(CMF)

The total Delta Exposure (DEX) for CMF across all expirations shows 246.13 net shares that market makers must hedge, with 284.19 from calls and 38.06 from puts. The put-call delta ratio of 0.13 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 169.56 net DEX represents significant hedging pressure that may cap upside moves. The nearest expiration on Oct 17, 25 carries positive delta requiring market makers to short shares, potentially creating resistance.