ProShares - Ultra Gold (UGL)

The total Delta Exposure (DEX) for UGL across all expirations shows 454,442.03 net shares that market makers must hedge, with 499,989.55 from calls and 45,547.52 from puts. The put-call delta ratio of 0.09 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 172,921.3 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.