EEM Options History — May 2025

In May 2025, EEM traded between $43.88 and $46.30. ATM implied volatility averaged 16.3%, placing in the 14.2% IV rank vs the trailing year. The 30-day expected move averaged 4.8%. IV traded below realized volatility by 4.2% (HV 20d: 20.5%). Max pain ranged from $42.50 to $44.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 11 of 21 days. Put/call ratio averaged 1.34.

Notable Days

2025-05-05: Highest Volume — 271,021 contracts
2025-05-30: Largest IV spike — 10.3% change
2025-05-08: Highest IV Rank — 21.5%
2025-05-06: Largest Expected Move — 5.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$45.68	$43.88	$46.30	$43.88	$45.55
Max Pain	$43.43	$42.50	$44.00	$42.50	$44.00
ATM IV	16.3%	13.8%	18.4%	17.2%	15.3%
Expected Move	4.8%	4.3%	5.7%	5.0%	4.5%
HV 20d	20.5%	12.9%	43.8%	43.6%	14.2%
HV 60d	28.9%	27.9%	29.3%	28.5%	27.9%
IV Rank	14.2%	5.9%	21.5%	17.3%	10.7%
IV Percentile	51.2%	16.3%	73.8%	65.1%	37.7%
Term Structure	0.2%	-1.5%	2.4%	0.3%	-1.0%
VWIV	17.6%	15.0%	25.2%	17.3%	16.3%
Skew 25d	2.2%	1.1%	4.4%	2.5%	2.6%
Skew 10d	3.6%	-7.3%	7.9%	4.1%	4.5%
Call IV 25d	15.5%	13.3%	17.9%	16.5%	14.1%
Put IV 25d	17.7%	15.6%	20.9%	19.0%	16.7%
Bid-Ask Spread %	50.90	15.17	68.36	68.36	20.69
Gamma HHI	0.10	0.08	0.14	0.08	0.08
Net GEX	150.9M	20.9M	286.1M	22.2M	20.9M
Net DEX	-2.93B	-4.52B	-250.0M	-250.0M	-2.30B
Net VEX	-40.3M	-42.4M	-38.2M	-40.9M	-38.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.34	0.34	5.88	3.76	1.56
Total Volume	145,950.905	43,336	271,021	121,224	175,471
Total OI	6,056,475.714	5,663,099	6,528,658	5,663,099	6,159,708

Daily Data (21 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Vol	Put Vol	Call OI	Put OI
2025-05-01	$43.88	$42.50	17.2%	5.0%	43.6%	17.3%	17.3%	2.5%	0.3%	22.2M	-250.0M	-40.9M	3.76	68.36	25,488	95,736	2,223,331	3,439,768
2025-05-02	$45.03	$42.50	17.8%	5.2%	43.8%	19.6%	19.4%	2.2%	0.1%	93.5M	-1.89B	-41.6M	0.60	43.03	157,755	94,124	2,243,120	3,517,763
2025-05-05	$45.41	$43.00	18.3%	5.4%	38.6%	21.0%	25.2%	2.4%	-0.1%	147.1M	-2.59B	-41.4M	0.34	46.09	202,629	68,392	2,337,591	3,526,602
2025-05-06	$45.22	$43.00	18.3%	5.7%	34.3%	21.1%	21.2%	2.1%	2.4%	140.6M	-2.40B	-42.1M	0.46	52.28	153,838	70,645	2,396,743	3,537,697
2025-05-07	$44.78	$43.00	18.2%	5.4%	33.3%	20.9%	20.0%	4.4%	1.0%	115.7M	-1.64B	-42.2M	1.75	55.21	58,752	102,699	2,413,628	3,528,341
2025-05-08	$44.64	$43.00	18.4%	5.5%	21.7%	21.5%	18.6%	1.7%	0.3%	119.6M	-1.35B	-42.4M	0.69	51.60	66,140	45,429	2,426,186	3,583,884
2025-05-09	$44.91	$43.00	16.9%	5.2%	18.9%	16.5%	19.6%	1.7%	0.3%	170.6M	-1.73B	-42.1M	1.72	50.12	63,895	109,812	2,430,763	3,618,840
2025-05-12	$45.86	$43.00	16.3%	5.0%	16.1%	14.3%	18.0%	1.1%	0.8%	232.4M	-3.61B	-39.5M	1.01	54.89	83,258	84,172	2,470,334	3,658,694
2025-05-13	$46.08	$43.00	15.4%	4.7%	15.9%	11.2%	16.6%	2.3%	0.9%	259.2M	-4.01B	-39.0M	1.07	49.71	92,576	99,067	2,496,471	3,703,526
2025-05-14	$46.27	$43.50	16.0%	4.8%	15.6%	13.4%	16.8%	1.1%	1.0%	267.5M	-4.34B	-39.7M	0.57	56.16	160,120	91,344	2,568,783	3,757,287
2025-05-15	$46.20	$43.50	15.8%	4.8%	14.2%	12.7%	16.7%	1.5%	1.1%	286.1M	-4.36B	-40.3M	0.85	53.70	64,787	55,114	2,640,837	3,782,062
2025-05-16	$46.25	$43.50	15.0%	4.6%	14.1%	10.1%	15.0%	1.3%	1.2%	205.0M	-4.52B	-40.5M	0.64	15.17	54,198	34,583	2,698,419	3,830,239
2025-05-19	$46.30	$43.50	16.1%	4.7%	13.9%	13.5%	16.6%	1.7%	-0.1%	151.9M	-3.52B	-40.7M	0.53	59.42	36,482	19,494	2,415,440	3,518,845
2025-05-20	$46.25	$44.00	16.0%	4.6%	13.3%	13.4%	17.8%	1.9%	-0.1%	148.9M	-3.49B	-40.2M	5.88	59.97	6,300	37,036	2,429,598	3,539,965
2025-05-21	$46.22	$44.00	16.2%	4.6%	13.3%	13.9%	16.4%	2.1%	-1.5%	148.2M	-3.48B	-40.1M	1.30	61.91	57,402	74,814	2,432,114	3,543,705
2025-05-22	$46.05	$44.00	15.8%	4.5%	13.1%	12.6%	15.6%	2.5%	-0.0%	118.8M	-3.11B	-39.4M	1.59	57.07	39,348	62,755	2,428,344	3,587,691
2025-05-23	$46.25	$44.00	15.6%	4.5%	12.9%	11.8%	15.1%	2.9%	-0.0%	143.7M	-3.37B	-39.5M	0.63	17.86	49,187	31,077	2,437,126	3,581,785
2025-05-27	$46.11	$44.00	14.9%	4.4%	13.0%	9.5%	15.2%	2.6%	-0.6%	131.7M	-3.23B	-38.8M	1.08	63.69	54,935	59,081	2,452,910	3,601,359
2025-05-28	$45.92	$44.00	14.6%	4.3%	13.3%	8.5%	16.5%	3.0%	-0.4%	112.9M	-2.99B	-38.4M	0.83	64.70	39,339	32,837	2,465,912	3,629,369
2025-05-29	$46.09	$44.00	13.8%	4.4%	13.3%	5.9%	15.3%	2.9%	-0.4%	133.2M	-3.24B	-38.2M	1.33	67.23	66,601	88,257	2,470,860	3,660,350
2025-05-30	$45.55	$44.00	15.3%	4.5%	14.2%	10.7%	16.3%	2.6%	-1.0%	20.9M	-2.30B	-38.5M	1.56	20.69	68,504	106,967	2,488,806	3,670,902