KWEB Options History — December 2025

In December 2025, KWEB traded between $34.06 and $38.00. ATM implied volatility averaged 27.6%, placing in the 4.6% IV rank vs the trailing year. The 30-day expected move averaged 7.6%. IV traded above realized volatility by 6.3% (HV 20d: 21.3%). Max pain ranged from $38.00 to $38.00. Net GEX was positive for 18 of 22 trading days. Term structure was in contango for 9 of 22 days. Put/call ratio averaged 0.33.

Notable Days

2025-12-01: Highest Volume — 245,555 contracts
2025-12-19: Largest IV spike — 21.1% change
2025-12-09: Highest IV Rank — 16.3%
2025-12-19: Largest Expected Move — 8.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$36.19	$34.06	$38.00	$38.00	$34.06
Max Pain	$38.00	$38.00	$38.00	$38.00	$38.00
ATM IV	27.6%	23.1%	35.4%	33.0%	23.1%
Expected Move	7.6%	6.5%	8.7%	8.1%	6.7%
HV 20d	21.3%	16.7%	25.3%	22.7%	22.5%
HV 60d	27.3%	26.1%	28.2%	28.2%	27.5%
IV Rank	4.6%	0.0%	16.3%	12.0%	0.0%
IV Percentile	15.2%	0.0%	64.7%	56.7%	0.0%
Term Structure	-0.4%	-5.3%	3.9%	-1.2%	2.9%
VWIV	27.2%	22.1%	29.8%	29.3%	27.9%
Skew 25d	0.7%	-1.5%	11.0%	1.4%	-1.5%
Skew 10d	3.5%	-18.4%	25.8%	2.7%	0.2%
Call IV 25d	26.5%	22.0%	30.3%	30.3%	24.7%
Put IV 25d	27.1%	23.2%	33.0%	31.7%	23.2%
Bid-Ask Spread %	38.96	18.88	75.60	55.74	45.48
Gamma HHI	0.09	0.08	0.13	0.08	0.09
Net GEX	8.1M	-26.0M	36.0M	27.0M	-7.5M
Net DEX	448.8M	-341.9M	1.14B	-285.4M	927.8M
Net VEX	-10.1M	-12.4M	-8.5M	-10.9M	-8.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.33	0.08	0.83	0.17	0.29
Total Volume	118,637.5	36,325	245,555	245,555	56,189
Total OI	3,702,086.682	3,283,845	4,295,944	3,283,845	3,440,786

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
2025-12-01	$38.00	$38.00	33.0%	8.1%	22.7%	12.0%	29.3%	1.4%	-1.2%	27.0M	-285.4M	-10.9M	0.17	55.74	210,560	34,995	2,092,743	1,191,102
2025-12-02	$37.61	$38.00	30.5%	7.8%	22.8%	7.8%	28.3%	0.9%	-1.3%	12.9M	10.7M	-10.7M	0.33	49.57	87,952	29,383	2,126,528	1,214,907
2025-12-03	$37.16	$38.00	29.4%	7.9%	22.1%	5.9%	29.2%	-0.3%	-2.0%	5.1M	210.4M	-10.7M	0.09	46.75	179,410	16,708	2,185,930	1,230,850
2025-12-04	$37.14	$38.00	30.8%	8.4%	21.7%	8.3%	29.8%	0.3%	-1.8%	9.6M	172.9M	-11.1M	0.08	27.46	204,096	16,280	2,326,788	1,239,325
2025-12-05	$37.64	$38.00	28.9%	8.6%	22.2%	4.9%	29.7%	-0.8%	-1.4%	27.5M	-341.9M	-12.4M	0.14	36.54	85,855	12,442	2,507,553	1,253,793
2025-12-08	$37.47	$38.00	29.3%	8.4%	21.4%	5.7%	29.2%	0.4%	0.9%	34.0M	-290.8M	-12.4M	0.08	26.98	74,043	6,271	2,516,542	1,235,577
2025-12-09	$37.05	$38.00	35.4%	8.6%	19.5%	16.3%	29.6%	0.7%	0.1%	8.4M	230.0M	-10.3M	0.48	33.18	119,999	57,700	2,551,837	1,237,713
2025-12-10	$37.33	$38.00	33.8%	8.1%	19.9%	13.5%	28.9%	0.8%	-0.1%	16.1M	29.2M	-11.1M	0.56	75.60	44,133	24,837	2,607,571	1,255,951
2025-12-11	$37.03	$38.00	28.9%	8.1%	19.9%	5.0%	28.3%	0.1%	-1.6%	9.7M	245.9M	-10.2M	0.14	35.25	94,236	13,138	2,629,125	1,268,460
2025-12-12	$36.83	$38.00	28.1%	7.8%	19.7%	3.6%	26.2%	1.0%	-0.7%	5.0M	440.4M	-10.1M	0.32	32.54	94,679	30,634	2,696,565	1,279,153
2025-12-15	$36.33	$38.00	27.0%	7.5%	19.2%	1.7%	28.5%	1.1%	-1.7%	-5.1M	763.5M	-9.4M	0.16	41.34	97,453	15,772	2,726,775	1,274,801
2025-12-16	$36.11	$38.00	26.4%	7.3%	19.3%	0.7%	26.0%	0.7%	3.9%	-18.7M	944.2M	-8.5M	0.25	28.96	96,179	23,849	2,763,957	1,285,603
2025-12-17	$35.89	$38.00	25.1%	7.2%	19.3%	0.0%	26.1%	-0.9%	-5.3%	-26.0M	1.14B	-8.5M	0.16	34.34	65,988	10,716	2,831,130	1,297,898
2025-12-18	$36.33	$38.00	23.8%	6.8%	19.5%	0.0%	26.7%	-0.3%	1.0%	3.6M	777.9M	-8.6M	0.66	42.92	120,637	79,916	2,867,162	1,298,054
2025-12-19	$36.64	$38.00	28.9%	8.7%	16.7%	8.4%	22.1%	11.0%	-1.7%	36.0M	459.2M	-10.0M	0.18	22.12	206,226	36,150	2,959,050	1,336,894
2025-12-22	$34.73	$38.00	25.7%	7.2%	25.3%	3.0%	25.7%	1.3%	-0.5%	8.5M	855.2M	-10.8M	0.44	23.16	57,271	25,437	2,342,291	1,166,437
2025-12-23	$34.53	$38.00	24.3%	6.8%	23.0%	0.8%	24.1%	0.1%	1.0%	242.3K	859.7M	-10.0M	0.66	66.63	32,524	21,612	2,346,252	1,122,766
2025-12-24	$34.56	$38.00	23.5%	6.5%	22.7%	0.0%	24.0%	-0.8%	0.7%	6.8M	662.1M	-10.0M	0.79	18.88	20,326	15,999	2,370,674	1,079,933
2025-12-26	$34.83	$38.00	23.2%	6.8%	23.1%	0.0%	28.1%	0.2%	1.2%	21.1M	516.6M	-10.1M	0.30	21.72	53,467	16,193	2,379,323	1,071,632
2025-12-29	$34.42	$38.00	24.3%	6.8%	23.3%	1.8%	25.0%	-1.2%	-3.9%	1.3M	802.2M	-9.0M	0.83	44.16	28,789	23,908	2,344,716	1,064,346
2025-12-30	$34.42	$38.00	24.4%	6.7%	22.5%	1.9%	26.4%	0.1%	2.1%	3.8M	740.2M	-9.1M	0.09	47.85	62,484	5,589	2,356,616	1,070,798
2025-12-31	$34.06	$38.00	23.1%	6.7%	22.5%	0.0%	27.9%	-1.5%	2.9%	-7.5M	927.8M	-8.5M	0.29	45.48	43,643	12,546	2,372,226	1,068,560