(IWM)
IWM Delta Exposure By Expiry
The total Delta Exposure (DEX) for IWM across all expirations shows 263,173,950.5 net shares that market makers must hedge, with 441,201,459.94 from calls and 178,027,509.44 from puts. The put-call delta ratio of 0.40 shows bullish positioning with call dominance, potentially providing upward momentum but leaving the market vulnerable to sharp pullbacks. The largest delta concentration at Sep 19, 25 with 91,457,757.67 net DEX represents significant hedging pressure that may cap upside moves. The nearest expiration on Aug 26, 25 carries positive delta requiring market makers to short shares, potentially creating resistance.
IWM DEX Table
| Expiry Date | Call Delta | Put Delta | Net Delta | P/C Delta |
|---|---|---|---|---|
| Aug 26, 25 | 1,438,341 | -42,788.95 | 1,395,552.05 | 0.03 |
| Aug 27, 25 | 2,922,213.29 | -57,489.09 | 2,864,724.2 | 0.02 |
| Aug 28, 25 | 4,750,132.91 | -24,354.29 | 4,725,778.62 | 0.01 |
| Aug 29, 25 | 20,252,374.11 | -1,342,401.12 | 18,909,972.99 | 0.07 |
| Sep 2, 25 | 231,981.01 | -37,006.44 | 194,974.57 | 0.16 |
| Sep 3, 25 | 502,832.94 | -43,124.66 | 459,708.28 | 0.09 |
| Sep 4, 25 | 32,719.56 | -22,614.94 | 10,104.62 | 0.69 |
| Sep 5, 25 | 5,677,418.77 | -569,457.34 | 5,107,961.43 | 0.10 |
| Sep 12, 25 | 5,604,175.06 | -911,281.95 | 4,692,893.11 | 0.16 |
| Sep 19, 25 | 132,737,076.44 | -41,279,318.77 | 91,457,757.67 | 0.31 |
| Sep 26, 25 | 2,713,232.06 | -906,300.04 | 1,806,932.02 | 0.33 |
| Sep 30, 25 | 15,212,930.62 | -3,748,644 | 11,464,286.62 | 0.25 |
| Oct 3, 25 | 65,083.44 | -30,138.88 | 34,944.56 | 0.46 |
| Oct 17, 25 | 30,105,906.47 | -12,216,580.27 | 17,889,326.2 | 0.41 |
| Nov 21, 25 | 10,436,292.51 | -4,818,683.51 | 5,617,609 | 0.46 |
| Dec 19, 25 | 85,944,118.71 | -32,149,994.25 | 53,794,124.46 | 0.37 |
| Dec 31, 25 | 2,637,059.51 | -457,392.78 | 2,179,666.73 | 0.17 |
| Jan 16, 26 | 28,143,800.11 | -11,225,426.16 | 16,918,373.95 | 0.40 |
| Feb 20, 26 | 950,076.12 | -2,644,209.41 | -1,694,133.29 | 2.78 |
| Mar 20, 26 | 27,602,630.38 | -15,062,004.89 | 12,540,625.49 | 0.55 |