Direxion Daily Small Cap ... (TZA)
TZA Daily Delta Exposure
TZA's current Delta Exposure (DEX) is -205.98K shares, which is 42% larger than the 3M average of -144.9K shares. During this period, DEX ranged from -600.68K on Jun 25, 2025 to -71.55K on May 29, 2025, with dealers consistently net long, providing natural buying support. Delta exposure has been stable recently, maintaining steady hedging requirements. The current put-call delta ratio of 3.05 signals heavy put positioning that could accelerate downside moves. 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 22, 2025 | 100,725.82 | -306,710.23 | -205,984.41 | 3.05 |
| Aug 21, 2025 | 171,217.51 | -296,830.78 | -125,613.27 | 1.73 |
| Aug 20, 2025 | 180,025.95 | -298,013.53 | -117,987.58 | 1.66 |
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