KWEB Options History — September 2025

In September 2025, KWEB traded between $37.91 and $42.61. ATM implied volatility averaged 29.8%, placing in the 7.6% IV rank vs the trailing year. The 30-day expected move averaged 8.5%. IV traded above realized volatility by 6.9% (HV 20d: 23.0%). Max pain ranged from $35.00 to $39.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 18 of 21 days. Put/call ratio averaged 0.64.

Notable Days

2025-09-09: Highest Volume — 604,985 contracts
2025-09-09: Largest IV spike — 9.3% change
2025-09-17: Highest IV Rank — 13.7%
2025-09-17: Largest Expected Move — 9.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$40.57	$37.91	$42.61	$38.17	$41.97
Max Pain	$38.10	$35.00	$39.00	$35.00	$38.00
ATM IV	29.8%	26.0%	33.2%	29.1%	31.2%
Expected Move	8.5%	7.6%	9.5%	8.4%	8.4%
HV 20d	23.0%	20.8%	25.3%	24.3%	22.6%
HV 60d	24.0%	23.3%	25.0%	24.7%	24.0%
IV Rank	7.6%	1.4%	13.7%	6.6%	9.0%
IV Percentile	22.2%	2.4%	47.6%	21.0%	31.0%
Term Structure	0.3%	-0.9%	1.2%	-0.2%	0.1%
VWIV	30.8%	28.3%	33.9%	30.9%	30.1%
Skew 25d	-2.3%	-3.2%	-1.4%	-1.4%	-2.4%
Skew 10d	-6.2%	-14.6%	-2.2%	-2.2%	-12.2%
Call IV 25d	32.0%	27.6%	35.5%	30.8%	33.4%
Put IV 25d	29.7%	25.7%	32.8%	29.4%	31.0%
Bid-Ask Spread %	12.98	3.87	40.24	36.48	14.10
Gamma HHI	0.10	0.07	0.15	0.11	0.08
Net GEX	90.3M	49.1M	119.6M	88.4M	82.5M
Net DEX	-2.59B	-4.14B	-1.45B	-1.91B	-2.55B
Net VEX	-14.6M	-16.8M	-10.4M	-10.7M	-15.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.64	0.13	1.96	0.75	0.59
Total Volume	161,936.238	70,824	604,985	95,062	84,917
Total OI	2,943,007.762	2,369,772	3,624,150	2,369,772	2,997,273

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
2025-09-02	$38.17	$35.00	29.1%	8.4%	24.3%	6.6%	30.9%	-1.4%	-0.2%	88.4M	-1.91B	-10.7M	0.75	36.48	54,444	40,618	1,457,731	912,041
2025-09-03	$38.22	$35.00	28.5%	8.2%	24.3%	5.7%	29.8%	-1.5%	0.1%	90.1M	-1.94B	-10.7M	0.38	40.24	71,537	26,905	1,476,766	940,502
2025-09-04	$37.91	$38.00	27.4%	8.0%	24.4%	3.7%	29.1%	-1.7%	0.5%	87.3M	-1.79B	-10.7M	0.76	12.18	49,989	38,107	1,519,285	945,614
2025-09-05	$38.42	$38.00	26.0%	7.6%	24.6%	1.4%	28.3%	-1.9%	0.4%	93.5M	-2.03B	-10.8M	0.66	3.87	42,669	28,155	1,515,663	969,589
2025-09-08	$39.03	$38.00	27.5%	8.0%	24.9%	3.9%	28.6%	-1.4%	0.3%	102.7M	-2.37B	-10.4M	0.92	5.69	60,784	55,878	1,509,025	982,414
2025-09-09	$39.94	$38.00	30.0%	8.7%	25.3%	8.3%	32.0%	-2.4%	0.5%	116.9M	-2.84B	-10.8M	1.96	4.07	204,713	400,272	1,525,550	1,022,732
2025-09-10	$39.80	$38.00	29.8%	8.6%	24.5%	7.8%	30.4%	-2.5%	0.2%	103.3M	-2.48B	-14.4M	0.34	4.11	169,828	57,391	1,673,369	1,379,345
2025-09-11	$40.78	$38.00	31.4%	9.1%	23.5%	10.6%	32.6%	-2.5%	0.4%	113.6M	-3.17B	-15.3M	0.13	4.21	337,411	42,558	1,763,460	1,419,952
2025-09-12	$40.64	$38.00	30.4%	8.8%	21.0%	8.8%	31.7%	-3.2%	0.4%	116.4M	-3.15B	-16.4M	1.01	4.06	46,131	46,478	1,904,796	1,443,980
2025-09-15	$40.97	$38.00	31.0%	8.9%	20.8%	10.0%	32.5%	-2.5%	0.2%	109.2M	-3.24B	-16.5M	0.32	10.88	59,524	19,273	1,885,370	1,448,828
2025-09-16	$41.48	$39.00	30.8%	8.8%	20.8%	9.5%	32.1%	-2.6%	0.5%	114.0M	-3.51B	-16.4M	0.27	10.45	112,691	30,477	1,899,651	1,460,841
2025-09-17	$42.61	$39.00	33.2%	9.5%	21.3%	13.7%	33.9%	-2.7%	-0.9%	119.6M	-4.14B	-16.4M	0.34	15.63	184,425	63,165	1,900,529	1,481,308
2025-09-18	$42.02	$39.00	31.4%	9.0%	22.4%	10.1%	31.9%	-2.6%	0.1%	102.6M	-3.76B	-16.3M	0.46	11.47	151,321	68,871	1,947,264	1,530,678
2025-09-19	$41.72	$39.00	30.5%	8.7%	22.8%	8.6%	31.9%	-2.9%	-0.1%	74.3M	-3.60B	-16.8M	0.29	8.61	115,319	33,300	2,031,326	1,592,824
2025-09-22	$41.42	$39.00	29.4%	8.3%	21.9%	6.7%	30.1%	-2.7%	0.6%	71.3M	-1.94B	-16.5M	0.61	10.79	68,906	41,709	1,547,551	1,209,389
2025-09-23	$40.66	$39.00	29.4%	8.5%	23.3%	6.7%	30.4%	-2.5%	0.7%	49.1M	-1.45B	-16.3M	0.92	22.91	60,868	55,841	1,534,910	1,238,762
2025-09-24	$41.59	$39.00	31.0%	8.9%	24.2%	9.4%	29.8%	-2.8%	0.3%	63.6M	-2.00B	-16.6M	0.41	10.50	156,761	64,063	1,553,711	1,277,218
2025-09-25	$41.66	$39.00	29.5%	8.4%	21.2%	6.0%	30.4%	-2.3%	0.2%	69.2M	-2.17B	-16.5M	0.61	12.37	53,618	32,732	1,626,000	1,318,445
2025-09-26	$41.11	$38.00	28.3%	7.9%	22.2%	4.0%	28.9%	-1.8%	1.2%	51.6M	-1.93B	-16.5M	1.19	16.11	37,445	44,434	1,656,559	1,346,584
2025-09-29	$41.91	$38.00	30.8%	8.4%	22.6%	8.3%	30.6%	-2.6%	0.1%	77.0M	-2.49B	-15.9M	0.52	13.85	57,384	29,749	1,639,760	1,316,568
2025-09-30	$41.97	$38.00	31.2%	8.4%	22.6%	9.0%	30.1%	-2.4%	0.1%	82.5M	-2.55B	-15.9M	0.59	14.10	53,542	31,375	1,664,634	1,332,639