(VONG)

The total Gamma Exposure (GEX) for VONG across all expirations is 20.84 shares per 1% move, with 23.03 from calls and 2.19 from puts. The put-call GEX ratio of 0.10 shows call-heavy positioning, potentially creating volatility as market makers hedge by selling into strength and buying weakness. The highest gamma concentration is at the Nov 21, 25 expiration with 20.84 net GEX, which may act as a magnet point for price action. Near-term exposure for Nov 21, 25 suggests potential support from positive gamma hedging flows.