IEF Options History — November 2025

In November 2025, IEF traded between $96.16 and $97.65. ATM implied volatility averaged 6.2%, placing in the 13.5% IV rank vs the trailing year. The 30-day expected move averaged 1.8%. IV traded above realized volatility by 1.7% (HV 20d: 4.5%). Max pain ranged from $96.00 to $97.00. Net GEX was positive for 8 of 19 trading days. Term structure was in contango for 11 of 19 days. Put/call ratio averaged 5.11.

Notable Days

2025-11-19: Highest Volume — 159,561 contracts
2025-11-17: Largest IV spike — 9.0% change
2025-11-19: Highest IV Rank — 26.9%
2025-11-19: Largest Expected Move — 2.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$96.84	$96.16	$97.65	$96.48	$97.53
Max Pain	$96.16	$96.00	$97.00	$97.00	$96.00
ATM IV	6.2%	5.5%	7.0%	5.6%	5.5%
Expected Move	1.8%	1.5%	2.0%	1.5%	1.7%
HV 20d	4.5%	3.9%	5.3%	4.7%	3.9%
HV 60d	4.5%	4.1%	4.6%	4.5%	4.1%
IV Rank	13.5%	1.1%	26.9%	3.1%	1.4%
IV Percentile	20.0%	1.2%	47.6%	3.2%	1.6%
Term Structure	-0.0%	-0.5%	0.3%	0.1%	-0.0%
VWIV	6.4%	5.2%	7.3%	5.2%	6.0%
Skew 25d	-0.2%	-0.5%	0.2%	-0.1%	-0.1%
Skew 10d	-0.5%	-1.0%	0.1%	-0.5%	-0.5%
Call IV 25d	6.5%	5.7%	7.1%	6.1%	5.7%
Put IV 25d	6.3%	5.6%	6.9%	6.0%	5.6%
Bid-Ask Spread %	26.31	2.42	47.75	47.75	5.22
Gamma HHI	0.24	0.18	0.27	0.21	0.26
Net GEX	36.6M	-118.0M	315.6M	11.0M	315.6M
Net DEX	-363.5M	-958.9M	24.7M	-155.3M	-913.3M
Net VEX	-4.6M	-5.2M	-3.9M	-4.2M	-4.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	5.11	0.12	53.55	0.29	0.73
Total Volume	31,730.211	1,306	159,561	7,399	1,306
Total OI	604,981.632	458,457	830,526	458,457	755,187

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
2025-11-03	$96.48	$97.00	5.6%	1.5%	4.7%	3.1%	5.2%	-0.1%	0.1%	11.0M	-155.3M	-4.2M	0.29	47.75	5,726	1,673	235,905	222,552
2025-11-04	$96.62	$97.00	5.9%	1.5%	4.6%	8.2%	5.3%	0.1%	-0.0%	32.3M	-227.9M	-4.2M	2.75	37.48	3,216	8,857	239,785	221,984
2025-11-05	$96.16	$97.00	5.9%	1.5%	4.9%	9.1%	5.2%	0.2%	-0.0%	-56.7M	24.7M	-4.4M	7.30	44.90	4,109	30,007	241,259	226,986
2025-11-06	$96.65	$96.00	6.1%	1.9%	5.3%	12.1%	7.0%	-0.0%	0.1%	-12.5M	-197.9M	-4.4M	1.48	24.41	1,994	2,958	243,313	247,601
2025-11-07	$96.70	$96.00	6.2%	1.9%	4.7%	13.3%	6.9%	-0.0%	0.1%	-3.5M	-240.2M	-4.4M	0.26	24.92	4,680	1,205	242,807	247,086
2025-11-10	$96.53	$96.00	6.3%	1.9%	4.7%	15.8%	6.7%	-0.3%	0.3%	-56.0M	-127.2M	-4.1M	0.28	35.41	6,048	1,705	239,744	242,979
2025-11-11	$96.88	$96.00	6.5%	1.9%	4.8%	17.9%	7.3%	-0.5%	0.3%	22.4M	-346.9M	-3.9M	11.82	25.77	3,538	41,823	243,655	243,382
2025-11-12	$96.85	$96.00	6.4%	1.9%	4.8%	16.2%	6.9%	-0.5%	0.2%	-6.8M	-268.6M	-4.1M	0.12	36.38	8,946	1,091	245,057	284,786
2025-11-13	$96.63	$96.00	6.4%	1.9%	4.4%	17.3%	6.5%	-0.4%	0.2%	-74.1M	-159.7M	-4.0M	0.37	38.46	34,107	12,497	245,769	285,241
2025-11-14	$96.45	$96.00	6.3%	1.8%	4.4%	15.2%	6.6%	-0.4%	0.2%	-118.0M	-56.4M	-4.3M	1.14	32.24	39,538	45,086	262,338	299,816
2025-11-17	$96.57	$96.00	6.9%	2.0%	4.4%	25.1%	6.9%	-0.3%	-0.5%	-96.7M	-182.7M	-5.2M	0.77	31.27	10,325	7,957	292,581	337,872
2025-11-18	$96.69	$96.00	6.9%	2.0%	4.4%	26.0%	7.1%	-0.1%	-0.5%	-59.7M	-261.7M	-5.1M	6.21	31.66	2,373	14,741	300,672	348,011
2025-11-19	$96.65	$96.00	7.0%	2.0%	4.3%	26.9%	6.9%	-0.1%	-0.4%	-97.7M	-197.0M	-5.1M	53.55	42.09	2,925	156,636	301,391	364,834
2025-11-20	$96.88	$96.00	6.6%	1.9%	4.3%	19.6%	6.5%	0.0%	-0.2%	-117.2M	-338.5M	-5.2M	1.76	30.71	12,616	22,262	302,641	513,998
2025-11-21	$97.18	$96.00	6.2%	1.8%	4.5%	13.5%	6.4%	-0.5%	-0.3%	194.6M	-705.8M	-5.1M	1.67	2.82	22,384	37,451	314,018	516,508
2025-11-24	$97.32	$96.00	6.1%	1.8%	4.5%	11.8%	6.3%	-0.1%	0.0%	229.6M	-706.7M	-5.1M	1.26	2.42	6,493	8,172	296,723	412,035
2025-11-25	$97.56	$96.00	5.6%	1.7%	4.6%	2.8%	5.9%	0.1%	0.0%	291.4M	-886.4M	-5.0M	4.51	3.23	6,486	29,258	302,302	420,135
2025-11-26	$97.65	$96.00	5.5%	1.7%	3.9%	1.1%	6.1%	-0.0%	0.1%	298.4M	-958.9M	-4.8M	0.79	2.72	1,502	1,183	306,242	447,456
2025-11-28	$97.53	$96.00	5.5%	1.7%	3.9%	1.4%	6.0%	-0.1%	-0.0%	315.6M	-913.3M	-4.6M	0.73	5.22	754	552	306,852	448,335