iShares Select Dividend E... (DVY)

The total Delta Exposure (DEX) for DVY across all expirations shows 474,620.59 net shares that market makers must hedge, with 575,421.92 from calls and 100,801.33 from puts. The put-call delta ratio of 0.18 shows bullish positioning with call dominance, potentially providing upward momentum but leaving the market vulnerable to sharp pullbacks. The largest delta concentration at Oct 17, 25 with 251,709.17 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.