EWZ Options History — December 2025

In December 2025, EWZ traded between $30.95 and $34.70. ATM implied volatility averaged 26.3%, placing in the 39.3% IV rank vs the trailing year. The 30-day expected move averaged 7.5%. IV traded below realized volatility by 5.0% (HV 20d: 31.3%). Max pain ranged from $30.00 to $34.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 12 of 22 days. Put/call ratio averaged 0.74.

Notable Days

2025-12-15: Highest Volume — 2,505,159 contracts
2025-12-05: Largest IV spike — 49.9% change
2025-12-05: Highest IV Rank — 100.0%
2025-12-01: Largest Expected Move — 9.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$32.43	$30.95	$34.70	$33.42	$31.77
Max Pain	$31.77	$30.00	$34.00	$32.00	$32.00
ATM IV	26.3%	21.0%	45.0%	24.9%	22.9%
Expected Move	7.5%	6.6%	9.0%	9.0%	6.7%
HV 20d	31.3%	19.1%	37.3%	20.5%	35.8%
HV 60d	23.3%	17.5%	26.4%	17.5%	26.4%
IV Rank	39.3%	21.8%	100.0%	32.4%	28.0%
IV Percentile	45.0%	8.7%	100.0%	45.2%	17.5%
Term Structure	0.9%	-13.5%	21.3%	-11.8%	-0.4%
VWIV	26.7%	23.9%	30.7%	29.2%	24.3%
Skew 25d	1.9%	-18.1%	24.6%	15.4%	0.8%
Skew 10d	5.8%	-9.9%	42.0%	42.0%	2.3%
Call IV 25d	27.7%	22.3%	49.1%	28.4%	25.6%
Put IV 25d	29.6%	24.1%	56.0%	43.8%	26.3%
Bid-Ask Spread %	48.71	30.05	59.07	59.07	54.27
Gamma HHI	0.09	0.07	0.13	0.10	0.07
Net GEX	108.2M	30.3M	196.0M	153.7M	80.6M
Net DEX	-2.47B	-4.71B	-995.9M	-3.58B	-1.71B
Net VEX	-24.7M	-25.5M	-23.6M	-23.6M	-25.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.74	0.02	1.85	1.47	0.84
Total Volume	288,285.409	12,013	2,505,159	114,238	27,290
Total OI	4,725,616.364	4,280,612	5,206,613	4,638,012	4,454,829

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 Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2025-12-01	$33.42	$32.00	24.9%	9.0%	20.5%	32.4%	29.2%	15.4%	-11.8%	153.7M	-3.58B	-23.6M	1.47	59.07	N/A	N/A	46,171	68,067	2,961,539	1,676,473
2025-12-02	$34.03	$32.00	22.1%	8.8%	21.0%	23.9%	29.3%	2.1%	-2.4%	159.1M	-4.08B	-24.1M	0.23	37.93	N/A	N/A	111,406	25,471	2,975,400	1,718,979
2025-12-03	$34.22	$32.00	25.7%	8.7%	20.6%	39.6%	29.5%	0.8%	19.0%	171.5M	-4.26B	-24.2M	0.47	53.70	N/A	N/A	72,407	33,847	3,027,359	1,731,836
2025-12-04	$34.70	$30.00	30.0%	7.0%	19.1%	54.3%	24.9%	3.7%	21.3%	186.6M	-4.71B	-24.4M	0.07	30.05	N/A	N/A	493,403	36,722	3,063,862	1,756,172
2025-12-05	$32.59	$30.00	45.0%	8.6%	30.4%	100.0%	30.7%	24.6%	-4.2%	109.1M	-2.69B	-24.7M	0.34	31.15	N/A	N/A	328,551	112,512	3,066,669	1,781,186
2025-12-08	$32.72	$30.00	24.7%	8.4%	30.4%	34.0%	29.3%	10.5%	14.7%	123.4M	-2.74B	-23.9M	0.57	37.78	N/A	N/A	103,943	59,302	3,066,596	1,798,498
2025-12-09	$32.75	$30.00	34.8%	8.4%	30.1%	66.8%	29.8%	-2.8%	-9.5%	123.8M	-2.78B	-23.9M	0.34	38.22	N/A	N/A	301,871	103,354	3,094,663	1,812,929
2025-12-10	$32.80	$30.00	35.9%	7.8%	28.6%	70.3%	27.5%	-18.1%	-13.5%	142.9M	-2.99B	-24.8M	1.55	48.46	N/A	N/A	74,843	115,712	3,276,835	1,838,460
2025-12-11	$33.17	$30.00	23.3%	7.3%	28.7%	29.5%	27.7%	8.1%	3.0%	149.1M	-3.24B	-25.1M	0.20	46.27	N/A	N/A	110,282	21,522	3,255,790	1,904,040
2025-12-12	$33.33	$30.00	22.4%	7.0%	28.7%	26.6%	26.9%	-6.6%	1.6%	171.5M	-3.44B	-24.7M	0.32	52.91	N/A	N/A	51,261	16,418	3,301,474	1,905,139
2025-12-15	$33.67	$30.00	24.4%	7.3%	28.8%	33.0%	26.9%	-2.2%	0.5%	196.0M	-3.75B	-24.6M	0.02	43.98	N/A	N/A	2,461,070	44,089	3,263,467	1,901,653
2025-12-16	$31.64	$34.00	26.5%	7.5%	36.3%	39.9%	26.6%	0.7%	-3.8%	41.3M	-995.9M	-24.8M	0.77	55.89	N/A	N/A	244,439	187,034	2,845,203	1,933,364
2025-12-17	$31.05	$33.00	27.0%	7.7%	36.8%	41.4%	27.9%	1.3%	1.0%	30.3M	-1.05B	-24.8M	0.60	55.02	N/A	N/A	194,041	116,982	2,909,319	1,845,591
2025-12-18	$31.23	$33.00	24.5%	6.9%	36.9%	33.3%	24.0%	1.2%	1.9%	46.6M	-1.18B	-24.9M	0.86	56.59	N/A	N/A	115,933	99,248	2,966,382	1,850,613
2025-12-19	$31.16	$33.00	23.3%	6.8%	36.4%	29.5%	26.3%	1.1%	-0.3%	37.2M	-1.25B	-25.1M	1.14	58.92	N/A	N/A	86,942	98,966	3,022,600	1,833,977
2025-12-22	$30.95	$33.00	23.5%	6.7%	36.4%	30.1%	26.6%	1.1%	2.9%	54.6M	-1.26B	-24.7M	1.63	50.09	N/A	N/A	22,536	36,639	2,739,612	1,541,000
2025-12-23	$31.66	$33.00	23.6%	6.7%	37.3%	30.4%	24.0%	0.5%	1.1%	78.3M	-1.71B	-25.5M	0.18	41.44	N/A	N/A	60,575	10,971	2,758,426	1,568,907
2025-12-24	$31.54	$33.00	24.3%	6.7%	37.2%	32.7%	23.9%	1.2%	0.9%	78.0M	-1.65B	-25.1M	1.85	49.73	N/A	N/A	4,220	7,793	2,785,059	1,572,725
2025-12-26	$31.70	$33.00	21.0%	6.6%	35.5%	21.8%	23.9%	0.1%	-2.5%	81.7M	-1.73B	-25.3M	1.31	58.30	N/A	N/A	39,710	52,077	2,786,623	1,572,455
2025-12-29	$31.41	$33.00	24.2%	6.7%	35.5%	32.2%	24.3%	-0.1%	-0.7%	69.9M	-1.48B	-24.5M	0.75	59.01	N/A	N/A	22,154	16,699	2,795,848	1,598,823
2025-12-30	$32.06	$33.00	24.6%	6.8%	36.5%	33.6%	24.1%	-0.7%	0.5%	95.7M	-1.95B	-25.4M	0.74	52.93	N/A	N/A	60,672	45,134	2,802,506	1,600,679
2025-12-31	$31.77	$32.00	22.9%	6.7%	35.8%	28.0%	24.3%	0.8%	-0.4%	80.6M	-1.71B	-25.1M	0.84	54.27	N/A	N/A	14,860	12,430	2,827,473	1,627,356