QLD Options History — September 2025

In September 2025, QLD traded between $60.93 and $69.15. ATM implied volatility averaged 32.8%, placing in the 6.9% IV rank vs the trailing year. The 30-day expected move averaged 9.4%. IV traded above realized volatility by 10.6% (HV 20d: 22.2%). Max pain ranged from $47.50 to $62.50. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 19 of 21 days. Put/call ratio averaged 0.60.

Notable Days

  • 2025-09-15: Highest Volume — 5,842 contracts
  • 2025-09-23: Largest IV spike — 12.3% change
  • 2025-09-02: Highest IV Rank — 11.3%
  • 2025-09-02: Largest Expected Move — 10.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$65.86$60.93$69.15$60.93$68.36
Max Pain$50.40$47.50$62.50$62.50$52.50
ATM IV32.8%29.9%37.6%37.6%33.9%
Expected Move9.4%8.6%10.8%10.8%9.7%
HV 20d22.2%15.1%25.8%25.7%15.1%
HV 60d23.4%21.6%25.1%24.9%21.6%
IV Rank6.9%4.2%11.3%11.3%7.8%
IV Percentile27.9%8.7%51.2%51.2%37.3%
Term Structure2.8%-2.8%4.9%-1.4%2.3%
VWIV33.6%29.2%38.0%35.4%36.9%
Skew 25d10.1%8.3%13.6%13.6%9.8%
Skew 10d20.7%0.1%30.3%0.1%18.9%
Call IV 25d28.8%27.0%31.6%31.6%28.8%
Put IV 25d38.8%36.2%45.2%45.2%38.6%
Bid-Ask Spread %64.8646.8976.8649.7376.86
Gamma HHI0.140.090.330.120.12
Net GEX2.3M335.9K6.3M335.9K2.5M
Net DEX-153.8M-204.0M-95.7M-95.7M-168.8M
Net VEX-518.2K-573.4K-465.8K-523.8K-559.8K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.600.171.340.410.53
Total Volume2,072.5714025,8423,382512
Total OI55,305.04847,30065,03654,38050,728

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-09-02$60.93$62.5037.6%10.8%25.7%11.3%35.4%13.6%-1.4%335.9K-95.7M-523.8K0.4149.73N/AN/A2,39498834,71419,666
2025-09-03$61.74$62.5036.1%10.4%25.8%9.9%34.7%12.6%-2.8%487.7K-106.4M-511.2K0.8046.89N/AN/A45036035,02020,142
2025-09-04$62.97$47.5032.8%9.4%25.4%6.9%35.4%12.3%4.3%886.8K-121.6M-511.1K0.3759.81N/AN/A64223835,32820,362
2025-09-05$63.14$47.5031.2%9.2%25.4%5.3%31.0%11.8%3.4%819.6K-124.6M-499.0K0.4467.25N/AN/A80835635,35620,442
2025-09-08$63.91$47.5030.6%9.0%24.7%4.8%32.0%10.8%3.1%1.2M-133.5M-490.5K0.3059.04N/AN/A73622435,54420,436
2025-09-09$64.12$47.5031.2%8.9%24.7%5.3%31.8%10.4%4.3%1.3M-136.8M-484.3K0.9075.28N/AN/A21219035,87420,580
2025-09-10$64.20$47.5031.5%9.0%23.2%5.6%32.3%10.6%4.0%1.5M-137.8M-485.1K0.7364.07N/AN/A51037236,04020,640
2025-09-11$65.14$47.5030.5%8.8%23.8%4.7%29.9%9.3%4.4%2.1M-150.4M-476.4K0.1759.40N/AN/A2,01034436,13620,612
2025-09-12$65.62$47.5029.9%8.6%23.9%4.2%29.2%8.6%4.9%2.5M-155.9M-468.3K0.2063.14N/AN/A2,34446236,29820,648
2025-09-15$66.53$47.5032.2%9.2%24.0%6.2%32.8%9.1%1.9%3.9M-169.2M-465.8K0.4460.47N/AN/A4,0541,78837,98420,812
2025-09-16$66.64$47.5033.2%9.5%23.9%7.2%32.7%9.3%2.3%3.9M-174.4M-497.8K1.3463.70N/AN/A1,1661,56039,24621,962
2025-09-17$66.27$47.5031.7%9.1%21.3%5.8%32.3%9.1%3.1%3.8M-170.5M-498.3K0.7672.54N/AN/A1,8501,41439,74423,044
2025-09-18$67.52$47.5031.6%9.1%21.3%5.7%32.9%8.3%3.4%6.3M-191.3M-500.5K0.3164.13N/AN/A3,02294439,70423,976
2025-09-19$68.23$48.0032.5%9.3%20.5%6.5%34.0%9.4%2.7%4.1M-204.0M-541.5K0.1860.58N/AN/A4,33478040,80624,230
2025-09-22$69.15$50.0031.7%9.1%18.7%5.8%34.1%8.8%3.8%2.2M-173.1M-550.1K0.6766.58N/AN/A1,45096635,30211,998
2025-09-23$68.25$50.5035.6%10.2%19.7%9.5%38.0%9.4%1.5%2.2M-167.1M-562.0K1.2871.19N/AN/A67285836,18212,626
2025-09-24$67.48$52.5034.7%9.9%20.4%8.6%34.5%9.4%2.6%2.1M-161.7M-573.4K0.3468.78N/AN/A76826236,45612,908
2025-09-25$66.97$52.5034.2%9.8%20.8%8.2%37.2%11.0%3.8%2.1M-156.8M-568.8K1.2668.66N/AN/A60275836,40813,072
2025-09-26$67.60$52.5032.8%9.4%20.6%6.8%34.1%8.8%4.2%2.2M-161.8M-557.9K0.4971.39N/AN/A55026836,43413,640
2025-09-29$68.21$52.5033.7%9.6%17.6%7.6%34.1%9.0%2.5%2.3M-168.1M-556.8K0.7672.50N/AN/A74456236,61013,696
2025-09-30$68.36$52.5033.9%9.7%15.1%7.8%36.9%9.8%2.3%2.5M-168.8M-559.8K0.5376.86N/AN/A33417837,00013,728