Xtrackers Semiconductor S... (CHPS)

The total Delta Exposure (DEX) for CHPS across all expirations shows 22.82 net shares that market makers must hedge, with 37.62 from calls and 14.8 from puts. The put-call delta ratio of 0.39 shows bullish positioning with call dominance, potentially providing upward momentum but leaving the market vulnerable to sharp pullbacks. The largest delta concentration at Jan 16, 26 with 31.05 net DEX represents significant hedging pressure that may cap upside moves. The nearest expiration on Sep 19, 25 carries negative delta forcing market makers to buy shares, potentially providing support.