Vanguard Mid-Cap ETF (VO)

The total Delta Exposure (DEX) for VO across all expirations shows 109,112.25 net shares that market makers must hedge, with 123,982.29 from calls and 14,870.04 from puts. The put-call delta ratio of 0.12 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 72,654.11 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.