SPDR Portfolio High Yield... (SPHY)
SPDR Portfolio High Yield Bond ETF Max Pain By Strike
SPHY trades at $23.66, pinned near the near-term max pain of $24 expiring Sep 19, 2025 (17 days). Price stability likely with balanced options positioning at this level. Max pain is falling across expirations ($24-$95), signaling increased put positioning or downside protection. Key magnetic zone at 24 where 2 expirations converge. High dispersion in max pain levels suggests competing forces and potential volatility.
SPDR Portfolio High Yield Bond ETF Max Pain By Expiry
Max pain for SPHY shows a downward trend from 95 to 24, indicating bearish sentiment or hedging activity. The 184% spread signals divergent expectations across timeframes. Most levels above 23.66 could support dips. Weekly expirations influence price 2-3 days before expiry; monthlies throughout their final week.
Max Pain Table
| Expiration Date | Max Pain | Max Pain vs Current Price |
|---|---|---|
| Sep 19, 2025 | 24 | 0.34 (1.44%) |
| Oct 17, 2025 | 24 | 0.34 (1.44%) |
| Jan 16, 2026 | 25 | 1.34 (5.66%) |
| Apr 17, 2026 | 25 | 1.34 (5.66%) |
| Jun 18, 2026 | 95 | 71.34 (301.52%) |