Manulife Financial Corpor... (MFC)

The total Delta Exposure (DEX) for MFC across all expirations shows -3,143.8 net shares that market makers must hedge, with 37,239.74 from calls and 40,383.54 from puts. The put-call delta ratio of 1.08 indicates defensive positioning with heavy put protection, which could accelerate downward moves if breached. The largest delta concentration at Sep 19, 25 with -11,608.78 net DEX represents significant hedging pressure that could fuel downside acceleration. The nearest expiration on Sep 19, 25 carries negative delta forcing market makers to buy shares, potentially providing support.