QLD Options History — May 2025

In May 2025, QLD traded between $45.80 and $52.85. ATM implied volatility averaged 43.3%, placing in the 16.1% IV rank vs the trailing year. The 30-day expected move averaged 12.0%. IV traded below realized volatility by 17.6% (HV 20d: 60.9%). Max pain ranged from $39.50 to $50.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 14 of 21 days. Put/call ratio averaged 1.46.

Notable Days

  • 2025-05-12: Highest Volume — 9,102 contracts
  • 2025-05-14: Largest IV drop — 24.7% change
  • 2025-05-13: Highest IV Rank — 23.4%
  • 2025-05-01: Largest Expected Move — 14.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$50.14$45.80$52.85$45.90$52.32
Max Pain$45.79$39.50$50.00$39.50$50.00
ATM IV43.3%37.3%51.1%50.4%38.8%
Expected Move12.0%10.6%14.5%14.5%11.1%
HV 20d60.9%34.8%121.3%121.3%35.1%
HV 60d80.0%79.1%80.9%79.3%79.5%
IV Rank16.1%10.4%23.4%22.7%11.9%
IV Percentile65.6%46.8%84.1%84.1%50.4%
Term Structure0.4%-2.5%3.4%-2.5%0.3%
VWIV44.5%37.9%50.4%50.4%45.0%
Skew 25d10.8%6.8%15.4%12.9%11.0%
Skew 10d23.1%2.6%44.5%44.5%27.2%
Call IV 25d37.5%33.9%44.9%44.9%33.9%
Put IV 25d48.3%42.2%57.8%57.8%44.9%
Bid-Ask Spread %54.0642.1865.7442.9862.38
Gamma HHI0.140.100.240.130.12
Net GEX2.3M1.4M3.7M2.3M1.7M
Net DEX-109.8M-168.2M-83.8M-84.9M-98.9M
Net VEX-520.8K-560.6K-487.6K-487.6K-545.6K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.460.125.400.482.41
Total Volume3,645.811,0629,1024,7105,272
Total OI56,899.14346,19665,04052,36058,206

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-05-01$45.90$39.5050.4%14.5%121.3%22.7%50.4%12.9%-2.5%2.3M-84.9M-487.6K0.4842.98N/AN/A3,1821,52839,04813,312
2025-05-02$46.77$40.0044.8%12.8%114.1%17.4%49.9%11.0%0.6%2.7M-95.0M-502.7K0.8343.12N/AN/A2,4362,01240,89414,104
2025-05-05$46.36$44.0047.3%13.3%107.2%19.8%48.6%13.6%-0.6%2.7M-91.2M-497.0K0.2462.86N/AN/A1,56637841,52815,336
2025-05-06$45.80$44.0048.8%13.6%105.8%21.2%46.9%15.4%3.4%2.7M-83.8M-493.3K0.2042.18N/AN/A1,52830642,12415,572
2025-05-07$45.90$44.0050.5%13.4%103.3%22.8%43.9%14.5%-0.2%2.8M-85.6M-490.5K0.4361.52N/AN/A96641442,31015,610
2025-05-08$47.00$44.0047.4%12.9%67.3%19.9%44.8%12.0%1.1%3.1M-99.7M-499.6K0.1746.83N/AN/A2,40240042,32415,862
2025-05-09$46.59$44.0047.0%12.8%55.7%19.5%48.9%11.8%1.3%3.3M-95.7M-494.2K0.7043.99N/AN/A67847443,75015,968
2025-05-12$49.93$44.0042.9%11.0%57.4%15.7%45.2%8.6%1.4%3.7M-137.5M-491.2K1.2060.86N/AN/A4,1344,96843,96616,170
2025-05-13$52.06$45.0051.1%10.6%58.3%23.4%39.1%7.3%1.7%2.7M-158.1M-511.2K0.4265.74N/AN/A2,7961,18644,69617,330
2025-05-14$52.20$45.5038.5%11.0%57.8%11.6%41.3%7.1%0.7%2.4M-160.9M-515.5K0.6062.77N/AN/A1,46888245,00217,814
2025-05-15$52.30$46.0038.1%10.9%48.1%11.2%37.9%6.8%1.1%2.1M-162.9M-515.1K0.1253.98N/AN/A6,01670445,21018,260
2025-05-16$52.84$46.5037.3%10.7%48.1%10.4%39.0%7.3%0.1%2.5M-168.2M-520.7K0.2944.66N/AN/A3,01687246,37618,664
2025-05-19$52.85$47.5039.0%11.2%39.5%12.0%45.1%10.1%-0.1%1.8M-105.7M-529.6K3.8152.21N/AN/A8863,37834,80811,388
2025-05-20$52.48$47.5039.3%11.3%38.0%12.3%43.7%10.3%0.6%1.5M-99.3M-548.8K2.2249.92N/AN/A33073235,40015,064
2025-05-21$51.48$47.5042.7%12.2%38.1%15.5%41.1%12.2%0.5%1.4M-90.7M-553.4K0.4254.92N/AN/A2,6801,11435,52215,602
2025-05-22$51.73$47.5042.5%12.2%34.8%15.3%47.8%10.3%-0.2%1.6M-94.2M-560.6K3.6457.58N/AN/A1,1304,10837,54216,158
2025-05-23$50.73$47.5044.4%12.7%36.1%17.1%44.0%13.3%-0.9%1.4M-85.2M-557.5K0.3947.89N/AN/A1,07441438,20416,884
2025-05-27$52.66$47.5039.9%11.4%37.6%12.9%44.3%10.1%0.6%1.8M-103.3M-537.3K2.8358.29N/AN/A1,8705,29438,19216,966
2025-05-28$52.55$50.0040.3%11.6%37.8%13.3%44.3%9.3%0.8%1.9M-103.4M-546.3K5.4061.88N/AN/A2301,24239,27417,494
2025-05-29$52.49$50.0038.9%11.2%37.4%12.0%42.8%10.8%-0.4%1.9M-101.1M-540.1K3.8858.63N/AN/A5121,98439,29817,650
2025-05-30$52.32$50.0038.8%11.1%35.1%11.9%45.0%11.0%0.3%1.7M-98.9M-545.6K2.4162.38N/AN/A1,5443,72839,47218,734