EEM Options History — July 2025

In July 2025, EEM traded between $48.03 and $49.91. ATM implied volatility averaged 15.7%, placing in the 11.7% IV rank vs the trailing year. The 30-day expected move averaged 4.2%. IV traded above realized volatility by 3.5% (HV 20d: 12.2%). Max pain ranged from $46.00 to $48.50. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 11 of 22 days. Put/call ratio averaged 1.78.

Notable Days

2025-07-23: Highest Volume — 426,941 contracts
2025-07-02: Largest IV drop — 61.8% change
2025-07-01: Highest IV Rank — 83.6%
2025-07-07: Largest Expected Move — 4.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$48.85	$48.03	$49.91	$48.36	$48.64
Max Pain	$46.98	$46.00	$48.50	$46.00	$48.50
ATM IV	15.7%	13.7%	37.2%	37.2%	14.3%
Expected Move	4.2%	4.0%	4.6%	4.1%	4.3%
HV 20d	12.2%	8.4%	14.9%	14.2%	9.7%
HV 60d	15.0%	11.7%	26.9%	26.9%	11.7%
IV Rank	11.7%	4.6%	83.6%	83.6%	6.4%
IV Percentile	26.7%	5.6%	98.4%	98.4%	13.1%
Term Structure	-0.6%	-24.6%	11.1%	-24.6%	-0.0%
VWIV	16.0%	14.0%	20.5%	15.7%	14.9%
Skew 25d	0.8%	-24.5%	2.8%	-24.5%	2.8%
Skew 10d	3.5%	-39.1%	12.2%	-39.1%	7.4%
Call IV 25d	15.4%	13.6%	36.2%	36.2%	14.0%
Put IV 25d	16.2%	11.7%	17.8%	11.7%	16.8%
Bid-Ask Spread %	23.12	3.68	77.62	70.74	4.84
Gamma HHI	0.11	0.09	0.20	0.10	0.09
Net GEX	210.2M	1.1M	426.0M	219.2M	1.1M
Net DEX	-4.50B	-5.67B	-3.18B	-4.41B	-3.18B
Net VEX	-36.3M	-37.7M	-33.8M	-33.8M	-37.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.78	0.14	11.99	0.96	1.74
Total Volume	172,473	57,996	426,941	103,700	152,850
Total OI	6,224,189.682	5,636,279	6,698,215	5,636,279	6,618,846

Daily Data (22 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
2025-07-01	$48.36	$46.00	37.2%	4.1%	14.2%	83.6%	15.7%	-24.5%	-24.6%	219.2M	-4.41B	-33.8M	0.96	70.74	52,815	50,885	2,245,372	3,390,907
2025-07-02	$48.48	$46.00	14.2%	4.0%	14.2%	7.0%	14.0%	2.1%	11.1%	230.3M	-4.55B	-35.0M	1.30	77.62	58,140	75,579	2,270,525	3,426,315
2025-07-03	$48.70	$46.50	15.5%	4.3%	13.7%	11.2%	15.1%	0.9%	1.7%	257.3M	-4.98B	-33.8M	4.18	69.42	49,878	208,319	2,299,112	3,488,365
2025-07-07	$48.03	$46.50	16.3%	4.6%	14.8%	13.8%	18.4%	2.2%	-0.3%	127.0M	-3.63B	-36.1M	0.87	67.82	134,636	117,432	2,261,406	3,660,982
2025-07-08	$48.36	$46.50	15.5%	4.4%	14.9%	11.2%	16.9%	1.8%	0.1%	184.3M	-4.07B	-36.6M	1.31	68.78	30,154	39,487	2,355,261	3,698,868
2025-07-09	$48.30	$46.50	14.8%	4.3%	14.7%	8.9%	16.4%	1.8%	0.2%	201.4M	-4.11B	-35.5M	0.30	43.13	84,313	24,892	2,389,581	3,733,073
2025-07-10	$48.41	$46.50	14.6%	4.1%	14.6%	8.4%	14.3%	1.6%	-0.4%	240.8M	-4.44B	-35.3M	0.61	9.00	80,158	49,211	2,429,718	3,749,412
2025-07-11	$48.27	$46.50	13.8%	4.0%	14.6%	5.7%	14.8%	2.0%	0.2%	230.1M	-4.09B	-36.2M	0.45	5.00	155,661	69,883	2,460,970	3,789,386
2025-07-14	$48.31	$46.50	14.1%	4.1%	14.6%	6.8%	17.0%	1.5%	0.1%	206.9M	-4.21B	-36.0M	0.47	5.48	39,581	18,415	2,492,264	3,801,297
2025-07-15	$48.72	$46.50	15.0%	4.3%	13.3%	9.7%	17.3%	2.0%	0.1%	278.4M	-4.78B	-35.6M	0.73	5.27	110,613	80,743	2,485,029	3,809,391
2025-07-16	$48.89	$46.50	15.2%	4.4%	13.3%	10.5%	16.8%	2.5%	-0.0%	299.1M	-5.01B	-36.1M	0.92	4.86	138,947	127,866	2,528,247	3,838,272
2025-07-17	$49.17	$46.50	14.9%	4.3%	12.3%	8.7%	14.7%	1.9%	-0.2%	383.8M	-5.67B	-36.4M	3.25	4.31	53,663	174,192	2,613,092	3,917,395
2025-07-18	$49.06	$46.50	14.5%	4.2%	12.3%	7.3%	16.2%	1.8%	0.2%	426.0M	-5.42B	-37.5M	1.60	13.94	67,404	108,185	2,618,089	4,080,126
2025-07-21	$49.39	$47.00	14.5%	4.2%	11.9%	7.2%	15.0%	2.7%	0.6%	175.6M	-4.63B	-37.5M	1.44	16.53	41,957	60,612	2,351,132	3,723,294
2025-07-22	$49.41	$47.50	14.7%	4.2%	11.9%	7.9%	20.5%	2.8%	0.5%	175.9M	-4.65B	-37.3M	1.45	4.66	27,419	39,670	2,384,012	3,819,137
2025-07-23	$49.91	$47.50	14.2%	4.1%	8.4%	6.1%	15.3%	2.5%	0.1%	199.3M	-5.29B	-37.3M	0.30	5.59	328,370	98,571	2,388,545	3,841,607
2025-07-24	$49.67	$47.50	14.4%	4.2%	8.7%	6.7%	15.3%	1.8%	-0.3%	227.9M	-5.16B	-37.6M	0.14	3.68	194,169	26,634	2,522,560	3,883,944
2025-07-25	$49.53	$47.50	13.7%	4.0%	8.7%	4.6%	14.7%	1.2%	-0.1%	275.2M	-4.73B	-36.8M	1.51	4.72	62,523	94,549	2,393,570	3,881,671
2025-07-28	$49.13	$47.50	14.8%	4.3%	9.2%	8.1%	15.5%	1.8%	-0.7%	132.7M	-4.26B	-36.5M	2.57	4.73	41,329	106,255	2,421,186	3,868,940
2025-07-29	$49.16	$48.50	14.7%	4.4%	9.2%	7.9%	17.9%	2.6%	-0.5%	106.5M	-4.08B	-36.9M	0.96	5.92	117,310	112,372	2,433,757	3,967,798
2025-07-30	$48.81	$48.50	15.0%	4.6%	9.6%	9.1%	16.4%	2.7%	-0.6%	45.7M	-3.70B	-37.3M	11.99	12.65	6,831	81,933	2,532,150	4,067,569
2025-07-31	$48.64	$48.50	14.3%	4.3%	9.7%	6.4%	14.9%	2.8%	-0.0%	1.1M	-3.18B	-37.7M	1.74	4.84	55,769	97,081	2,516,813	4,102,033