QLD Options History — December 2025

In December 2025, QLD traded between $67.65 and $73.91. ATM implied volatility averaged 34.7%, placing in the 8.6% IV rank vs the trailing year. The 30-day expected move averaged 9.9%. IV traded above realized volatility by 1.6% (HV 20d: 33.0%). Max pain ranged from $57.50 to $66.50. Net GEX was positive for 21 of 22 trading days. Term structure was in contango for 21 of 22 days. Put/call ratio averaged 1.24.

Notable Days

  • 2025-12-19: Highest Volume — 11,926 contracts
  • 2025-12-31: Largest IV spike — 17.0% change
  • 2025-12-16: Highest IV Rank — 13.1%
  • 2025-12-16: Largest Expected Move — 11.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$71.69$67.65$73.91$71.40$70.68
Max Pain$59.25$57.50$66.50$66.00$60.00
ATM IV34.7%27.5%39.6%39.1%34.6%
Expected Move9.9%7.9%11.3%11.2%9.9%
HV 20d33.0%26.2%42.0%41.4%26.3%
HV 60d33.9%32.8%35.0%32.8%35.0%
IV Rank8.6%1.9%13.1%12.7%8.5%
IV Percentile36.1%0.4%62.3%60.7%37.3%
Term Structure3.3%-0.1%6.3%0.7%1.8%
VWIV35.8%28.6%46.7%41.0%36.8%
Skew 25d9.7%4.7%20.5%10.4%8.1%
Skew 10d19.8%12.2%26.7%18.2%17.5%
Call IV 25d30.1%22.3%35.9%34.7%29.1%
Put IV 25d39.8%32.1%48.8%45.1%37.2%
Bid-Ask Spread %81.3943.20100.6944.2790.88
Gamma HHI0.090.070.170.070.08
Net GEX2.4M-154.1K4.8M2.2M1.6M
Net DEX-205.5M-252.7M-159.7M-194.9M-184.2M
Net VEX-694.4K-768.7K-635.6K-757.2K-645.6K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.240.0510.120.0510.12
Total Volume2,596.04538511,9264,0146,804
Total OI67,167.13649,51177,97769,48150,852

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-12-01$71.40$66.0039.1%11.2%41.4%12.7%41.0%10.4%0.7%2.2M-194.9M-757.2K0.0544.27N/AN/A3,82419045,33924,142
2025-12-02$72.59$66.0038.9%11.2%42.0%12.5%40.8%10.7%2.7%2.5M-214.4M-768.7K1.7943.20N/AN/A8041,44246,47724,134
2025-12-03$72.93$66.5037.9%10.9%40.0%11.6%40.1%10.5%-0.1%2.5M-215.7M-766.2K0.9247.60N/AN/A61056446,70225,047
2025-12-04$72.28$57.5037.7%10.5%39.8%11.4%37.1%10.4%5.1%2.9M-219.1M-744.6K1.8779.94N/AN/A34464246,94225,020
2025-12-05$73.15$57.5034.9%10.0%37.2%8.8%38.3%17.3%4.1%3.2M-227.7M-737.9K0.1193.72N/AN/A4,97856246,89625,464
2025-12-08$72.56$57.5038.7%10.1%36.9%12.3%39.6%8.8%6.3%4.0M-233.8M-736.0K0.4583.13N/AN/A74933650,58225,682
2025-12-09$73.12$57.5037.0%11.1%32.8%10.7%38.9%10.3%2.5%4.3M-240.1M-727.8K1.5281.27N/AN/A18928750,55325,615
2025-12-10$73.91$57.5036.5%10.5%33.0%10.2%37.4%20.5%1.9%4.8M-252.7M-706.4K0.61100.69N/AN/A65139750,65125,674
2025-12-11$72.97$57.5036.7%10.5%33.3%10.5%36.4%4.7%3.3%4.8M-238.7M-703.5K1.4185.97N/AN/A1,2741,80050,60825,765
2025-12-12$70.25$57.5036.9%10.6%33.1%10.7%46.7%9.0%5.8%2.1M-196.3M-716.8K3.4285.94N/AN/A1,3494,61551,14126,836
2025-12-15$69.75$57.5036.8%10.6%33.2%10.6%34.1%13.6%3.2%2.0M-190.5M-700.2K1.1085.31N/AN/A9911,09451,33925,432
2025-12-16$70.14$57.5039.6%11.3%31.8%13.1%37.7%6.5%1.5%2.1M-193.5M-681.0K0.9583.06N/AN/A42740551,45125,706
2025-12-17$67.65$57.5038.3%11.0%34.3%12.0%36.8%7.2%4.5%1.9M-159.7M-684.8K0.7388.40N/AN/A96470351,57425,738
2025-12-18$69.68$57.5034.9%10.0%35.8%8.8%32.1%10.4%1.7%1.1M-187.5M-671.9K0.4577.03N/AN/A1,50767451,58825,834
2025-12-19$70.94$58.0031.1%8.9%31.4%5.3%33.1%6.3%3.7%-154.1K-211.9M-660.7K0.0576.74N/AN/A11,35457251,61125,812
2025-12-22$71.66$57.5028.5%8.2%31.0%2.9%30.5%10.6%3.7%1.4M-189.3M-650.7K0.3984.70N/AN/A1,20146437,54711,964
2025-12-23$72.31$58.0028.6%8.2%27.2%3.0%31.2%8.6%6.0%1.6M-194.5M-649.5K0.1485.70N/AN/A83512038,13612,075
2025-12-24$72.69$59.0029.0%8.3%27.1%3.3%29.7%7.7%3.0%1.7M-195.7M-650.7K0.0890.60N/AN/A9377738,21912,152
2025-12-26$72.72$60.0030.0%8.6%26.2%4.3%28.6%8.9%2.3%1.8M-199.1M-637.0K0.3994.54N/AN/A27710838,22212,160
2025-12-29$71.98$60.0027.5%7.9%26.4%1.9%29.0%7.9%5.6%1.8M-190.4M-635.6K0.5492.87N/AN/A73239738,12412,208
2025-12-30$71.78$60.0029.6%8.5%26.4%3.8%30.7%5.7%4.0%1.8M-190.4M-644.3K0.2795.09N/AN/A68018338,26112,402
2025-12-31$70.68$60.0034.6%9.9%26.3%8.5%36.8%8.1%1.8%1.6M-184.2M-645.6K10.1290.88N/AN/A6126,19238,40112,451