VanEck Merk Gold ETF (OUNZ)
OUNZ Daily Delta Exposure
OUNZ's current Delta Exposure (DEX) is 27.14K shares, which is 31% larger than the 3M average of 20.72K shares. During this period, DEX ranged from -4.75K on Jun 25, 2025 to 32.02K on Aug 18, 2025, swinging between net long and short dealer positioning. Delta exposure has been stable recently, maintaining steady hedging requirements. The current put-call delta ratio of 0.07 shows bullish call positioning but leaves the market vulnerable to pullbacks. Near extreme DEX levels suggest potential for mean reversion as positions unwind.
DEX History
| Date | Call Delta | Put Delta | Net Delta | P/C Delta |
|---|---|---|---|---|
| Aug 20, 2025 | 29,148.8 | -2,005.9 | 27,142.9 | 0.07 |
| Aug 19, 2025 | 24,791.15 | -2,192.41 | 22,598.74 | 0.09 |
| Aug 18, 2025 | 33,867.2 | -1,851.29 | 32,015.91 | 0.05 |
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