iShares iBoxx High Yield ... (HYG)
HYG Daily Delta Exposure
HYG's current Delta Exposure (DEX) is -35.11M shares, which is 70% larger than the 3M average of -20.71M shares. During this period, DEX ranged from -47.12M on Aug 11, 2025 to -8.58M on Jun 30, 2025, with dealers consistently net long, providing natural buying support. Delta exposure has been increasing recently, shifting the directional hedging pressure. The current put-call delta ratio of 2.57 signals heavy put positioning that could accelerate downside moves. Near extreme DEX levels suggest potential for mean reversion as positions unwind.
DEX History
| Date | Call Delta | Put Delta | Net Delta | P/C Delta |
|---|---|---|---|---|
| Aug 18, 2025 | 22,338,121.85 | -57,453,088.92 | -35,114,967.07 | 2.57 |
| Aug 15, 2025 | 20,869,978.45 | -56,897,883.18 | -36,027,904.73 | 2.73 |
| Aug 14, 2025 | 19,839,913.23 | -52,755,559.17 | -32,915,645.94 | 2.66 |
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