SPHY Options Greeks
SPHY is the SPDR PORTFOLIO HIGH YIELD BOND ETF. SPHY max pain for the nearest expiry (2026-11-20) is $14, across 4 expirations. View historical max pain, max pain per expiration, and options greeks including Delta, Gamma, Theta, and Vega.
- Max pain (2026-11-20)
- $14
- Expirations
- 4
- Name
- SPDR PORTFOLIO HIGH YIELD BOND ETF
- Type
- ETF
- Market cap
- $11.86B
- Avg. daily volume (30d)
- 5.71M
Frequently asked questions
- What is SPHY max pain?
- SPHY max pain for the nearest expiry (2026-11-20) is $14. Max pain is the strike price where the most options contracts expire worthless, causing maximum loss for option holders and minimum payout by option writers.
- How does SPHY max pain affect price?
- Max pain theory suggests that SPHY stock price tends to gravitate toward the max pain strike as expiration approaches, because market makers hedge their positions. Tracking max pain across expirations helps identify potential price magnets.
- What are SPHY options greeks?
- Options greeks measure the sensitivity of SPHY option prices to various factors: Delta (price direction), Gamma (delta acceleration), Theta (time decay), and Vega (volatility sensitivity). Combine these with max pain levels to time entries and exits.