FEZ Options History — September 2025

In September 2025, FEZ traded between $59.06 and $62.11. ATM implied volatility averaged 16.2%, placing in the 14.2% IV rank vs the trailing year. The 30-day expected move averaged 4.6%. IV traded above realized volatility by 3.7% (HV 20d: 12.5%). Max pain ranged from $60.00 to $61.00. Net GEX was positive for 8 of 21 trading days. Term structure was in contango for 15 of 21 days. Put/call ratio averaged 5.45.

Notable Days

  • 2025-09-19: Highest Volume — 17,763 contracts
  • 2025-09-24: Largest IV spike — 59.2% change
  • 2025-09-03: Highest IV Rank — 33.9%
  • 2025-09-02: Largest Expected Move — 5.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$60.63$59.06$62.11$59.06$62.11
Max Pain$60.86$60.00$61.00$60.00$60.00
ATM IV16.2%11.7%22.1%20.6%15.5%
Expected Move4.6%4.2%5.5%5.5%4.3%
HV 20d12.5%9.8%14.0%14.0%9.8%
HV 60d14.5%13.8%15.4%15.3%14.1%
IV Rank14.2%0.0%33.9%28.8%12.8%
IV Percentile26.5%0.0%77.4%65.9%15.5%
Term Structure2.9%-5.0%12.3%6.1%1.3%
VWIV16.7%14.1%20.9%20.3%16.1%
Skew 25d2.6%-4.5%9.0%9.0%4.8%
Skew 10d4.8%-1.3%11.3%0.8%1.9%
Call IV 25d14.1%9.0%26.5%17.1%11.5%
Put IV 25d16.6%10.2%28.3%26.0%16.3%
Bid-Ask Spread %46.2834.3264.4459.4745.22
Gamma HHI0.190.100.280.180.28
Net GEX-345.6K-3.1M6.2M-3.1M946.5K
Net DEX-18.3M-50.4M18.4M18.4M-50.4M
Net VEX-654.0K-732.1K-569.4K-693.5K-694.6K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio5.450.0148.467.501.68
Total Volume3,069.76230517,7635,2421,638
Total OI89,811.33380,14492,77689,10792,083

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-09-02$59.06$60.0020.6%5.5%14.0%28.8%20.3%9.0%6.1%-3.1M18.4M-693.5K7.5059.47N/AN/A6174,62539,54649,561
2025-09-03$59.25$60.0022.1%5.3%14.0%33.9%18.5%1.8%-0.1%-2.9M13.3M-686.8K0.9964.44N/AN/A71771040,13150,248
2025-09-04$59.48$61.0019.1%5.0%13.8%23.6%18.6%-4.5%5.3%-2.1M4.6M-675.3K0.5745.90N/AN/A19411140,80650,749
2025-09-05$59.53$61.0015.8%4.7%13.1%12.5%16.5%3.2%1.0%-1.2M3.5M-674.6K0.7045.86N/AN/A51336040,91850,732
2025-09-08$60.13$61.0015.9%4.7%13.5%13.0%18.9%2.4%0.1%-750.1K-11.0M-663.8K0.6539.65N/AN/A31720740,87850,955
2025-09-09$60.09$61.0015.5%4.7%13.2%11.6%15.6%-2.6%-2.5%-970.3K-9.9M-654.9K35.3850.71N/AN/A341,20340,95151,090
2025-09-10$59.78$61.0018.5%4.6%13.0%21.6%18.2%-0.3%-1.1%-2.3M649.7K-655.9K1.0336.68N/AN/A21822540,95551,619
2025-09-11$60.45$61.0016.9%4.6%13.0%16.2%14.5%-0.8%-5.0%165.7K-22.9M-626.9K0.0140.17N/AN/A8,4488041,08651,690
2025-09-12$60.45$61.0013.7%4.4%12.9%5.4%14.3%4.4%2.8%-1.4M-14.9M-577.7K1.0342.74N/AN/A87189435,37551,668
2025-09-15$61.06$61.0013.8%4.3%13.2%5.9%15.5%4.0%1.4%1.0M-27.3M-572.8K0.5534.32N/AN/A1,08860235,59552,213
2025-09-16$60.94$61.0016.3%4.6%13.1%14.4%15.9%4.3%6.6%723.9K-25.9M-576.8K3.7149.59N/AN/A14353136,06452,512
2025-09-17$60.65$61.0015.6%4.5%13.2%11.8%20.9%4.9%7.9%-733.8K-16.8M-591.6K0.2053.49N/AN/A2,30746436,16853,023
2025-09-18$61.35$61.0016.7%4.4%13.8%15.7%15.2%2.8%7.3%6.2M-39.7M-569.4K1.2448.59N/AN/A1,1971,48638,41153,096
2025-09-19$61.28$61.0018.8%4.4%13.3%22.8%15.5%3.6%12.3%4.2M-36.9M-579.5K0.7560.86N/AN/A10,1567,60738,72753,997
2025-09-22$61.30$61.0012.9%4.3%12.2%2.7%14.8%3.3%5.8%571.7K-39.2M-651.6K5.3441.08N/AN/A1,2116,46529,20150,943
2025-09-23$61.45$61.0011.7%4.4%10.1%0.0%15.2%2.4%6.0%191.6K-35.1M-710.8K1.5641.41N/AN/A61596229,67757,216
2025-09-24$61.12$61.0018.6%4.3%10.2%23.1%14.1%-0.7%-1.0%-418.3K-23.0M-724.5K1.7143.24N/AN/A33557229,63157,753
2025-09-25$60.64$61.0012.7%4.5%10.6%3.4%16.9%7.2%0.6%-2.2M-7.1M-732.1K48.4643.14N/AN/A1115,37929,88157,930
2025-09-26$61.38$61.0012.5%4.2%11.3%2.8%15.7%2.8%7.1%-2.0M-28.9M-713.5K0.9439.90N/AN/A31029229,88561,691
2025-09-29$61.70$61.0016.5%4.4%11.1%16.1%18.8%1.8%-0.9%-1.1M-36.2M-707.6K0.4845.49N/AN/A43921129,70561,678
2025-09-30$62.11$60.0015.5%4.3%9.8%12.8%16.1%4.8%1.3%946.5K-50.4M-694.6K1.6845.22N/AN/A6121,02630,04962,034