SPDR Bloomberg Convertibl... (CWB)
AMEX: CWB
· Real-Time Price · USD
85.92
0.16 (0.19%)
At close: Aug 26, 2025, 1:49 PM
CWB Delta Exposure By Expiry
The total Delta Exposure (DEX) for CWB across all expirations shows 38,862.58 net shares that market makers must hedge, with 78,065.37 from calls and 39,202.79 from puts. The put-call delta ratio of 0.50 suggests neutral market maker positioning. The largest delta concentration at Sep 19, 25 with 37,011.49 net DEX represents significant hedging pressure that may cap upside moves. The nearest expiration on Sep 19, 25 carries positive delta requiring market makers to short shares, potentially creating resistance.
CWB DEX Table
| Expiry Date | Call Delta | Put Delta | Net Delta | P/C Delta |
|---|---|---|---|---|
| Sep 19, 25 | 67,571.02 | -30,559.53 | 37,011.49 | 0.45 |
| Oct 17, 25 | 4,653.99 | -8,166.99 | -3,513 | 1.75 |
| Jan 16, 26 | 5,840.36 | -461.03 | 5,379.33 | 0.08 |
| Apr 17, 26 | 0 | -15.24 | -15.24 | n/a |
| Dec 18, 26 | 0 | 0 | 0 | n/a |