KWEB Options History — August 2025

In August 2025, KWEB traded between $34.45 and $38.60. ATM implied volatility averaged 28.8%, placing in the 6.6% IV rank vs the trailing year. The 30-day expected move averaged 8.3%. IV traded above realized volatility by 3.3% (HV 20d: 25.5%). Max pain ranged from $34.00 to $35.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 14 of 21 days. Put/call ratio averaged 0.41.

Notable Days

2025-08-22: Highest Volume — 318,132 contracts
2025-08-13: Largest IV spike — 7.7% change
2025-08-13: Highest IV Rank — 10.8%
2025-08-13: Largest Expected Move — 9.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$36.84	$34.45	$38.60	$34.45	$38.11
Max Pain	$34.24	$34.00	$35.00	$35.00	$35.00
ATM IV	28.8%	27.7%	31.0%	28.7%	27.9%
Expected Move	8.3%	7.9%	9.0%	8.3%	8.0%
HV 20d	25.5%	21.8%	27.4%	25.0%	25.2%
HV 60d	24.7%	23.1%	26.2%	26.2%	24.7%
IV Rank	6.6%	4.2%	10.8%	6.8%	4.6%
IV Percentile	17.7%	7.1%	30.6%	19.0%	8.3%
Term Structure	0.1%	-0.3%	0.7%	-0.3%	0.1%
VWIV	29.9%	28.6%	31.7%	28.9%	29.8%
Skew 25d	-1.3%	-5.3%	13.4%	-0.1%	-2.5%
Skew 10d	-2.4%	-6.7%	10.4%	0.3%	-4.7%
Call IV 25d	29.9%	15.8%	32.7%	29.5%	30.1%
Put IV 25d	28.6%	26.9%	31.0%	29.4%	27.6%
Bid-Ask Spread %	24.94	4.51	43.45	26.95	32.66
Gamma HHI	0.13	0.09	0.25	0.15	0.22
Net GEX	88.4M	54.1M	146.8M	77.3M	139.5M
Net DEX	-1.57B	-2.33B	-620.4M	-620.4M	-2.09B
Net VEX	-9.9M	-11.0M	-9.0M	-9.0M	-10.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.41	0.09	1.60	1.60	0.24
Total Volume	126,773.571	36,897	318,132	294,340	72,955
Total OI	2,355,848.238	2,076,620	2,501,743	2,345,908	2,501,743

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
2025-08-01	$34.45	$35.00	28.7%	8.3%	25.0%	6.8%	28.9%	-0.1%	-0.3%	77.3M	-620.4M	-9.0M	1.60	26.95	113,403	180,937	1,561,172	784,736
2025-08-04	$35.25	$34.00	28.5%	8.3%	26.0%	6.6%	30.1%	-0.7%	0.3%	54.1M	-909.3M	-10.1M	0.64	10.21	39,989	25,628	1,502,100	882,530
2025-08-05	$35.48	$34.00	29.0%	8.3%	25.3%	7.3%	29.9%	-1.2%	0.2%	61.2M	-1.01B	-10.2M	0.69	9.16	32,315	22,298	1,516,420	897,509
2025-08-06	$35.95	$34.00	29.0%	8.4%	24.8%	7.4%	31.1%	-1.4%	-0.1%	70.7M	-1.26B	-10.2M	0.11	11.98	71,294	7,990	1,517,428	915,932
2025-08-07	$35.84	$34.00	28.4%	8.2%	24.9%	6.3%	29.4%	-1.2%	-0.3%	71.9M	-1.17B	-10.2M	0.17	9.71	60,265	10,086	1,536,927	918,591
2025-08-08	$35.80	$34.00	27.8%	8.1%	24.8%	5.3%	28.9%	-1.2%	0.7%	67.1M	-1.13B	-10.0M	0.71	9.51	21,627	15,270	1,534,473	918,057
2025-08-11	$35.50	$34.00	28.5%	8.3%	24.9%	6.5%	29.6%	-1.3%	0.3%	55.4M	-941.3M	-9.5M	0.56	11.58	36,055	20,056	1,491,513	906,839
2025-08-12	$36.36	$34.00	28.8%	8.4%	21.8%	7.1%	29.7%	13.4%	0.4%	87.1M	-1.42B	-9.6M	0.31	7.38	129,181	39,747	1,495,511	916,419
2025-08-13	$37.55	$34.00	31.0%	9.0%	24.0%	10.8%	31.7%	-1.8%	0.2%	133.8M	-2.22B	-9.8M	0.28	7.44	181,680	51,693	1,550,576	932,644
2025-08-14	$36.61	$34.00	30.3%	8.7%	25.8%	9.6%	30.9%	-5.3%	0.4%	104.4M	-1.59B	-9.8M	0.20	42.56	84,843	16,758	1,537,426	946,641
2025-08-15	$37.13	$34.00	29.0%	8.4%	25.9%	7.4%	29.9%	-2.0%	0.2%	146.8M	-1.92B	-9.7M	0.39	4.51	47,608	18,422	1,543,947	955,335
2025-08-18	$37.53	$34.00	29.5%	8.5%	26.0%	8.0%	30.2%	-2.4%	-0.2%	89.6M	-1.81B	-9.4M	0.39	36.89	85,313	33,402	1,272,658	803,962
2025-08-19	$37.11	$34.00	28.4%	8.2%	26.3%	6.1%	29.2%	-1.9%	-0.2%	80.6M	-1.52B	-9.4M	0.27	39.70	90,131	24,061	1,272,171	834,143
2025-08-20	$37.06	$34.00	27.9%	8.0%	25.6%	4.6%	28.8%	-1.4%	0.0%	78.6M	-1.50B	-9.3M	0.09	33.65	109,148	10,234	1,278,598	850,410
2025-08-21	$37.41	$34.00	27.7%	7.9%	25.4%	4.2%	28.6%	-1.3%	-0.1%	86.1M	-1.71B	-9.2M	0.54	34.20	52,420	28,302	1,291,126	853,069
2025-08-22	$38.39	$34.00	29.2%	8.4%	26.5%	6.9%	30.7%	-2.9%	0.2%	102.2M	-2.22B	-9.4M	0.25	33.84	253,948	64,184	1,305,088	866,928
2025-08-25	$38.60	$34.00	29.5%	8.4%	26.2%	7.4%	30.1%	-3.2%	0.0%	97.6M	-2.33B	-10.0M	0.36	40.95	127,349	45,730	1,396,002	897,534
2025-08-26	$38.45	$35.00	28.2%	8.0%	26.1%	5.1%	31.1%	-3.2%	0.2%	100.1M	-2.26B	-10.0M	0.25	43.45	215,586	53,388	1,428,279	927,808
2025-08-27	$37.41	$35.00	28.3%	8.1%	27.4%	5.3%	29.0%	-2.4%	0.2%	71.3M	-1.60B	-10.9M	0.24	40.96	94,307	22,700	1,477,419	971,578
2025-08-28	$37.56	$35.00	28.7%	8.2%	27.3%	6.0%	31.0%	-3.0%	-0.1%	80.9M	-1.72B	-11.0M	0.28	36.46	40,590	11,352	1,504,302	977,269
2025-08-29	$38.11	$35.00	27.9%	8.0%	25.2%	4.6%	29.8%	-2.5%	0.1%	139.5M	-2.09B	-10.8M	0.24	32.66	58,690	14,265	1,520,895	980,848