iShares MSCI USA Min Vol ... (USMV)

The total Delta Exposure (DEX) for USMV across all expirations shows -1,208.81 net shares that market makers must hedge, with 29,157.09 from calls and 30,365.9 from puts. The put-call delta ratio of 1.04 indicates defensive positioning with heavy put protection, which could accelerate downward moves if breached. The largest delta concentration at Sep 19, 25 with 11,190.27 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.