IEF Options History — February 2025

In February 2025, IEF traded between $92.25 and $95.22. ATM implied volatility averaged 7.0%, placing in the 14.9% IV rank vs the trailing year. The 30-day expected move averaged 2.0%. IV traded above realized volatility by 0.7% (HV 20d: 6.2%). Max pain ranged from $93.00 to $95.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 14 of 19 days. Put/call ratio averaged 1.77.

Notable Days

2025-02-25: Highest Volume — 51,110 contracts
2025-02-28: Largest IV spike — 6.4% change
2025-02-05: Highest IV Rank — 33.2%
2025-02-05: Largest Expected Move — 2.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$93.51	$92.25	$95.22	$92.80	$95.22
Max Pain	$94.42	$93.00	$95.00	$93.00	$94.00
ATM IV	7.0%	6.4%	7.9%	7.8%	7.6%
Expected Move	2.0%	1.8%	2.2%	2.2%	2.2%
HV 20d	6.2%	5.7%	6.6%	6.2%	6.6%
HV 60d	6.3%	5.9%	6.6%	6.5%	6.4%
IV Rank	14.9%	2.9%	33.2%	30.8%	28.3%
IV Percentile	23.9%	1.6%	67.9%	58.7%	57.9%
Term Structure	0.1%	-0.2%	0.3%	-0.1%	0.1%
VWIV	7.1%	6.2%	8.3%	7.9%	7.7%
Skew 25d	-0.6%	-1.7%	0.0%	0.0%	-1.0%
Skew 10d	-1.1%	-4.5%	1.9%	-0.5%	-1.9%
Call IV 25d	7.3%	6.4%	8.3%	8.0%	8.0%
Put IV 25d	6.7%	4.7%	8.1%	8.1%	7.0%
Bid-Ask Spread %	28.91	17.20	42.02	36.43	30.33
Gamma HHI	0.16	0.14	0.21	0.14	0.18
Net GEX	103.9M	51.1M	145.8M	73.7M	145.8M
Net DEX	-336.1M	-595.4M	-99.2M	-297.8M	-595.4M
Net VEX	-3.3M	-3.8M	-2.8M	-3.6M	-3.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.77	0.07	16.56	0.16	0.10
Total Volume	10,477.947	1,351	51,110	3,390	25,889
Total OI	289,552.789	264,576	317,013	274,685	317,013

Daily Data (19 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
2025-02-03	$92.80	$93.00	7.8%	2.2%	6.2%	30.8%	7.9%	0.0%	-0.1%	73.7M	-297.8M	-3.6M	0.16	36.43	2,931	459	179,737	94,948
2025-02-04	$92.98	$93.00	7.5%	2.1%	6.2%	25.5%	7.3%	-0.1%	0.0%	83.8M	-327.8M	-3.5M	16.56	35.28	794	13,148	178,935	95,213
2025-02-05	$93.57	$93.00	7.9%	2.2%	6.5%	33.2%	7.8%	-0.4%	-0.1%	90.5M	-405.5M	-3.8M	1.28	42.02	10,363	13,316	179,027	108,221
2025-02-06	$93.45	$95.00	7.7%	2.2%	6.3%	29.0%	8.3%	-0.2%	0.0%	106.6M	-403.7M	-3.6M	0.27	24.02	1,468	403	183,903	101,581
2025-02-07	$93.13	$95.00	7.2%	2.1%	6.5%	19.6%	8.3%	-0.2%	0.1%	98.0M	-331.7M	-3.5M	0.32	27.46	1,931	626	184,067	101,876
2025-02-10	$93.09	$95.00	7.0%	2.0%	5.7%	15.0%	7.4%	-0.3%	0.1%	103.1M	-314.8M	-3.4M	0.28	27.10	1,055	296	184,248	101,179
2025-02-11	$92.88	$95.00	6.9%	2.0%	5.8%	13.3%	6.9%	-0.3%	0.1%	93.9M	-252.0M	-3.2M	0.40	24.11	3,413	1,378	184,515	101,447
2025-02-12	$92.25	$95.00	6.5%	1.9%	6.4%	6.0%	6.9%	-0.1%	0.3%	51.1M	-99.2M	-3.1M	0.79	26.67	3,319	2,613	185,583	102,740
2025-02-13	$92.90	$95.00	6.4%	1.9%	5.8%	4.0%	6.6%	-0.4%	0.2%	109.0M	-242.4M	-3.1M	0.48	17.20	8,867	4,274	186,270	104,794
2025-02-14	$93.30	$95.00	6.4%	1.8%	5.9%	3.4%	6.3%	-1.7%	0.1%	131.6M	-311.3M	-3.1M	2.26	24.58	3,779	8,543	184,014	104,906
2025-02-18	$92.81	$95.00	6.4%	1.8%	6.2%	2.9%	6.2%	-0.6%	0.0%	104.1M	-168.5M	-2.9M	2.88	26.99	475	1,366	185,441	107,525
2025-02-19	$93.00	$95.00	6.4%	1.8%	6.2%	2.9%	6.3%	-0.4%	-0.0%	122.7M	-208.0M	-2.8M	0.50	24.46	6,150	3,087	185,674	106,778
2025-02-20	$93.18	$95.00	6.4%	1.8%	6.1%	3.7%	6.4%	-0.8%	-0.0%	139.9M	-255.8M	-2.9M	0.34	29.98	3,834	1,286	188,710	108,344
2025-02-21	$93.75	$95.00	6.7%	2.0%	6.4%	9.5%	6.8%	-1.1%	-0.2%	132.5M	-395.5M	-3.1M	0.12	29.20	10,930	1,272	190,222	108,666
2025-02-24	$93.94	$94.00	6.6%	1.9%	6.4%	6.6%	6.3%	-0.8%	0.3%	90.4M	-341.7M	-3.0M	2.73	33.56	1,282	3,499	171,057	93,519
2025-02-25	$94.65	$94.00	6.8%	2.0%	6.4%	12.2%	7.2%	-1.0%	0.3%	106.2M	-464.3M	-3.2M	3.69	28.55	10,907	40,203	171,276	94,353
2025-02-26	$94.93	$94.00	7.1%	2.1%	6.5%	17.9%	7.4%	-1.1%	0.3%	98.5M	-507.0M	-3.6M	0.33	29.64	1,568	514	178,812	132,994
2025-02-27	$94.77	$94.00	7.2%	2.1%	6.5%	19.0%	7.4%	-0.8%	0.3%	92.0M	-463.3M	-3.5M	0.07	31.68	3,582	261	180,591	133,324
2025-02-28	$95.22	$94.00	7.6%	2.2%	6.6%	28.3%	7.7%	-1.0%	0.1%	145.8M	-595.4M	-3.5M	0.10	30.33	23,624	2,265	183,566	133,447