SPXS Options History — December 2025

In December 2025, SPXS traded between $34.09 and $37.35. ATM implied volatility averaged 38.6%, placing in the 8.9% IV rank vs the trailing year. The 30-day expected move averaged 11.3%. IV traded above realized volatility by 3.8% (HV 20d: 34.7%). Max pain ranged from $35.00 to $35.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 14 of 22 days. Put/call ratio averaged 0.34.

Notable Days

  • 2025-12-04: Highest Volume — 11,535 contracts
  • 2025-12-29: Largest IV spike — 30.5% change
  • 2025-12-17: Highest IV Rank — 17.0%
  • 2025-12-08: Largest Expected Move — 14.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$35.36$34.09$37.35$35.84$35.25
Max Pain$35.00$35.00$35.00$35.00$35.00
ATM IV38.6%28.5%48.9%45.4%33.6%
Expected Move11.3%8.1%14.9%12.7%10.3%
HV 20d34.7%25.3%44.9%44.8%26.5%
HV 60d36.2%35.3%37.1%35.6%37.1%
IV Rank8.9%0.7%17.0%14.5%4.8%
IV Percentile21.9%0.8%61.9%47.2%5.2%
Term Structure2.5%-9.2%22.2%0.1%4.0%
VWIV42.0%27.2%52.1%47.8%27.2%
Skew 25d-11.2%-26.8%4.8%-26.8%-14.5%
Skew 10d-19.9%-32.5%-0.8%-10.8%-14.5%
Call IV 25d43.4%29.2%57.0%57.0%44.5%
Put IV 25d32.2%23.6%39.9%30.2%29.9%
Bid-Ask Spread %70.3156.6583.0377.4183.03
Gamma HHI0.200.100.450.130.11
Net GEX2.1M683.8K3.7M1.1M1.7M
Net DEX-13.0M-28.1M750.0K-11.8M-11.2M
Net VEX-132.8K-139.7K-123.3K-132.9K-137.5K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.340.021.130.181.13
Total Volume4,071.7731,34111,5357,9685,418
Total OI28,120.59121,96231,80921,96228,211

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-12-01$35.84$35.0045.4%12.7%44.8%14.5%47.8%-26.8%0.1%1.1M-11.8M-132.9K0.1877.41N/AN/A6,7401,22815,9456,017
2025-12-02$35.58$35.0041.5%11.9%44.9%11.5%47.6%-15.7%2.1%2.6M-18.7M-139.1K0.3878.75N/AN/A1,30149821,1886,988
2025-12-03$35.27$35.0047.0%10.4%43.7%15.8%47.7%-24.6%-8.3%3.0M-15.7M-138.3K0.2881.67N/AN/A2,46568821,4867,245
2025-12-04$35.55$35.0037.6%12.4%43.6%8.3%52.1%-6.2%15.5%3.7M-18.2M-133.9K0.0275.33N/AN/A11,35018522,8407,447
2025-12-05$35.16$35.0040.7%12.8%41.4%10.8%44.1%-6.8%4.2%3.6M-13.8M-135.0K0.6566.05N/AN/A1,5891,03824,3567,453
2025-12-08$35.64$35.0037.8%14.9%41.6%8.5%44.0%-9.5%22.2%2.2M-18.1M-139.7K0.1058.01N/AN/A3,81636720,7966,992
2025-12-09$35.53$35.0041.9%12.5%36.9%11.7%44.0%-19.9%3.1%2.4M-17.8M-139.0K0.5556.87N/AN/A1,25168221,5167,191
2025-12-10$34.75$35.0035.9%12.1%37.7%7.0%46.3%4.8%1.9%2.4M-11.0M-133.3K0.0670.24N/AN/A3,21119921,6887,489
2025-12-11$34.80$35.0035.2%11.5%37.7%6.4%36.9%2.9%-8.1%3.0M-9.8M-128.8K0.0869.10N/AN/A7,32358223,2537,579
2025-12-12$35.92$35.0038.4%12.0%35.2%9.0%42.3%-4.3%9.2%2.9M-25.3M-134.1K0.2056.65N/AN/A6,0051,21323,7697,798
2025-12-15$35.99$35.0040.0%11.5%35.2%9.8%48.3%-16.4%5.9%1.6M-16.9M-133.9K0.0872.24N/AN/A2,84723619,1337,789
2025-12-16$36.17$35.0041.6%11.9%32.3%11.1%43.4%-14.7%-9.2%1.9M-20.1M-136.7K0.4471.30N/AN/A2,17596320,9347,992
2025-12-17$37.35$35.0048.9%14.0%34.3%17.0%50.9%-10.2%-4.3%2.1M-28.1M-133.8K0.3058.03N/AN/A3,22496621,0648,397
2025-12-18$36.38$35.0043.6%12.5%35.4%12.8%47.1%-15.3%0.2%2.0M-20.5M-135.8K0.2164.65N/AN/A1,59133321,0558,989
2025-12-19$35.86$35.0038.4%11.3%31.2%8.6%35.5%-15.5%-5.2%2.6M-14.9M-127.2K0.2861.36N/AN/A3,26990421,6759,076
2025-12-22$35.09$35.0037.3%11.0%30.4%7.7%42.5%-14.8%-0.1%1.1M-3.5M-123.3K0.2168.15N/AN/A3,74278114,7078,218
2025-12-23$34.45$35.0028.5%8.1%27.7%0.7%36.8%-8.2%12.3%1.2M-2.0M-129.5K0.3072.36N/AN/A2,71581316,7298,936
2025-12-24$34.09$35.0029.6%8.4%26.7%1.6%35.9%-12.5%13.9%683.8K750.0K-127.0K0.0880.06N/AN/A1,49312017,7579,168
2025-12-26$34.14$35.0031.2%8.9%25.3%2.9%35.4%-4.2%-2.8%965.9K-233.7K-126.6K0.2378.28N/AN/A1,09125018,5828,966
2025-12-29$34.50$35.0040.7%9.1%25.7%10.4%36.1%-6.5%7.2%1.3M-5.9M-128.7K1.1368.55N/AN/A1,5881,79816,7968,305
2025-12-30$34.58$35.0034.0%9.0%25.6%5.1%32.8%-6.5%-7.9%1.2M-2.5M-128.4K0.5678.75N/AN/A98055117,2919,847
2025-12-31$35.25$35.0033.6%10.3%26.5%4.8%27.2%-14.5%4.0%1.7M-11.2M-137.5K1.1383.03N/AN/A2,5452,87318,10910,102