EWZ Options History — September 2025

In September 2025, EWZ traded between $28.94 and $31.30. ATM implied volatility averaged 23.0%, placing in the 26.6% IV rank vs the trailing year. The 30-day expected move averaged 6.8%. IV traded above realized volatility by 3.9% (HV 20d: 19.1%). Max pain ranged from $27.00 to $28.50. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 13 of 21 days. Put/call ratio averaged 0.67.

Notable Days

2025-09-15: Highest Volume — 254,679 contracts
2025-09-08: Largest IV spike — 64.1% change
2025-09-25: Highest IV Rank — 32.3%
2025-09-02: Largest Expected Move — 7.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$30.28	$28.94	$31.30	$29.01	$30.96
Max Pain	$28.02	$27.00	$28.50	$28.00	$28.50
ATM IV	23.0%	14.8%	24.9%	24.5%	23.7%
Expected Move	6.8%	6.3%	7.3%	7.3%	6.8%
HV 20d	19.1%	12.4%	25.0%	24.9%	12.4%
HV 60d	20.9%	19.7%	21.4%	21.2%	19.7%
IV Rank	26.6%	1.8%	32.3%	31.3%	28.9%
IV Percentile	22.1%	0.8%	40.1%	34.1%	25.0%
Term Structure	-1.2%	-12.0%	1.2%	-0.1%	0.3%
VWIV	24.5%	22.6%	26.2%	25.7%	26.0%
Skew 25d	-0.1%	-12.3%	1.9%	1.7%	1.7%
Skew 10d	2.6%	-10.9%	20.8%	13.1%	5.4%
Call IV 25d	23.8%	12.6%	38.5%	24.6%	23.3%
Put IV 25d	23.8%	12.8%	26.3%	26.3%	25.0%
Bid-Ask Spread %	32.65	19.49	42.70	32.97	31.39
Gamma HHI	0.11	0.09	0.18	0.11	0.09
Net GEX	106.4M	70.0M	167.1M	71.6M	108.3M
Net DEX	-2.47B	-3.23B	-1.44B	-1.47B	-2.74B
Net VEX	-23.5M	-24.6M	-21.6M	-21.7M	-24.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.67	0.09	1.75	0.69	0.27
Total Volume	116,941.19	22,338	254,679	57,336	66,681
Total OI	4,436,334.762	4,022,363	4,837,995	4,022,363	4,641,076

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
2025-09-02	$29.01	$28.00	24.5%	7.3%	24.9%	31.3%	25.7%	1.7%	-0.1%	71.6M	-1.47B	-21.7M	0.69	32.97	N/A	N/A	33,917	23,419	2,499,550	1,522,813
2025-09-03	$28.94	$28.00	24.1%	7.1%	25.0%	30.1%	26.2%	1.9%	1.2%	70.0M	-1.44B	-21.6M	0.66	30.05	N/A	N/A	47,501	31,317	2,527,051	1,545,019
2025-09-04	$29.20	$28.00	24.3%	7.0%	24.8%	30.5%	25.8%	-9.6%	0.3%	82.9M	-1.69B	-21.8M	0.38	26.82	N/A	N/A	81,772	31,381	2,563,473	1,551,941
2025-09-05	$29.56	$28.00	14.8%	6.8%	24.0%	1.8%	24.1%	-0.5%	0.6%	122.6M	-2.00B	-22.7M	0.38	31.68	N/A	N/A	142,194	53,629	2,605,923	1,570,954
2025-09-08	$29.59	$28.00	24.3%	6.9%	23.6%	30.7%	25.0%	1.5%	-0.4%	92.1M	-2.04B	-23.2M	0.95	19.49	N/A	N/A	28,417	27,075	2,688,108	1,589,678
2025-09-09	$29.52	$28.00	24.6%	7.0%	23.5%	31.6%	25.4%	-12.3%	0.5%	91.9M	-1.98B	-23.2M	0.97	30.18	N/A	N/A	11,331	11,007	2,697,444	1,599,256
2025-09-10	$29.80	$28.00	23.7%	6.8%	22.2%	28.8%	24.0%	0.8%	-0.6%	103.1M	-2.25B	-23.3M	0.69	42.70	N/A	N/A	139,335	95,631	2,699,334	1,604,896
2025-09-11	$29.99	$27.00	23.2%	6.6%	21.9%	27.3%	23.6%	1.5%	-0.3%	106.2M	-2.42B	-23.3M	0.82	39.96	N/A	N/A	22,789	18,640	2,747,102	1,641,767
2025-09-12	$30.05	$27.00	22.8%	6.6%	21.4%	26.1%	25.0%	1.4%	0.1%	112.6M	-2.43B	-23.3M	1.42	32.18	N/A	N/A	76,549	108,330	2,750,863	1,651,441
2025-09-15	$30.48	$28.00	23.5%	6.8%	21.7%	28.3%	23.9%	0.9%	0.1%	107.3M	-2.72B	-23.1M	0.27	31.87	N/A	N/A	200,034	54,645	2,711,335	1,696,444
2025-09-16	$30.70	$28.00	23.7%	6.8%	21.7%	28.9%	24.0%	1.3%	-12.0%	118.6M	-3.00B	-23.7M	0.09	32.42	N/A	N/A	214,086	19,063	2,858,765	1,736,185
2025-09-17	$30.95	$28.00	23.4%	6.7%	16.2%	28.0%	23.9%	1.1%	-10.5%	126.9M	-3.23B	-24.2M	0.39	30.23	N/A	N/A	80,110	31,185	2,994,129	1,753,864
2025-09-18	$30.81	$28.00	22.1%	6.3%	16.5%	24.1%	22.6%	0.5%	0.6%	129.0M	-3.08B	-23.9M	0.12	31.16	N/A	N/A	61,697	7,661	3,021,974	1,776,362
2025-09-19	$30.91	$28.00	22.9%	6.5%	16.3%	26.4%	24.4%	0.8%	0.9%	167.1M	-3.14B	-24.3M	0.62	29.47	N/A	N/A	34,143	21,272	3,040,491	1,797,504
2025-09-22	$30.79	$28.00	23.2%	6.6%	13.5%	27.1%	24.0%	0.1%	0.4%	101.7M	-2.52B	-24.0M	0.34	35.50	N/A	N/A	69,321	23,416	2,789,845	1,588,478
2025-09-23	$31.30	$28.00	17.0%	6.7%	14.2%	8.2%	24.4%	0.4%	-6.4%	112.9M	-3.03B	-24.4M	0.35	33.36	N/A	N/A	109,491	37,965	2,829,817	1,605,859
2025-09-24	$31.02	$28.50	23.1%	6.6%	14.3%	27.1%	23.0%	1.4%	0.2%	115.0M	-2.86B	-24.1M	1.63	32.94	N/A	N/A	23,955	38,949	2,867,865	1,629,523
2025-09-25	$30.62	$28.50	24.9%	7.1%	14.7%	32.3%	25.2%	1.5%	-0.5%	99.1M	-2.45B	-24.1M	1.75	37.59	N/A	N/A	91,720	160,858	2,867,283	1,650,417
2025-09-26	$30.74	$28.50	23.9%	6.9%	13.7%	29.6%	23.8%	1.5%	0.2%	92.4M	-2.55B	-24.6M	0.51	32.20	N/A	N/A	46,983	23,967	2,916,226	1,731,573
2025-09-29	$31.02	$28.50	24.3%	7.1%	13.9%	30.6%	24.5%	1.3%	0.3%	103.3M	-2.83B	-24.6M	0.67	41.40	N/A	N/A	32,480	21,849	2,917,157	1,684,245
2025-09-30	$30.96	$28.50	23.7%	6.8%	12.4%	28.9%	26.0%	1.7%	0.3%	108.3M	-2.74B	-24.4M	0.27	31.39	N/A	N/A	52,356	14,325	2,934,916	1,706,160