KWEB Options History — May 2025

In May 2025, KWEB traded between $32.25 and $35.11. ATM implied volatility averaged 35.7%, placing in the 18.9% IV rank vs the trailing year. The 30-day expected move averaged 9.8%. IV traded below realized volatility by 0.6% (HV 20d: 36.3%). Max pain ranged from $32.00 to $33.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 12 of 21 days. Put/call ratio averaged 0.63.

Notable Days

2025-05-12: Highest Volume — 279,440 contracts
2025-05-09: Largest IV drop — 22.3% change
2025-05-08: Highest IV Rank — 40.3%
2025-05-02: Largest Expected Move — 11.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$33.78	$32.25	$35.11	$32.25	$32.70
Max Pain	$32.86	$32.00	$33.00	$32.00	$33.00
ATM IV	35.7%	30.4%	48.4%	37.3%	31.9%
Expected Move	9.8%	8.5%	11.6%	10.8%	9.1%
HV 20d	36.3%	30.2%	61.8%	59.8%	32.7%
HV 60d	47.8%	43.8%	49.6%	48.6%	43.8%
IV Rank	18.9%	10.1%	40.3%	21.7%	12.5%
IV Percentile	53.9%	34.5%	92.1%	63.1%	39.3%
Term Structure	-0.4%	-11.3%	1.0%	0.1%	-0.4%
VWIV	35.6%	31.5%	41.4%	37.6%	33.1%
Skew 25d	-1.3%	-8.9%	1.0%	0.9%	1.0%
Skew 10d	-2.1%	-39.1%	18.6%	-18.3%	18.6%
Call IV 25d	36.0%	31.7%	41.9%	37.7%	32.1%
Put IV 25d	34.7%	26.6%	41.0%	38.6%	33.1%
Bid-Ask Spread %	28.62	5.64	58.12	45.56	46.99
Gamma HHI	0.09	0.06	0.11	0.06	0.07
Net GEX	57.1M	11.9M	121.1M	35.4M	11.9M
Net DEX	-979.5M	-1.88B	-313.4M	-492.6M	-313.4M
Net VEX	-7.8M	-8.5M	-6.9M	-7.8M	-6.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.63	0.07	1.98	0.22	1.98
Total Volume	113,367.714	17,218	279,440	62,389	134,674
Total OI	2,221,478.238	1,983,476	2,645,429	2,163,655	2,012,517

Daily Data (21 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
2025-05-01	$32.25	$32.00	37.3%	10.8%	59.8%	21.7%	37.6%	0.9%	0.1%	35.4M	-492.6M	-7.8M	0.22	45.56	51,142	11,247	1,367,666	795,989
2025-05-02	$33.63	$32.00	39.3%	11.6%	61.8%	24.9%	41.4%	-0.6%	-0.0%	69.8M	-1.05B	-8.1M	0.15	39.31	165,768	24,197	1,384,208	796,919
2025-05-05	$33.72	$32.00	40.1%	11.2%	50.6%	26.4%	40.0%	-0.2%	0.5%	53.3M	-1.05B	-8.0M	0.39	43.14	118,587	46,336	1,402,233	775,299
2025-05-06	$34.03	$33.00	45.9%	11.5%	42.7%	36.2%	40.9%	-8.9%	-11.3%	59.9M	-1.16B	-8.5M	0.07	58.12	204,746	13,321	1,477,728	813,210
2025-05-07	$33.13	$33.00	40.0%	11.2%	39.8%	26.2%	39.4%	0.0%	-0.4%	51.3M	-801.6M	-8.2M	0.29	50.65	41,200	12,066	1,528,338	820,134
2025-05-08	$33.45	$33.00	48.4%	8.5%	31.2%	40.3%	38.7%	-4.8%	1.0%	59.0M	-972.3M	-8.2M	0.13	33.73	86,204	11,139	1,539,001	823,353
2025-05-09	$32.91	$33.00	37.6%	10.7%	31.2%	22.1%	37.8%	-1.5%	-0.1%	44.8M	-722.1M	-7.9M	0.42	46.75	158,195	67,231	1,577,259	831,661
2025-05-12	$34.76	$33.00	37.0%	10.4%	34.7%	21.0%	37.3%	-0.3%	0.4%	96.6M	-1.64B	-7.9M	0.17	23.52	237,925	41,515	1,565,151	854,570
2025-05-13	$34.76	$33.00	36.1%	10.2%	33.7%	19.6%	37.1%	-1.8%	-0.2%	99.9M	-1.57B	-7.9M	0.27	18.04	146,120	39,286	1,580,482	868,908
2025-05-14	$35.11	$33.00	36.6%	10.4%	33.3%	20.5%	37.9%	-2.0%	-0.4%	121.1M	-1.88B	-8.3M	0.13	21.18	88,717	11,405	1,670,422	896,775
2025-05-15	$34.17	$33.00	34.5%	9.8%	32.5%	16.9%	34.8%	-1.8%	-0.3%	105.6M	-1.27B	-7.9M	0.21	49.58	210,865	45,119	1,692,823	902,811
2025-05-16	$34.31	$33.00	31.8%	9.1%	32.5%	12.4%	32.3%	-2.5%	-0.3%	62.3M	-1.31B	-8.3M	0.84	5.64	41,549	35,028	1,724,514	920,915
2025-05-19	$34.25	$33.00	32.3%	9.2%	32.3%	13.2%	33.9%	-0.9%	0.2%	51.6M	-1.01B	-8.1M	0.20	7.68	38,100	7,747	1,273,826	715,310
2025-05-20	$34.28	$33.00	32.3%	9.3%	30.3%	13.2%	32.7%	-0.4%	0.3%	52.8M	-1.01B	-7.9M	0.45	12.93	31,614	14,371	1,273,033	717,154
2025-05-21	$33.88	$33.00	32.1%	9.2%	30.2%	12.9%	32.3%	0.5%	0.5%	45.9M	-844.5M	-7.8M	1.67	5.69	23,216	38,751	1,290,551	725,585
2025-05-22	$33.72	$33.00	32.3%	9.2%	30.3%	13.2%	32.5%	-0.9%	0.3%	40.8M	-787.1M	-7.7M	1.57	12.89	11,382	17,905	1,293,356	729,286
2025-05-23	$33.77	$33.00	31.4%	9.0%	30.2%	11.8%	32.5%	-0.3%	0.6%	37.1M	-765.0M	-7.6M	0.91	27.21	26,472	24,213	1,295,478	739,302
2025-05-27	$33.50	$33.00	31.3%	9.0%	30.4%	11.5%	32.5%	-1.3%	0.1%	35.1M	-655.4M	-7.3M	0.58	17.54	23,454	13,675	1,249,187	734,289
2025-05-28	$33.27	$33.00	30.8%	8.7%	30.5%	10.7%	31.8%	-0.7%	0.1%	29.8M	-560.7M	-7.1M	0.73	17.10	9,973	7,245	1,254,063	737,442
2025-05-29	$33.68	$33.00	30.4%	8.6%	30.7%	10.1%	31.5%	-0.7%	0.0%	35.3M	-679.1M	-7.2M	1.73	17.75	17,964	31,058	1,249,380	750,915
2025-05-30	$32.70	$33.00	31.9%	9.1%	32.7%	12.5%	33.1%	1.0%	-0.4%	11.9M	-313.4M	-6.9M	1.98	46.99	45,185	89,489	1,251,056	761,461