(SMH)
NASDAQ: SMH
· Real-Time Price · USD
289.82
-9.06 (-3.03%)
At close: Aug 29, 2025, 2:14 PM
SMH Delta Exposure By Expiry
The total Delta Exposure (DEX) for SMH across all expirations shows 39,350,474.26 net shares that market makers must hedge, with 59,134,708.78 from calls and 19,784,234.52 from puts. The put-call delta ratio of 0.33 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 13,628,804.76 net DEX represents significant hedging pressure that may cap upside moves. The nearest expiration on Sep 5, 25 carries positive delta requiring market makers to short shares, potentially creating resistance.
SMH DEX Table
| Expiry Date | Call Delta | Put Delta | Net Delta | P/C Delta |
|---|---|---|---|---|
| Sep 5, 25 | 905,149.42 | -456,852.28 | 448,297.14 | 0.50 |
| Sep 12, 25 | 262,873.15 | -1,825,584.85 | -1,562,711.7 | 6.94 |
| Sep 19, 25 | 18,366,159.72 | -4,737,354.96 | 13,628,804.76 | 0.26 |
| Sep 26, 25 | 129,645.04 | -291,311.19 | -161,666.15 | 2.25 |
| Oct 3, 25 | 27,979.25 | -33,437.98 | -5,458.73 | 1.20 |
| Oct 10, 25 | 0 | 0 | 0 | n/a |
| Oct 17, 25 | 6,032,133.81 | -1,976,400.81 | 4,055,733 | 0.33 |
| Nov 21, 25 | 3,417,796.46 | -1,554,889.38 | 1,862,907.08 | 0.45 |
| Dec 19, 25 | 7,833,626.57 | -1,543,188.92 | 6,290,437.65 | 0.20 |
| Jan 16, 26 | 12,931,279.45 | -3,610,383.76 | 9,320,895.69 | 0.28 |
| Feb 20, 26 | 186,657 | -141,311.5 | 45,345.5 | 0.76 |
| Mar 20, 26 | 846,076.26 | -542,147.11 | 303,929.15 | 0.64 |
| May 15, 26 | 0 | 0 | 0 | n/a |
| Jun 18, 26 | 2,546,424.79 | -1,429,428.87 | 1,116,995.92 | 0.56 |
| Sep 18, 26 | 675,275.55 | -188,333.12 | 486,942.43 | 0.28 |
| Dec 18, 26 | 2,757,900.35 | -611,168.28 | 2,146,732.07 | 0.22 |
| Jan 15, 27 | 1,246,757.25 | -482,426.89 | 764,330.36 | 0.39 |
| Jun 17, 27 | 235,959.67 | -49,019.14 | 186,940.53 | 0.21 |
| Dec 17, 27 | 733,015.04 | -310,995.48 | 422,019.56 | 0.42 |