IEF Options History — December 2025

In December 2025, IEF traded between $96.12 and $97.00. ATM implied volatility averaged 5.1%, placing in the 2.5% IV rank vs the trailing year. The 30-day expected move averaged 1.5%. IV traded above realized volatility by 0.5% (HV 20d: 4.6%). Max pain ranged from $96.00 to $96.00. Net GEX was positive for 6 of 22 trading days. Term structure was in contango for 20 of 22 days. Put/call ratio averaged 6.74.

Notable Days

  • 2025-12-18: Highest Volume — 162,150 contracts
  • 2025-12-19: Largest IV drop — 9.0% change
  • 2025-12-31: Highest IV Rank — 8.2%
  • 2025-12-01: Largest Expected Move — 1.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$96.44$96.12$97.00$96.69$96.19
Max Pain$96.00$96.00$96.00$96.00$96.00
ATM IV5.1%4.3%5.8%5.7%4.8%
Expected Move1.5%1.2%1.9%1.9%1.4%
HV 20d4.6%3.6%5.0%5.0%3.8%
HV 60d4.4%4.3%4.4%4.3%4.4%
IV Rank2.5%0.0%8.2%4.5%8.2%
IV Percentile2.0%0.0%9.5%5.2%2.8%
Term Structure0.3%-0.2%1.5%0.2%1.5%
VWIV5.4%4.4%6.6%6.5%4.9%
Skew 25d0.0%-0.3%0.3%0.0%-0.1%
Skew 10d-0.1%-1.1%0.3%0.2%-0.0%
Call IV 25d5.2%4.2%6.0%5.9%5.0%
Put IV 25d5.2%4.5%5.9%5.9%4.9%
Bid-Ask Spread %6.461.5838.822.675.87
Gamma HHI0.230.180.300.230.20
Net GEX-94.5M-361.0M210.5M162.5M-324.2M
Net DEX107.2M-551.6M418.1M-325.2M418.1M
Net VEX-5.3M-6.3M-4.5M-4.8M-6.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio6.740.3342.525.202.39
Total Volume37,127.3181,272162,15016,5392,128
Total OI793,121.727696,848970,287724,723772,239

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-12-01$96.69$96.005.7%1.9%5.0%4.5%6.5%0.0%0.2%162.5M-325.2M-4.8M5.202.672,66813,871298,612426,111
2025-12-02$96.77$96.005.6%1.8%4.9%2.7%6.6%0.0%0.2%172.2M-380.8M-4.9M6.872.662,72918,757299,386438,408
2025-12-03$97.00$96.005.4%1.8%4.9%0.0%6.1%-0.2%0.3%210.5M-551.6M-4.7M1.603.043,8976,236298,542452,145
2025-12-04$96.66$96.005.5%1.6%4.8%1.9%5.9%0.1%0.3%110.5M-189.0M-5.0M19.033.031,75133,317300,655448,730
2025-12-05$96.47$96.005.4%1.6%4.5%0.0%5.6%-0.0%0.2%-69.8M-22.4M-4.8M2.843.047,06120,039301,981476,237
2025-12-08$96.27$96.005.7%1.7%4.5%5.5%6.0%-0.2%0.0%-130.4M124.5M-4.5M0.4838.8217,2088,317302,099477,416
2025-12-09$96.15$96.005.8%1.7%4.5%6.9%5.8%0.0%0.3%-184.0M249.6M-4.8M1.064.099,0069,545313,236480,440
2025-12-10$96.44$96.005.4%1.6%4.4%0.0%5.6%-0.1%0.4%-35.6M-61.9M-4.5M13.932.102,99841,758310,834473,279
2025-12-11$96.47$96.005.4%1.6%4.4%0.0%5.5%-0.1%0.4%20.0M-56.0M-4.8M2.272.6512,56128,491312,996490,339
2025-12-12$96.19$96.005.4%1.6%4.5%0.6%5.5%0.1%0.1%-171.0M251.5M-4.9M42.523.282,07788,314313,627514,635
2025-12-15$96.28$96.005.6%1.6%4.5%3.4%5.7%0.2%-0.2%-5.0M238.1M-5.4M3.023.2712,44537,560309,230542,529
2025-12-16$96.53$96.005.3%1.5%4.5%0.0%5.6%-0.1%0.0%99.9M150.1M-5.4M3.882.178,84534,341319,597579,095
2025-12-17$96.52$96.005.1%1.5%4.5%0.0%5.2%0.1%0.3%-63.2M341.0M-6.1M3.625.055,68920,582320,319632,251
2025-12-18$96.78$96.004.9%1.4%4.6%0.0%5.0%-0.3%-0.0%-31.7M217.6M-5.7M0.331.82121,73740,413325,192645,095
2025-12-19$96.25$96.004.4%1.3%4.9%0.0%4.5%-0.1%0.1%-301.1M326.5M-5.4M2.751.5814,30639,307298,222641,528
2025-12-22$96.15$96.004.4%1.3%4.8%0.0%4.5%0.1%0.2%-339.4M396.8M-5.8M0.4527.198,7803,988153,152543,696
2025-12-23$96.12$96.004.4%1.3%4.7%0.0%4.4%0.3%0.3%-361.0M398.0M-5.8M1.206.219,86211,803160,860547,080
2025-12-24$96.31$96.004.3%1.2%4.7%0.0%4.5%0.3%0.3%-282.4M269.9M-5.9M1.045.71782812164,361553,945
2025-12-26$96.41$96.004.6%1.3%4.7%4.3%4.8%0.1%0.3%-165.8M189.8M-5.7M22.905.6998122,469169,464554,143
2025-12-29$96.56$96.004.8%1.4%4.7%8.0%4.8%0.1%0.5%-169.5M128.7M-5.5M9.496.288,39679,702162,593552,771
2025-12-30$96.48$96.004.8%1.4%3.6%8.0%5.1%-0.0%0.6%-220.0M245.0M-6.3M1.495.91511761170,057601,551
2025-12-31$96.19$96.004.8%1.4%3.8%8.2%4.9%-0.1%1.5%-324.2M418.1M-6.3M2.395.876271,501170,243601,996