EWZ Options History — August 2025

In August 2025, EWZ traded between $26.66 and $29.51. ATM implied volatility averaged 22.1%, placing in the 23.7% IV rank vs the trailing year. The 30-day expected move averaged 6.6%. IV traded above realized volatility by 0.6% (HV 20d: 21.6%). Max pain ranged from $27.00 to $28.00. Net GEX was positive for 20 of 21 trading days. Term structure was in contango for 15 of 21 days. Put/call ratio averaged 0.76.

Notable Days

2025-08-28: Highest Volume — 397,335 contracts
2025-08-15: Largest IV spike — 59.3% change
2025-08-06: Highest IV Rank — 48.1%
2025-08-01: Largest Expected Move — 7.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$28.05	$26.66	$29.51	$26.66	$29.45
Max Pain	$27.50	$27.00	$28.00	$27.50	$28.00
ATM IV	22.1%	14.2%	30.2%	22.8%	22.5%
Expected Move	6.6%	6.3%	7.1%	7.1%	6.4%
HV 20d	21.6%	19.1%	24.4%	19.5%	24.0%
HV 60d	19.7%	18.1%	21.0%	20.2%	21.0%
IV Rank	23.7%	0.0%	48.1%	25.4%	25.1%
IV Percentile	17.2%	0.0%	81.7%	11.1%	11.9%
Term Structure	2.9%	-0.7%	18.0%	0.6%	0.1%
VWIV	23.5%	22.2%	25.7%	25.7%	23.1%
Skew 25d	2.1%	-8.8%	17.4%	2.3%	0.9%
Skew 10d	1.7%	-16.5%	12.7%	2.7%	6.3%
Call IV 25d	20.4%	12.4%	23.9%	23.8%	22.8%
Put IV 25d	22.5%	13.1%	30.8%	26.0%	23.7%
Bid-Ask Spread %	32.47	5.26	74.14	74.14	26.84
Gamma HHI	0.11	0.09	0.15	0.09	0.11
Net GEX	47.7M	-8.5M	92.2M	-8.5M	92.2M
Net DEX	-774.5M	-1.89B	142.3M	142.3M	-1.89B
Net VEX	-17.5M	-22.1M	-15.1M	-15.1M	-22.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.76	0.26	2.18	1.17	0.32
Total Volume	118,525.667	10,505	397,335	44,491	103,116
Total OI	3,531,110.524	3,329,972	4,046,785	3,437,343	4,046,785

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 Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2025-08-01	$26.66	$27.50	22.8%	7.1%	19.5%	25.4%	25.7%	2.3%	0.6%	-8.5M	142.3M	-15.1M	1.17	74.14	N/A	N/A	20,474	24,017	2,054,613	1,382,730
2025-08-04	$26.95	$27.00	20.4%	7.0%	19.1%	17.9%	25.1%	4.1%	-0.3%	3.0M	-46.6M	-15.5M	0.26	35.57	N/A	N/A	118,017	31,264	2,003,106	1,372,043
2025-08-05	$27.05	$27.00	20.1%	6.9%	19.1%	17.1%	24.2%	17.4%	0.1%	8.6M	-122.9M	-15.9M	0.70	22.68	N/A	N/A	6,191	4,314	2,089,890	1,386,324
2025-08-06	$27.45	$27.00	30.2%	6.8%	19.2%	48.1%	23.0%	6.6%	8.0%	31.3M	-432.8M	-16.2M	0.58	44.91	N/A	N/A	34,060	19,698	2,106,275	1,387,851
2025-08-07	$28.07	$27.00	22.1%	6.5%	20.2%	23.1%	23.4%	3.9%	3.9%	70.8M	-893.2M	-16.7M	0.46	36.69	N/A	N/A	81,797	37,613	2,110,876	1,397,915
2025-08-08	$27.82	$27.00	18.6%	6.3%	20.3%	12.3%	22.2%	5.9%	0.2%	50.3M	-685.4M	-16.4M	0.83	35.97	N/A	N/A	62,874	52,022	2,128,761	1,393,717
2025-08-11	$27.66	$27.00	17.9%	6.3%	19.9%	10.1%	22.7%	-8.8%	9.9%	30.8M	-463.9M	-16.3M	1.46	29.27	N/A	N/A	22,537	32,820	2,154,755	1,376,301
2025-08-12	$28.36	$27.00	22.0%	6.5%	21.6%	22.7%	22.6%	1.5%	0.5%	85.8M	-1.02B	-16.9M	0.35	36.53	N/A	N/A	147,035	51,101	2,153,473	1,355,974
2025-08-13	$28.14	$27.00	18.4%	6.4%	21.8%	11.6%	23.1%	4.9%	10.3%	68.4M	-888.8M	-17.7M	0.60	47.38	N/A	N/A	67,110	40,582	2,244,970	1,401,073
2025-08-14	$27.91	$27.00	14.2%	6.4%	22.0%	0.0%	22.9%	0.6%	10.2%	48.3M	-705.0M	-17.8M	0.63	36.14	N/A	N/A	99,895	63,387	2,287,669	1,431,079
2025-08-15	$28.20	$27.00	22.7%	6.5%	19.4%	25.7%	22.9%	-7.4%	-0.1%	56.3M	-916.6M	-17.8M	0.44	5.26	N/A	N/A	78,305	34,087	2,288,983	1,442,205
2025-08-18	$28.30	$28.00	22.8%	6.6%	19.3%	26.1%	23.4%	1.2%	0.1%	54.1M	-920.3M	-17.8M	0.72	20.54	N/A	N/A	49,126	35,307	2,028,459	1,301,513
2025-08-19	$27.34	$28.00	27.4%	6.9%	23.3%	40.0%	24.7%	2.4%	18.0%	21.4M	-286.2M	-17.1M	0.91	39.68	N/A	N/A	32,378	29,474	2,041,982	1,330,457
2025-08-20	$27.68	$28.00	23.6%	6.8%	22.8%	28.7%	23.4%	1.5%	1.3%	28.8M	-449.8M	-17.4M	1.82	24.90	N/A	N/A	28,885	52,576	2,040,712	1,344,641
2025-08-21	$27.66	$28.00	23.5%	6.7%	22.3%	28.2%	23.8%	2.3%	0.2%	26.7M	-408.3M	-17.4M	2.18	22.21	N/A	N/A	22,401	48,768	2,055,506	1,360,009
2025-08-22	$28.54	$28.00	23.4%	6.7%	24.4%	27.9%	23.5%	0.5%	0.2%	69.2M	-1.01B	-18.2M	0.52	21.34	N/A	N/A	62,850	32,756	2,069,914	1,381,642
2025-08-25	$28.74	$28.00	23.6%	6.8%	23.5%	28.5%	24.0%	1.2%	-0.7%	57.5M	-1.16B	-18.3M	0.34	29.21	N/A	N/A	77,886	26,411	2,061,315	1,387,419
2025-08-26	$28.52	$28.00	23.0%	6.5%	23.8%	26.7%	22.9%	1.0%	-0.7%	52.1M	-993.0M	-18.3M	0.51	32.90	N/A	N/A	14,941	7,575	2,092,327	1,407,768
2025-08-27	$29.02	$28.00	22.6%	6.5%	24.2%	25.3%	23.9%	1.5%	-0.3%	65.9M	-1.31B	-18.5M	0.90	22.34	N/A	N/A	177,949	160,105	2,095,794	1,409,832
2025-08-28	$29.51	$28.00	23.2%	6.5%	23.9%	27.4%	23.4%	0.8%	-0.6%	88.2M	-1.81B	-20.2M	0.32	37.39	N/A	N/A	300,044	97,291	2,279,673	1,466,990
2025-08-29	$29.45	$28.00	22.5%	6.4%	24.0%	25.1%	23.1%	0.9%	0.1%	92.2M	-1.89B	-22.1M	0.32	26.84	N/A	N/A	77,975	25,141	2,513,424	1,533,361