VanEck Semiconductor ETF (SMH)
NASDAQ: SMH
· Real-Time Price · USD
333.69
7.33 (2.25%)
At close: Oct 01, 2025, 3:59 PM
339.01
1.59%
Pre-market: Oct 02, 2025, 08:31 AM EDT
SMH Delta Exposure By Expiry
The total Delta Exposure (DEX) for SMH across all expirations shows 21,101,862.07 net shares that market makers must hedge, with 54,576,875.51 from calls and 33,475,013.44 from puts. The put-call delta ratio of 0.61 suggests neutral market maker positioning.
SMH DEX Table
| Expiry Date | Call Delta | Put Delta | Net Delta | P/C Delta |
|---|---|---|---|---|
| Oct 3, 25 | 2,365,247.41 | -6,970,207.6 | -4,604,960.19 | 2.95 |
| Oct 10, 25 | 786,496.83 | -1,932,831.38 | -1,146,334.55 | 2.46 |
| Oct 17, 25 | 8,434,579.11 | -5,447,602.7 | 2,986,976.41 | 0.65 |
| Oct 24, 25 | 165,892.41 | -342,895.74 | -177,003.33 | 2.07 |
| Oct 31, 25 | 467,864.03 | -1,721,531.68 | -1,253,667.65 | 3.68 |
| Nov 7, 25 | 37,036.72 | -197,158.82 | -160,122.1 | 5.32 |
| Nov 21, 25 | 4,544,254.55 | -2,549,716.93 | 1,994,537.62 | 0.56 |
| Dec 19, 25 | 9,888,288.2 | -2,554,797.12 | 7,333,491.08 | 0.26 |
| Jan 16, 26 | 15,488,716.79 | -4,158,891.03 | 11,329,825.76 | 0.27 |
| Feb 20, 26 | 602,227.93 | -707,233.74 | -105,005.81 | 1.17 |
| Mar 20, 26 | 1,681,280.94 | -3,182,678.61 | -1,501,397.67 | 1.89 |
| May 15, 26 | 51,040.62 | -37,389.7 | 13,650.92 | 0.73 |
| Jun 18, 26 | 3,069,334.23 | -1,454,670.16 | 1,614,664.07 | 0.47 |
| Sep 18, 26 | 895,545.52 | -315,279.18 | 580,266.34 | 0.35 |
| Dec 18, 26 | 3,195,928.09 | -819,322.32 | 2,376,605.77 | 0.26 |
| Jan 15, 27 | 1,433,599.36 | -606,433.18 | 827,166.18 | 0.42 |
| Jun 17, 27 | 334,082.94 | -83,398.43 | 250,684.51 | 0.25 |
| Dec 17, 27 | 1,060,421.96 | -344,818.06 | 715,603.9 | 0.33 |
| Jan 21, 28 | 75,037.87 | -48,157.06 | 26,880.81 | 0.64 |