What is Delta-one?

An instrument is delta-one on an underlying when its value changes by one unit for a one-unit change in the value of the underlying: it carries the exposure without optionality. Shares, funds, futures and forwards, total return swaps, contracts for difference, depositary receipts and certificates that track an asset one for one are delta-one. A delta-one desk prices, hedges and arbitrages the differences between them.