KWEB Options History — July 2025

In July 2025, KWEB traded between $33.53 and $37.05. ATM implied volatility averaged 30.1%, placing in the 9.3% IV rank vs the trailing year. The 30-day expected move averaged 8.6%. IV traded above realized volatility by 5.9% (HV 20d: 24.2%). Max pain ranged from $34.00 to $35.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 12 of 22 days. Put/call ratio averaged 0.42.

Notable Days

2025-07-15: Highest Volume — 410,749 contracts
2025-07-15: Largest IV spike — 17.2% change
2025-07-16: Highest IV Rank — 14.3%
2025-07-16: Largest Expected Move — 9.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$35.18	$33.53	$37.05	$34.38	$35.39
Max Pain	$34.41	$34.00	$35.00	$34.00	$35.00
ATM IV	30.1%	27.5%	33.1%	28.3%	28.8%
Expected Move	8.6%	7.8%	9.5%	7.8%	8.2%
HV 20d	24.2%	21.9%	27.0%	24.4%	23.0%
HV 60d	28.4%	25.6%	41.3%	41.3%	25.7%
IV Rank	9.3%	4.8%	14.3%	6.5%	7.0%
IV Percentile	27.8%	10.3%	47.6%	19.0%	19.4%
Term Structure	0.2%	-0.8%	4.9%	0.3%	-0.2%
VWIV	31.4%	28.1%	34.9%	28.2%	30.4%
Skew 25d	-1.9%	-3.0%	-0.6%	-1.4%	-1.1%
Skew 10d	-3.5%	-6.3%	-1.6%	-2.6%	-2.4%
Call IV 25d	32.0%	28.7%	35.4%	30.0%	30.2%
Put IV 25d	30.1%	27.6%	33.0%	28.6%	29.1%
Bid-Ask Spread %	24.95	4.55	48.51	40.06	42.39
Gamma HHI	0.09	0.07	0.13	0.08	0.09
Net GEX	66.7M	30.9M	99.6M	40.6M	67.4M
Net DEX	-1.14B	-1.89B	-515.8M	-738.1M	-1.11B
Net VEX	-7.7M	-9.8M	-6.3M	-6.6M	-9.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.42	0.06	1.16	0.06	0.81
Total Volume	118,457.682	28,789	410,749	37,269	113,765
Total OI	1,826,878.545	1,473,548	2,249,835	1,473,548	2,249,835

Daily Data (22 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
2025-07-01	$34.38	$34.00	28.3%	7.8%	24.4%	6.5%	28.2%	-1.4%	0.3%	40.6M	-738.1M	-6.6M	0.06	40.06	35,044	2,225	925,388	548,160
2025-07-02	$33.83	$34.00	28.3%	7.8%	25.3%	6.5%	28.3%	-0.6%	4.9%	31.0M	-577.4M	-6.4M	0.26	31.75	82,693	21,848	935,474	549,130
2025-07-03	$33.53	$34.00	27.7%	8.2%	24.3%	5.1%	28.9%	-0.8%	0.3%	30.9M	-515.8M	-6.5M	0.89	17.67	15,245	13,544	997,472	564,951
2025-07-07	$33.86	$34.00	28.6%	8.4%	24.4%	6.7%	30.3%	-0.9%	0.8%	37.7M	-631.8M	-6.3M	0.58	17.10	29,177	17,027	986,443	562,934
2025-07-08	$34.50	$34.00	29.7%	8.6%	25.3%	8.6%	30.4%	-1.9%	-0.7%	50.8M	-849.8M	-6.5M	0.17	12.48	57,224	9,474	998,308	572,444
2025-07-09	$33.97	$34.00	28.1%	8.1%	24.4%	5.8%	29.3%	-1.4%	0.3%	45.1M	-683.6M	-6.5M	0.27	7.04	25,916	7,053	1,028,566	576,537
2025-07-10	$34.06	$34.00	28.3%	8.2%	24.4%	6.3%	30.7%	-1.4%	0.5%	46.8M	-701.6M	-6.4M	0.31	13.04	42,055	12,915	1,040,041	579,129
2025-07-11	$33.89	$34.00	27.5%	8.0%	24.4%	4.8%	28.1%	-1.6%	0.8%	42.6M	-621.5M	-6.4M	1.16	4.55	13,732	15,886	1,054,689	586,997
2025-07-14	$34.25	$34.00	28.0%	8.0%	24.8%	5.6%	28.5%	-1.6%	0.1%	50.2M	-718.0M	-6.3M	1.00	11.37	15,178	15,138	1,037,457	583,689
2025-07-15	$35.70	$34.00	32.8%	9.4%	27.0%	13.7%	34.7%	-3.0%	-0.6%	74.5M	-1.32B	-6.7M	0.20	6.50	342,795	67,954	1,039,926	591,200
2025-07-16	$35.34	$34.00	33.1%	9.5%	25.9%	14.3%	34.3%	-2.3%	-0.2%	79.9M	-1.27B	-7.6M	0.33	15.87	69,566	22,681	1,202,215	631,024
2025-07-17	$35.72	$34.00	32.8%	9.4%	25.7%	13.8%	33.5%	-2.1%	-0.3%	94.6M	-1.49B	-7.9M	0.40	4.74	108,187	43,533	1,239,725	648,682
2025-07-18	$36.20	$34.00	32.2%	9.3%	25.3%	12.8%	34.9%	-2.9%	0.1%	99.6M	-1.76B	-8.2M	0.23	41.69	199,403	46,727	1,290,636	674,682
2025-07-21	$36.09	$35.00	32.5%	9.3%	23.9%	13.3%	34.7%	-2.5%	-0.0%	75.6M	-1.43B	-8.3M	0.54	45.55	56,511	30,455	1,234,051	613,618
2025-07-22	$36.41	$35.00	32.3%	9.2%	23.8%	12.9%	32.8%	-2.0%	0.2%	81.2M	-1.55B	-8.4M	0.24	29.06	100,176	23,737	1,243,470	631,924
2025-07-23	$37.05	$35.00	32.4%	9.3%	21.9%	13.2%	33.8%	-3.0%	0.3%	95.1M	-1.89B	-8.5M	0.23	34.51	197,843	44,644	1,280,918	649,698
2025-07-24	$36.64	$35.00	32.1%	9.1%	22.1%	12.6%	33.9%	-2.8%	-0.4%	99.4M	-1.78B	-9.1M	0.33	39.65	202,769	67,202	1,396,325	667,878
2025-07-25	$36.25	$35.00	30.9%	8.9%	22.5%	10.6%	32.4%	-2.8%	0.1%	88.8M	-1.63B	-9.8M	0.23	36.53	63,546	14,368	1,475,120	715,099
2025-07-28	$35.98	$35.00	30.8%	8.9%	22.8%	10.4%	31.4%	-2.5%	-0.8%	89.2M	-1.46B	-9.4M	0.38	33.59	76,463	28,786	1,474,934	706,692
2025-07-29	$35.73	$35.00	28.9%	8.4%	22.9%	7.2%	30.4%	-1.7%	-0.1%	86.6M	-1.32B	-9.2M	0.35	15.21	110,991	38,839	1,502,881	703,645
2025-07-30	$35.13	$35.00	28.1%	8.1%	23.8%	5.9%	30.3%	-1.6%	-0.2%	59.9M	-963.5M	-8.7M	0.34	48.51	77,342	26,412	1,477,307	722,034
2025-07-31	$35.39	$35.00	28.8%	8.2%	23.0%	7.0%	30.4%	-1.1%	-0.2%	67.4M	-1.11B	-9.0M	0.81	42.39	62,706	51,059	1,511,805	738,030