EEM Options History — September 2025

In September 2025, EEM traded between $49.78 and $53.34. ATM implied volatility averaged 14.6%, placing in the 7.5% IV rank vs the trailing year. The 30-day expected move averaged 4.2%. IV traded above realized volatility by 3.7% (HV 20d: 10.9%). Max pain ranged from $46.00 to $51.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 18 of 21 days. Put/call ratio averaged 0.89.

Notable Days

  • 2025-09-17: Highest Volume — 497,699 contracts
  • 2025-09-29: Largest IV spike — 6.8% change
  • 2025-09-23: Highest IV Rank — 11.3%
  • 2025-09-23: Largest Expected Move — 4.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$52.14$49.78$53.34$49.78$53.34
Max Pain$50.29$46.00$51.00$46.00$51.00
ATM IV14.6%13.6%15.7%14.1%15.4%
Expected Move4.2%3.9%4.5%4.1%4.4%
HV 20d10.9%8.9%12.6%11.9%8.9%
HV 60d11.3%10.2%12.3%12.1%10.2%
IV Rank7.5%4.3%11.3%6.0%10.3%
IV Percentile26.8%6.7%48.4%14.3%42.5%
Term Structure0.2%-0.0%1.0%0.1%0.0%
VWIV15.0%13.5%17.2%15.3%15.7%
Skew 25d1.4%0.8%2.1%2.1%0.9%
Skew 10d4.2%2.5%6.9%5.6%3.1%
Call IV 25d14.3%13.1%15.7%13.6%15.4%
Put IV 25d15.7%14.8%16.9%15.7%16.3%
Bid-Ask Spread %4.122.558.655.273.33
Gamma HHI0.130.090.230.100.15
Net GEX335.9M177.0M581.5M177.0M338.2M
Net DEX-7.91B-10.92B-5.51B-5.51B-7.34B
Net VEX-28.1M-31.4M-26.0M-28.4M-27.5M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.890.143.030.942.59
Total Volume210,58771,630497,69971,63085,621
Total OI6,917,295.1435,814,5978,079,9916,834,0656,212,940

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-09-02$49.78$46.0014.1%4.1%11.9%6.0%15.3%2.1%0.1%177.0M-5.51B-28.4M0.945.2736,87334,7572,659,2594,174,806
2025-09-03$49.95$46.0013.9%3.9%11.8%5.0%14.5%1.7%0.2%200.7M-5.76B-29.5M1.025.0350,42851,5552,671,7104,197,932
2025-09-04$49.81$50.0013.7%4.0%11.9%4.3%14.2%1.8%0.1%183.5M-5.51B-29.6M1.083.7462,81467,7272,702,5134,220,153
2025-09-05$50.41$50.0013.6%4.0%12.3%4.3%13.5%1.9%0.1%266.1M-6.61B-28.0M0.634.4556,32235,6372,727,6074,260,182
2025-09-08$50.89$50.0013.8%4.0%12.6%4.9%14.1%1.7%0.0%316.8M-7.17B-28.7M3.033.4052,313158,4302,741,6514,276,928
2025-09-09$51.20$50.0014.2%4.1%12.6%6.3%14.7%1.6%-0.0%337.6M-7.74B-27.6M0.363.60112,01239,8052,756,7924,411,520
2025-09-10$51.55$50.0014.1%4.1%12.1%5.9%14.3%2.1%0.0%358.8M-8.38B-26.9M0.443.54208,17890,6882,796,2954,424,257
2025-09-11$52.27$51.0013.8%4.0%12.4%4.7%14.2%1.1%0.1%341.1M-9.37B-26.0M0.152.97315,33446,6832,803,3874,511,820
2025-09-12$52.30$51.0013.7%4.0%11.3%4.5%15.3%1.5%0.3%398.0M-9.45B-28.1M0.473.1979,70837,1393,005,8574,541,720
2025-09-15$52.63$51.0014.2%4.1%11.4%6.3%14.5%0.8%0.1%379.3M-9.94B-26.6M0.273.23217,73857,9512,976,8964,537,953
2025-09-16$53.05$51.0015.1%4.3%11.5%9.2%14.9%1.6%0.2%404.5M-10.52B-27.4M0.272.56392,119105,4963,111,5304,588,846
2025-09-17$53.31$51.0015.5%4.4%10.8%10.5%15.7%1.2%-0.0%409.2M-10.92B-27.4M0.598.65312,576185,1233,163,8614,650,041
2025-09-18$53.11$51.0015.4%4.4%10.9%10.3%15.7%1.1%0.0%412.4M-10.54B-31.4M0.675.30242,694163,4563,338,2424,708,635
2025-09-19$53.00$51.0014.6%4.2%11.0%7.4%15.1%1.2%0.1%581.5M-10.70B-27.7M0.573.9283,17047,2693,354,1754,725,816
2025-09-22$53.22$51.0014.9%4.3%9.4%8.7%14.8%1.0%0.3%357.1M-7.11B-26.9M1.414.2639,86656,2382,532,0763,282,521
2025-09-23$53.30$51.0015.7%4.5%9.1%11.3%16.4%1.5%0.1%355.9M-7.19B-27.4M2.015.6056,624113,8462,559,5603,321,936
2025-09-24$53.09$51.0015.6%4.5%9.1%10.8%17.2%1.6%0.2%324.1M-6.75B-28.1M0.594.4979,29146,9902,573,2233,400,341
2025-09-25$52.84$51.0015.1%4.3%8.9%9.1%14.9%1.4%0.2%309.3M-6.23B-30.8M0.143.79268,68737,4452,648,6223,436,031
2025-09-26$52.69$51.0014.5%4.1%9.2%7.3%14.5%0.9%1.0%272.8M-6.33B-27.3M0.393.55113,37743,7112,615,5773,474,512
2025-09-29$53.16$51.0015.5%4.4%9.1%10.6%15.4%0.9%0.1%329.7M-7.04B-28.0M1.092.5565,46871,1682,684,2323,481,243
2025-09-30$53.34$51.0015.4%4.4%8.9%10.3%15.7%0.9%0.0%338.2M-7.34B-27.5M2.593.3323,87361,7482,717,3273,495,613