IEF Options History — September 2025

In September 2025, IEF traded between $95.53 and $97.25. ATM implied volatility averaged 6.3%, placing in the 8.1% IV rank vs the trailing year. The 30-day expected move averaged 1.8%. IV traded above realized volatility by 1.3% (HV 20d: 5.0%). Max pain ranged from $96.00 to $96.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 11 of 21 days. Put/call ratio averaged 2.84.

Notable Days

  • 2025-09-10: Highest Volume — 50,925 contracts
  • 2025-09-17: Largest IV drop — 6.2% change
  • 2025-09-04: Highest IV Rank — 22.5%
  • 2025-09-03: Largest Expected Move — 2.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$96.64$95.53$97.25$95.53$96.47
Max Pain$96.00$96.00$96.00$96.00$96.00
ATM IV6.3%5.7%7.1%6.8%6.3%
Expected Move1.8%1.6%2.0%2.0%1.8%
HV 20d5.0%4.2%5.3%4.5%4.2%
HV 60d5.0%4.8%5.3%5.3%4.8%
IV Rank8.1%0.0%22.5%16.5%11.1%
IV Percentile9.8%0.0%34.1%22.2%12.7%
Term Structure-0.0%-0.4%0.2%-0.3%0.2%
VWIV6.3%5.8%7.0%6.8%6.5%
Skew 25d-0.3%-0.4%-0.1%-0.3%-0.3%
Skew 10d-0.4%-0.9%0.1%-0.6%-0.3%
Call IV 25d6.4%5.8%7.3%7.0%6.6%
Put IV 25d6.2%5.6%7.1%6.8%6.2%
Bid-Ask Spread %15.998.4528.2211.3010.97
Gamma HHI0.250.150.430.170.17
Net GEX122.0M9.8M220.6M76.8M71.9M
Net DEX-542.0M-883.8M-216.3M-278.8M-301.9M
Net VEX-4.7M-5.3M-4.4M-5.2M-4.6M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.840.4728.751.550.81
Total Volume12,652.9522,83350,9256,39121,912
Total OI561,132.81375,075654,172626,939428,238

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-09-02$95.53$96.006.8%2.0%4.5%16.5%6.8%-0.3%-0.3%76.8M-278.8M-5.2M1.5511.302,5103,881405,169221,770
2025-09-03$95.90$96.007.0%2.0%4.7%20.1%7.0%-0.3%-0.3%120.1M-440.9M-5.3M1.2318.303,7424,609405,704223,096
2025-09-04$96.28$96.007.1%1.9%4.9%22.5%6.7%-0.3%-0.4%149.8M-544.8M-5.3M1.6625.333,4795,773406,307225,027
2025-09-05$96.81$96.006.8%1.8%5.2%15.7%6.5%-0.1%-0.3%183.5M-753.1M-5.1M0.6214.634,8002,999408,511227,875
2025-09-08$97.07$96.006.6%1.8%5.1%13.5%6.5%-0.3%-0.1%202.6M-855.0M-4.8M0.618.452,4821,510404,626226,797
2025-09-09$96.84$96.006.5%1.8%5.3%10.3%6.3%-0.3%-0.1%173.5M-727.2M-4.7M0.5312.963,4051,817405,385227,939
2025-09-10$97.09$96.006.3%1.8%5.3%7.4%6.2%-0.3%-0.0%188.7M-844.7M-4.6M28.7512.781,71249,213406,541229,287
2025-09-11$97.25$96.006.1%1.7%5.2%2.5%6.1%-0.2%-0.0%168.8M-883.8M-4.5M1.069.367,6058,036407,085238,843
2025-09-12$97.00$96.005.9%1.7%5.1%0.0%6.0%-0.2%0.1%183.3M-727.3M-4.7M3.7013.375,41720,034405,300239,268
2025-09-15$97.15$96.006.2%1.8%5.0%5.0%6.2%-0.4%-0.2%163.7M-752.6M-4.6M0.5218.445,3462,754402,240238,239
2025-09-16$97.20$96.006.3%1.8%5.0%6.3%6.2%-0.4%-0.2%165.1M-773.7M-4.6M2.6815.642,0245,425406,138239,386
2025-09-17$96.98$96.005.9%1.7%5.1%0.0%5.9%-0.3%0.0%220.6M-688.6M-4.4M0.8928.224,3563,884407,120242,556
2025-09-18$96.68$96.005.8%1.7%5.2%0.0%5.8%-0.2%0.1%161.8M-516.5M-4.4M5.7817.403,65121,094409,152244,289
2025-09-19$96.60$96.005.7%1.6%5.1%0.0%5.8%-0.2%0.0%9.8M-434.9M-4.6M0.4914.009,2064,469409,649244,523
2025-09-22$96.48$96.005.9%1.7%4.8%2.9%6.4%-0.1%0.2%59.4M-316.9M-4.4M2.1026.036,78614,267193,464181,611
2025-09-23$96.73$96.005.8%1.7%4.8%1.0%6.0%-0.3%0.1%76.4M-410.9M-4.5M0.5823.741,7901,043199,793193,521
2025-09-24$96.50$96.006.0%1.7%4.8%4.6%6.0%-0.3%0.2%51.9M-340.0M-4.6M0.5810.413,0041,752203,078196,653
2025-09-25$96.28$96.006.2%1.8%4.9%8.6%6.3%-0.3%0.1%28.8M-248.1M-4.6M0.489.543,4511,643205,176197,689
2025-09-26$96.19$96.006.3%1.8%4.8%10.8%6.3%-0.2%0.1%30.4M-216.3M-4.6M0.4718.992,8681,358207,330198,035
2025-09-29$96.48$96.006.3%1.8%5.0%10.8%6.3%-0.4%0.1%74.3M-325.6M-4.5M4.6315.871,8828,723206,450214,929
2025-09-30$96.47$96.006.3%1.8%4.2%11.1%6.5%-0.3%0.2%71.9M-301.9M-4.6M0.8110.9712,1069,806207,289220,949