FXI Options History — December 2025

In December 2025, FXI traded between $37.89 and $39.89. ATM implied volatility averaged 19.1%, placing in the 0.9% IV rank vs the trailing year. The 30-day expected move averaged 5.6%. IV traded above realized volatility by 3.7% (HV 20d: 15.4%). Max pain ranged from $37.00 to $39.00. Net GEX was positive for 12 of 22 trading days. Term structure was in contango for 16 of 22 days. Put/call ratio averaged 1.04.

Notable Days

2025-12-15: Highest Volume — 2,121,270 contracts
2025-12-11: Largest IV drop — 7.7% change
2025-12-18: Highest IV Rank — 3.9%
2025-12-01: Largest Expected Move — 6.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$38.86	$37.89	$39.89	$39.66	$38.28
Max Pain	$38.45	$37.00	$39.00	$38.00	$39.00
ATM IV	19.1%	17.9%	21.1%	21.1%	17.9%
Expected Move	5.6%	5.1%	6.6%	6.6%	5.1%
HV 20d	15.4%	14.3%	16.1%	16.0%	16.1%
HV 60d	19.5%	19.2%	19.9%	19.9%	19.6%
IV Rank	0.9%	0.0%	3.9%	0.3%	0.0%
IV Percentile	1.2%	0.0%	4.0%	1.2%	0.0%
Term Structure	0.6%	-0.9%	3.0%	-0.5%	-0.2%
VWIV	20.2%	18.0%	24.0%	22.9%	19.0%
Skew 25d	1.0%	-0.1%	1.9%	1.9%	0.0%
Skew 10d	1.9%	-7.6%	13.1%	3.9%	0.9%
Call IV 25d	19.0%	18.2%	21.1%	19.8%	19.1%
Put IV 25d	20.1%	19.0%	21.7%	21.7%	19.1%
Bid-Ask Spread %	25.93	10.76	77.85	19.92	16.12
Gamma HHI	0.11	0.09	0.16	0.10	0.11
Net GEX	-1.6M	-105.5M	83.0M	41.5M	-10.3M
Net DEX	-114.0M	-1.80B	1.57B	-1.43B	632.0M
Net VEX	-20.3M	-21.4M	-19.1M	-20.0M	-19.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.04	0.02	3.06	1.42	0.54
Total Volume	196,152.818	14,832	2,121,270	96,717	29,148
Total OI	4,336,270.182	3,487,060	4,836,112	4,518,243	3,630,985

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 Vol	Put Vol	Call OI	Put OI
2025-12-01	$39.66	$38.00	21.1%	6.6%	16.0%	0.3%	22.9%	1.9%	-0.5%	41.5M	-1.43B	-20.0M	1.42	19.92	39,926	56,791	2,205,972	2,312,271
2025-12-02	$39.52	$38.00	20.3%	6.5%	16.0%	0.0%	24.0%	-0.1%	-0.9%	20.5M	-1.22B	-19.8M	2.05	16.29	32,164	66,034	2,218,428	2,347,970
2025-12-03	$39.20	$38.00	19.5%	6.3%	15.8%	0.0%	23.4%	1.5%	0.2%	5.8M	-865.2M	-19.9M	1.03	38.01	79,569	81,615	2,241,856	2,360,167
2025-12-04	$39.33	$38.00	20.0%	5.8%	15.4%	1.2%	21.2%	1.1%	1.1%	4.3M	-977.7M	-19.8M	0.86	27.82	93,750	80,806	2,243,511	2,393,274
2025-12-05	$39.89	$37.00	19.3%	5.8%	15.7%	0.0%	21.6%	0.7%	0.1%	58.9M	-1.80B	-21.1M	2.79	41.17	42,288	117,967	2,314,322	2,445,298
2025-12-08	$39.44	$38.00	19.5%	5.8%	15.9%	0.3%	20.3%	1.1%	1.3%	21.5M	-1.14B	-20.6M	1.08	10.76	37,313	40,399	2,311,726	2,454,199
2025-12-09	$38.80	$38.00	20.0%	5.9%	14.4%	1.8%	21.7%	0.2%	2.3%	-25.4M	-203.7M	-20.3M	0.93	55.42	50,533	46,799	2,322,413	2,492,609
2025-12-10	$39.19	$38.00	20.0%	5.9%	15.1%	1.7%	21.1%	-0.1%	0.6%	14.8M	-809.8M	-20.8M	1.21	77.85	26,623	32,177	2,340,342	2,495,770
2025-12-11	$39.22	$38.00	18.4%	5.5%	14.9%	0.0%	19.8%	0.3%	1.1%	11.1M	-762.7M	-20.2M	0.77	48.82	66,356	50,819	2,345,353	2,488,825
2025-12-12	$39.05	$38.00	18.5%	5.6%	14.9%	0.1%	19.6%	1.2%	1.8%	-10.7M	-533.4M	-19.9M	0.56	17.45	36,240	20,299	2,333,927	2,491,040
2025-12-15	$38.78	$38.00	18.1%	5.4%	14.3%	0.0%	18.2%	0.4%	0.2%	-22.0M	-262.6M	-19.1M	0.02	37.42	2,082,920	38,350	2,319,469	2,452,021
2025-12-16	$37.94	$39.00	18.2%	5.2%	15.7%	0.0%	20.8%	1.8%	3.0%	-104.6M	1.57B	-19.3M	3.06	10.96	28,453	86,925	2,045,685	2,460,470
2025-12-17	$37.89	$39.00	18.8%	5.4%	15.7%	1.7%	19.7%	1.6%	0.7%	-105.5M	1.48B	-19.3M	2.16	11.68	66,121	142,992	2,055,825	2,469,855
2025-12-18	$38.31	$39.00	19.8%	5.7%	16.1%	3.9%	19.3%	1.8%	-0.8%	-66.3M	1.08B	-19.9M	0.99	12.37	55,998	55,613	2,110,889	2,511,027
2025-12-19	$38.64	$39.00	18.8%	5.3%	15.7%	1.5%	20.0%	1.7%	0.4%	-250.7K	755.4M	-20.8M	0.99	12.51	125,091	123,853	2,137,470	2,527,381
2025-12-22	$38.64	$39.00	18.5%	5.3%	15.7%	0.9%	18.0%	1.4%	0.6%	6.0M	273.6M	-21.2M	0.41	12.91	77,599	31,936	1,600,327	1,886,733
2025-12-23	$38.50	$39.00	19.1%	5.3%	14.6%	2.3%	18.3%	1.8%	-0.0%	-481.8K	566.6M	-20.7M	0.19	44.60	91,825	17,284	1,644,999	1,905,970
2025-12-24	$38.55	$39.00	18.5%	5.3%	14.4%	0.8%	19.0%	0.7%	0.4%	31.7M	346.2M	-21.4M	0.37	15.31	10,803	4,029	1,711,187	1,913,781
2025-12-26	$38.94	$39.00	18.2%	5.4%	14.8%	0.2%	18.1%	1.5%	0.2%	83.0M	-20.6M	-21.2M	0.43	16.66	45,897	19,750	1,702,518	1,916,200
2025-12-29	$38.41	$39.00	18.6%	5.3%	15.5%	1.1%	19.2%	0.9%	1.7%	-5.6M	562.6M	-20.3M	0.32	11.79	36,442	11,702	1,685,117	1,922,551
2025-12-30	$38.70	$39.00	19.0%	5.2%	15.7%	2.0%	19.4%	1.4%	-0.0%	16.9M	250.5M	-20.5M	0.75	14.61	19,484	14,679	1,700,408	1,927,803
2025-12-31	$38.28	$39.00	17.9%	5.1%	16.1%	0.0%	19.0%	0.0%	-0.2%	-10.3M	632.0M	-19.9M	0.54	16.12	18,964	10,184	1,707,789	1,923,196