SPDR S&P 500 ETF Trust (SPY)
AMEX: SPY
· Real-Time Price · USD
643.27
-0.17 (-0.03%)
At close: Aug 18, 2025, 3:59 PM
643.54
0.04%
After-hours: Aug 18, 2025, 07:59 PM EDT
SPY Delta Exposure By Expiry
The total Delta Exposure (DEX) for SPY across all expirations shows 565,452,139.3 net shares that market makers must hedge, with 1,187,952,443.22 from calls and 622,500,303.92 from puts. The put-call delta ratio of 0.52 suggests neutral market maker positioning. The largest delta concentration at Sep 19, 25 with 136,013,254.96 net DEX represents significant hedging pressure that may cap upside moves. The nearest expiration on Aug 20, 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 |
|---|---|---|---|---|
| Aug 20, 25 | 4,427,312.84 | -6,019,223.31 | -1,591,910.47 | 1.36 |
| Aug 21, 25 | 3,468,399.8 | -3,153,502.91 | 314,896.89 | 0.91 |
| Aug 22, 25 | 32,193,296.82 | -22,016,522.95 | 10,176,773.87 | 0.68 |
| Aug 25, 25 | 2,354,905.61 | -2,715,312.88 | -360,407.27 | 1.15 |
| Aug 26, 25 | 974,677.41 | -1,938,251.43 | -963,574.02 | 1.99 |
| Aug 27, 25 | 386,998.85 | -708,304.73 | -321,305.88 | 1.83 |
| Aug 28, 25 | 151,221.46 | -255,196.14 | -103,974.68 | 1.69 |
| Aug 29, 25 | 116,822,615.05 | -35,775,882.06 | 81,046,732.99 | 0.31 |
| Sep 5, 25 | 16,190,008.13 | -16,426,142.18 | -236,134.05 | 1.01 |
| Sep 12, 25 | 10,324,727.69 | -9,562,092.21 | 762,635.48 | 0.93 |
| Sep 19, 25 | 264,689,534.98 | -128,676,280.02 | 136,013,254.96 | 0.49 |
| Sep 26, 25 | 1,982,118.95 | -2,180,646.57 | -198,527.62 | 1.10 |
| Sep 30, 25 | 66,151,685.26 | -33,029,112.1 | 33,122,573.16 | 0.50 |
| Oct 17, 25 | 45,577,160.2 | -63,450,572.48 | -17,873,412.28 | 1.39 |
| Oct 31, 25 | 31,098,486.48 | -22,478,389.14 | 8,620,097.34 | 0.72 |
| Nov 21, 25 | 14,877,757.7 | -16,598,734.88 | -1,720,977.18 | 1.12 |
| Nov 28, 25 | 6,600,060.67 | -4,698,821.28 | 1,901,239.39 | 0.71 |
| Dec 19, 25 | 143,593,283.34 | -49,887,300.75 | 93,705,982.59 | 0.35 |
| Dec 31, 25 | 37,945,260.23 | -12,423,958.54 | 25,521,301.69 | 0.33 |
| Jan 16, 26 | 130,425,118.98 | -54,918,045.96 | 75,507,073.02 | 0.42 |