EEM Options History — December 2025

In December 2025, EEM traded between $52.64 and $55.22. ATM implied volatility averaged 15.6%, placing in the 10.1% IV rank vs the trailing year. The 30-day expected move averaged 4.4%. IV traded above realized volatility by 3.1% (HV 20d: 12.4%). Max pain ranged from $48.00 to $54.00. Net GEX was positive for 17 of 22 trading days. Term structure was in contango for 11 of 22 days. Put/call ratio averaged 1.37.

Notable Days

2025-12-15: Highest Volume — 6,042,301 contracts
2025-12-09: Largest IV spike — 30.2% change
2025-12-09: Highest IV Rank — 28.4%
2025-12-02: Largest Expected Move — 5.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$54.28	$52.64	$55.22	$54.30	$54.75
Max Pain	$51.41	$48.00	$54.00	$51.00	$54.00
ATM IV	15.6%	13.3%	20.8%	16.3%	15.1%
Expected Move	4.4%	3.8%	5.3%	5.2%	4.3%
HV 20d	12.4%	9.6%	14.4%	14.4%	13.0%
HV 60d	15.5%	14.8%	16.1%	15.2%	16.0%
IV Rank	10.1%	1.7%	28.4%	13.2%	7.7%
IV Percentile	41.6%	1.6%	89.7%	61.9%	38.1%
Term Structure	-0.2%	-2.1%	0.9%	-0.9%	0.0%
VWIV	15.8%	13.3%	18.4%	18.4%	15.7%
Skew 25d	1.7%	-9.3%	4.3%	3.2%	3.0%
Skew 10d	4.7%	-5.0%	9.1%	4.5%	6.1%
Call IV 25d	14.5%	12.7%	16.8%	14.9%	13.9%
Put IV 25d	16.2%	5.9%	19.5%	18.1%	16.9%
Bid-Ask Spread %	26.33	19.82	47.98	22.65	21.97
Gamma HHI	0.09	0.07	0.13	0.07	0.09
Net GEX	49.2M	-273.1M	213.9M	69.5M	128.6M
Net DEX	-3.13B	-7.46B	1.70B	-5.37B	-1.07B
Net VEX	-21.0M	-22.5M	-18.9M	-22.1M	-20.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.37	0.02	6.17	1.20	0.73
Total Volume	371,835.545	14,390	6,042,301	97,987	102,794
Total OI	6,045,979.636	4,166,787	7,252,213	6,814,545	4,405,253

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
2025-12-01	$54.30	$51.00	16.3%	5.2%	14.4%	13.2%	18.4%	3.2%	-0.9%	69.5M	-5.37B	-22.1M	1.20	22.65	44,641	53,346	2,546,485	4,268,060
2025-12-02	$54.34	$51.00	16.1%	5.3%	14.1%	12.5%	17.7%	2.5%	-0.9%	82.8M	-5.53B	-21.1M	0.61	21.32	71,282	43,190	2,560,826	4,271,825
2025-12-03	$54.34	$51.00	17.8%	5.2%	12.8%	18.3%	17.2%	0.6%	-2.1%	91.0M	-5.62B	-21.4M	0.63	22.87	46,639	29,588	2,597,830	4,302,419
2025-12-04	$54.30	$48.00	17.4%	4.0%	12.3%	17.1%	17.2%	1.7%	0.3%	91.5M	-5.52B	-21.6M	5.66	29.73	10,128	57,304	2,604,700	4,318,359
2025-12-05	$54.70	$48.00	15.3%	4.5%	12.4%	10.1%	15.2%	0.6%	-0.0%	94.2M	-6.18B	-22.0M	0.22	30.54	131,332	29,234	2,619,461	4,371,043
2025-12-08	$54.59	$48.00	16.0%	4.6%	12.1%	12.2%	16.2%	1.8%	0.5%	92.3M	-6.26B	-20.1M	0.46	22.98	78,182	36,192	2,652,098	4,382,414
2025-12-09	$54.55	$48.00	20.8%	4.7%	9.6%	28.4%	16.8%	-0.4%	0.1%	91.1M	-6.31B	-20.7M	0.32	22.61	78,940	25,285	2,731,045	4,405,504
2025-12-10	$55.22	$48.00	16.9%	4.2%	10.6%	15.4%	15.3%	0.3%	0.4%	179.9M	-7.46B	-19.4M	0.29	28.63	90,236	25,840	2,762,846	4,406,869
2025-12-11	$54.89	$48.00	16.3%	4.3%	10.8%	13.2%	14.8%	-9.3%	-1.4%	144.5M	-7.03B	-18.9M	0.87	30.25	36,754	31,973	2,802,035	4,416,207
2025-12-12	$54.23	$48.00	14.3%	4.2%	11.0%	6.7%	15.1%	1.5%	0.9%	11.7M	-5.71B	-20.2M	0.39	27.91	134,977	52,169	2,821,142	4,431,071
2025-12-15	$54.14	$48.00	14.5%	4.2%	11.0%	7.3%	15.9%	1.0%	0.3%	-82.8M	-5.18B	-20.0M	0.02	29.98	5,926,385	115,916	2,798,473	4,391,239
2025-12-16	$53.00	$54.00	15.7%	4.5%	12.6%	10.0%	16.1%	3.4%	-1.3%	-219.9M	1.46B	-21.9M	1.51	47.98	74,161	112,323	1,803,986	4,455,681
2025-12-17	$52.64	$54.00	16.7%	4.8%	12.7%	13.4%	18.3%	4.3%	0.1%	-273.1M	1.70B	-22.1M	6.17	22.38	9,386	57,893	1,821,850	4,460,737
2025-12-18	$53.31	$54.00	15.2%	4.4%	13.6%	8.2%	15.4%	2.8%	-0.1%	-193.9M	749.9M	-21.8M	1.03	24.00	65,007	66,918	1,822,074	4,441,582
2025-12-19	$53.81	$54.00	14.6%	4.2%	13.1%	6.2%	15.5%	3.5%	-0.2%	-13.2M	126.6M	-21.1M	1.52	22.62	61,939	94,340	1,864,213	4,455,963
2025-12-22	$54.00	$54.00	13.9%	4.0%	13.2%	3.8%	13.3%	3.3%	0.6%	62.7M	-424.0M	-20.6M	2.03	23.22	50,537	102,673	1,345,529	2,821,258
2025-12-23	$54.30	$54.00	13.9%	4.0%	12.9%	3.7%	14.8%	2.5%	0.2%	93.2M	-623.3M	-22.1M	0.86	25.63	61,407	52,837	1,389,759	2,897,352
2025-12-24	$54.41	$54.00	13.8%	4.0%	12.9%	3.3%	13.9%	3.3%	0.4%	149.1M	-796.9M	-22.5M	0.92	23.82	7,506	6,884	1,443,242	2,944,104
2025-12-26	$54.78	$54.00	13.3%	3.8%	12.8%	1.7%	13.6%	2.4%	-0.1%	213.9M	-1.33B	-20.8M	1.31	19.82	16,813	22,009	1,443,399	2,960,908
2025-12-29	$54.64	$54.00	14.3%	4.0%	12.8%	5.3%	14.2%	2.3%	-0.4%	121.7M	-1.07B	-21.4M	1.55	27.62	16,579	25,765	1,417,803	2,954,379
2025-12-30	$54.94	$54.00	14.1%	4.0%	12.9%	4.6%	16.8%	2.7%	-0.0%	148.4M	-1.43B	-20.2M	1.92	30.65	7,895	15,183	1,429,818	2,970,711
2025-12-31	$54.75	$54.00	15.1%	4.3%	13.0%	7.7%	15.7%	3.0%	0.0%	128.6M	-1.07B	-20.9M	0.73	21.97	59,565	43,229	1,435,445	2,969,808