What is the current GEX for XLU?

As of 2026-07-10, XLU net gamma exposure is $15M per 1% move (positive gamma), with total absolute exposure of $60M. The gamma flip level is $45.

What is GEX (gamma exposure)?

GEX estimates how much market makers must hedge as the underlying moves. Positive net gamma means dealers trade against the move (dampening volatility); negative net gamma means they trade with the move (amplifying it). The gamma flip is the price where the regime switches.

XLU Gamma Exposure (GEX)

Utilities Select Sector SPDR ETF · computed from open interest and end-of-day quotes as of 2026-07-10 · spot $45.41 · updated nightly

Net GEX / 1% move

$15M

positive gamma regime

Gamma flip

$45

-0.91% from spot

Top gamma wall

$46

33.2% of total gamma

Absolute GEX

$60M

net/abs ratio 0.244

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
$46	$20M	33.2%	1.30%
$44	−$8M	13.4%	-3.11%
$47	$5M	8.6%	3.50%
$46.5	$5M	7.9%	2.40%
$45	−$4M	5.9%	-0.90%

GEX by expiration

Expiration	Net GEX / 1%	Absolute GEX
2026-07-17	$6M	$39M
2026-07-24	$963,570	$2M
2026-07-31	$7M	$12M
2026-08-07	$1M	$2M
2026-08-14	−$174,902	$225,778
2026-08-21	−$401,308	$5M

What is gamma exposure?

When you buy an option, a market maker usually takes the other side and hedges by holding shares of XLU. 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 ($45 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 XLU options data

See the XLU max pain dashboard for the expiry-pinning view of the same open interest , or check which ETFs overlap with XLU if you hold it as a fund.

GEX for other tickers

DIA GEX $205M IWM GEX −$1.91bn QQQ GEX −$561M SMH GEX −$472M SOXX GEX −$95M SPY GEX $2.82bn VOO GEX $51M XBI GEX −$8M

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.