) into a dollar figure per 1% move.
In a positive gamma regime, dealers sell into rallies and buy dips — mechanically dampening volatility. In negative gamma, hedging flows push in the same direction as the market, amplifying moves. The gamma flip ($653.86 right now) is the estimated price where the regime switches, and large single-strike concentrations ("gamma walls") often act like short-term magnets or barriers. These are estimates built on simplified assumptions — positioning context, not predictions. Full explainer: what is GEX?
More SMH options data
See the SMH max pain dashboard for the expiry-pinning view of the same open interest , or check which ETFs overlap with SMH if you hold it as a fund.
GEX for other tickers
GEX is computed nightly from end-of-day open interest and quotes using a Black-Scholes approximation (r=0, q=0), matching common retail GEX conventions (methodology). Derived metrics only — not raw market data, not investment advice.