Second-order Greeks come under the spotlight as we look at Theta, Vanna and Charm exposures across FTSE 100 and Nikkei 225 structures.

This article follows on from an earlier piece that examined Delta, Gamma and Vega sensitivities for the FTSE 100 and Nikkei 225 Indices using data from the SRP Greeks application . In this second part, we extend the analysis to the remaining sensitivities: Dividend Sensitivity, Theta, Vanna and Charm. Figure 1: Greeks data for the FTSE 100 Index and the Nikkei 225 Index for 19 December 2025 Source: SRP Theta Theta measures the sensitivity of the portfolio value to change in time, assumin