iShares 20 Year Treasury ... (TLT)
NASDAQ: TLT
· Real-Time Price · USD
86.45
-0.39 (-0.45%)
At close: Aug 21, 2025, 1:46 PM
TLT Delta Exposure By Expiry
The total Delta Exposure (DEX) for TLT across all expirations shows 6,721,209.42 net shares that market makers must hedge, with 66,440,542.03 from calls and 59,719,332.61 from puts. The put-call delta ratio of 0.90 suggests neutral market maker positioning. The largest delta concentration at Jan 16, 26 with -2,892,740.89 net DEX represents significant hedging pressure that could fuel downside acceleration. The nearest expiration on Aug 22, 25 carries positive delta requiring market makers to short shares, potentially creating resistance.
TLT DEX Table
| Expiry Date | Call Delta | Put Delta | Net Delta | P/C Delta |
|---|---|---|---|---|
| Aug 22, 25 | 4,953,418.62 | -2,934,954.95 | 2,018,463.67 | 0.59 |
| Aug 25, 25 | 403,138.14 | -293,877.21 | 109,260.93 | 0.73 |
| Aug 27, 25 | 84,460.55 | -179,033.43 | -94,572.88 | 2.12 |
| Aug 29, 25 | 3,647,193.15 | -2,358,951.46 | 1,288,241.69 | 0.65 |
| Sep 3, 25 | 14,736.52 | -15,760.33 | -1,023.81 | 1.07 |
| Sep 5, 25 | 2,725,591.98 | -2,245,140.11 | 480,451.87 | 0.82 |
| Sep 12, 25 | 2,020,484.51 | -626,258.14 | 1,394,226.37 | 0.31 |
| Sep 19, 25 | 10,241,791.52 | -11,256,277.56 | -1,014,486.04 | 1.10 |
| Sep 26, 25 | 2,288,769.58 | -1,513,476.13 | 775,293.45 | 0.66 |
| Sep 30, 25 | 1,867,128.66 | -3,376,240.36 | -1,509,111.7 | 1.81 |
| Oct 17, 25 | 3,823,391.64 | -2,609,836.3 | 1,213,555.34 | 0.68 |
| Nov 21, 25 | 1,917,050.73 | -1,766,097.12 | 150,953.61 | 0.92 |
| Dec 19, 25 | 5,301,556.89 | -4,419,709.6 | 881,847.29 | 0.83 |
| Dec 31, 25 | 1,007,245.52 | -1,038,047.95 | -30,802.43 | 1.03 |
| Jan 16, 26 | 11,237,449.62 | -14,130,190.51 | -2,892,740.89 | 1.26 |
| Feb 20, 26 | 448,437.98 | -220,143.85 | 228,294.13 | 0.49 |
| Mar 20, 26 | 1,340,849.48 | -1,102,672.67 | 238,176.81 | 0.82 |
| Mar 31, 26 | 331,875.9 | -260,956 | 70,919.9 | 0.79 |
| Apr 17, 26 | 713,820.23 | -667,615.04 | 46,205.19 | 0.94 |
| May 15, 26 | 1,308,066.05 | -288,031.05 | 1,020,035 | 0.22 |