FXI Options History — September 2025

In September 2025, FXI traded between $38.33 and $41.64. ATM implied volatility averaged 23.2%, placing in the 6.1% IV rank vs the trailing year. The 30-day expected move averaged 6.6%. IV traded above realized volatility by 3.4% (HV 20d: 19.8%). Max pain ranged from $37.00 to $40.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 19 of 21 days. Put/call ratio averaged 0.63.

Notable Days

2025-09-11: Highest Volume — 472,504 contracts
2025-09-29: Largest IV spike — 8.8% change
2025-09-17: Highest IV Rank — 10.1%
2025-09-17: Largest Expected Move — 7.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$40.27	$38.33	$41.64	$39.20	$41.14
Max Pain	$39.24	$37.00	$40.00	$37.00	$40.00
ATM IV	23.2%	21.5%	24.8%	22.0%	24.2%
Expected Move	6.6%	6.3%	7.1%	6.5%	6.5%
HV 20d	19.8%	17.2%	21.7%	19.8%	17.7%
HV 60d	18.3%	17.8%	18.9%	18.1%	18.1%
IV Rank	6.1%	1.9%	10.1%	4.8%	7.9%
IV Percentile	17.5%	6.7%	29.8%	12.3%	24.2%
Term Structure	0.3%	-0.2%	0.9%	0.2%	0.4%
VWIV	23.8%	22.2%	25.5%	23.1%	23.0%
Skew 25d	-1.1%	-2.0%	0.1%	0.1%	-1.0%
Skew 10d	-2.2%	-9.7%	0.6%	0.6%	-2.5%
Call IV 25d	24.6%	22.7%	26.4%	23.0%	25.5%
Put IV 25d	23.6%	22.1%	25.1%	23.0%	24.4%
Bid-Ask Spread %	11.21	3.92	44.53	4.07	4.20
Gamma HHI	0.16	0.13	0.37	0.15	0.15
Net GEX	187.3M	80.6M	414.6M	142.2M	173.8M
Net DEX	-4.03B	-6.40B	-2.19B	-3.24B	-3.84B
Net VEX	-19.4M	-20.2M	-18.8M	-20.2M	-18.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.63	0.07	1.48	0.37	1.24
Total Volume	123,571.476	37,736	472,504	61,390	128,936
Total OI	4,728,628.333	4,017,236	5,422,454	4,720,501	4,251,753

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 Vol	Put Vol	Call OI	Put OI
2025-09-02	$39.20	$37.00	22.0%	6.5%	19.8%	4.8%	23.1%	0.1%	0.2%	142.2M	-3.24B	-20.2M	0.37	4.07	44,747	16,643	2,434,939	2,285,562
2025-09-03	$38.89	$37.00	22.1%	6.4%	20.1%	5.0%	23.8%	-0.6%	0.2%	125.4M	-2.93B	-20.2M	1.17	4.06	23,422	27,434	2,461,442	2,304,380
2025-09-04	$38.33	$39.00	21.8%	6.4%	20.9%	4.2%	22.9%	0.1%	0.1%	80.6M	-2.19B	-19.9M	1.48	6.81	42,801	63,270	2,472,612	2,294,520
2025-09-05	$38.84	$39.00	21.5%	6.3%	21.3%	1.9%	22.3%	-0.6%	0.1%	119.8M	-2.75B	-20.0M	0.89	8.52	20,005	17,731	2,471,250	2,332,583
2025-09-08	$39.36	$39.00	21.8%	6.3%	21.7%	2.8%	22.8%	-0.8%	0.1%	155.9M	-3.40B	-19.4M	0.54	9.62	52,884	28,804	2,453,045	2,333,335
2025-09-09	$39.94	$39.00	22.6%	6.5%	21.7%	4.7%	23.8%	-0.9%	0.2%	187.3M	-4.13B	-19.4M	0.38	3.92	106,484	40,304	2,468,263	2,360,842
2025-09-10	$39.75	$39.00	22.9%	6.7%	21.3%	5.5%	23.9%	-1.0%	0.4%	179.0M	-3.94B	-19.5M	0.99	4.65	33,909	33,724	2,510,366	2,408,722
2025-09-11	$40.70	$39.00	23.6%	6.9%	20.8%	7.3%	25.3%	-0.8%	0.5%	201.1M	-5.04B	-18.9M	0.07	8.40	442,459	30,045	2,515,738	2,440,533
2025-09-12	$40.55	$39.00	22.9%	6.7%	19.6%	5.4%	24.1%	-1.0%	0.5%	238.4M	-5.01B	-19.6M	0.40	9.70	39,172	15,698	2,701,968	2,439,851
2025-09-15	$40.77	$39.00	23.9%	6.9%	19.6%	7.9%	24.6%	-1.4%	0.4%	234.5M	-5.26B	-18.8M	0.54	14.33	159,592	85,988	2,687,002	2,440,948
2025-09-16	$41.05	$39.00	23.6%	6.8%	19.6%	7.2%	24.2%	-2.0%	-0.2%	246.1M	-5.71B	-19.2M	0.73	9.49	64,862	47,307	2,771,268	2,503,609
2025-09-17	$41.64	$39.00	24.8%	7.1%	19.2%	10.1%	25.5%	-1.3%	-0.2%	259.5M	-6.40B	-18.8M	0.25	43.35	147,689	37,085	2,781,098	2,531,569
2025-09-18	$41.14	$40.00	24.0%	6.9%	20.1%	8.1%	24.9%	-1.4%	0.0%	245.8M	-5.78B	-19.5M	0.54	4.76	92,141	49,710	2,793,502	2,559,955
2025-09-19	$40.97	$40.00	24.0%	6.8%	20.2%	7.9%	24.7%	-1.9%	0.4%	414.6M	-5.63B	-19.6M	0.29	6.59	130,718	37,740	2,825,202	2,597,252
2025-09-22	$40.64	$40.00	23.5%	6.7%	19.3%	6.7%	24.0%	-0.9%	0.3%	156.8M	-3.30B	-18.9M	0.69	7.08	67,656	46,714	2,181,057	1,836,179
2025-09-23	$40.14	$40.00	23.2%	6.5%	19.9%	6.1%	23.9%	-0.8%	0.4%	136.2M	-2.85B	-19.2M	0.29	28.37	51,024	14,806	2,229,591	1,869,397
2025-09-24	$40.53	$40.00	23.8%	6.7%	20.1%	7.4%	23.9%	-1.8%	0.3%	155.8M	-3.27B	-19.5M	0.67	4.43	84,450	56,230	2,253,925	1,881,217
2025-09-25	$40.66	$40.00	23.0%	6.5%	17.2%	4.9%	23.1%	-1.2%	0.7%	159.2M	-3.31B	-19.3M	0.66	44.53	33,395	22,140	2,263,978	1,933,050
2025-09-26	$40.38	$40.00	22.6%	6.3%	17.4%	3.9%	22.2%	-1.2%	0.9%	144.6M	-2.97B	-19.5M	0.79	4.44	32,778	26,000	2,277,036	1,942,613
2025-09-29	$40.97	$40.00	24.6%	6.7%	17.8%	8.8%	24.5%	-1.6%	0.4%	175.8M	-3.64B	-18.9M	0.24	4.18	79,450	19,054	2,262,295	1,937,748
2025-09-30	$41.14	$40.00	24.2%	6.5%	17.7%	7.9%	23.0%	-1.0%	0.4%	173.8M	-3.84B	-18.8M	1.24	4.20	57,556	71,380	2,300,221	1,951,532