USMV Options History — February 2025

In February 2025, USMV traded between $92.37 and $94.09. ATM implied volatility averaged 9.6%, placing in the 24.2% IV rank vs the trailing year. The 30-day expected move averaged 2.9%. IV traded above realized volatility by 2.6% (HV 20d: 7.1%). Max pain ranged from $90.00 to $91.00. Net GEX was positive for 0 of 19 trading days. Term structure was in contango for 13 of 19 days. Put/call ratio averaged 61.44.

Notable Days

2025-02-03: Highest Volume — 538 contracts
2025-02-21: Largest IV spike — 50.5% change
2025-02-28: Highest IV Rank — 58.2%
2025-02-28: Largest Expected Move — 4.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$93.22	$92.37	$94.09	$92.44	$94.09
Max Pain	$90.16	$90.00	$91.00	$91.00	$90.00
ATM IV	9.6%	6.8%	16.3%	9.1%	16.3%
Expected Move	2.9%	2.0%	4.7%	2.6%	4.7%
HV 20d	7.1%	5.7%	8.7%	8.7%	7.0%
HV 60d	9.3%	8.7%	10.4%	10.4%	8.8%
IV Rank	24.2%	9.6%	58.2%	21.5%	58.2%
IV Percentile	51.0%	14.7%	98.4%	45.6%	98.4%
Term Structure	0.3%	-5.5%	3.7%	-0.9%	-5.5%
VWIV	12.8%	8.2%	23.1%	14.0%	14.5%
Skew 25d	2.6%	-1.9%	7.7%	3.0%	4.3%
Skew 10d	1.6%	-1.7%	8.7%	2.3%	-0.3%
Call IV 25d	7.6%	5.5%	10.8%	5.7%	10.8%
Put IV 25d	10.2%	6.1%	15.9%	8.7%	15.1%
Bid-Ask Spread %	90.12	79.57	101.29	85.22	91.90
Gamma HHI	0.26	0.16	0.38	0.16	0.21
Net GEX	-276.3K	-538.4K	-24.2K	-24.2K	-313.8K
Net DEX	784.6K	-58.9K	1.4M	289.7K	996.8K
Net VEX	-33.8K	-36.8K	-29.3K	-29.3K	-35.1K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	61.44	0.00	275.00	268.00	12.63
Total Volume	103.053	0	538	538	109
Total OI	3,277.105	2,459	4,090	2,484	2,540

Daily Data (19 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 Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2025-02-03	$92.44	$91.00	9.1%	2.6%	8.7%	21.5%	14.0%	3.0%	-0.9%	-24.2K	289.7K	-29.3K	268.00	85.22	N/A	N/A	2	536	980	1,504
2025-02-04	$92.37	$91.00	8.3%	2.4%	8.6%	17.3%	12.7%	-1.4%	-1.0%	-423.2K	1.4M	-32.4K	6.40	81.23	N/A	N/A	10	64	979	2,036
2025-02-05	$93.06	$91.00	9.3%	2.7%	8.2%	22.2%	0.0%	0.6%	0.7%	-272.1K	399.1K	-30.8K	80.00	88.91	N/A	N/A	1	80	983	2,098
2025-02-06	$92.95	$90.00	9.0%	2.8%	8.1%	21.0%	12.8%	6.9%	1.0%	-307.3K	637.1K	-32.8K	0.00	91.38	N/A	N/A	0	125	983	2,177
2025-02-07	$92.77	$90.00	6.8%	2.8%	8.1%	9.6%	0.0%	4.6%	1.2%	-430.6K	1.1M	-33.8K	0.00	93.25	N/A	N/A	0	17	983	2,302
2025-02-10	$93.05	$90.00	8.7%	2.9%	5.7%	19.5%	8.8%	3.2%	0.7%	-341.7K	737.6K	-32.6K	275.00	91.81	N/A	N/A	1	275	983	2,315
2025-02-11	$93.13	$90.00	8.3%	2.8%	5.7%	17.6%	11.9%	2.9%	1.0%	-364.2K	866.1K	-34.6K	175.00	80.40	N/A	N/A	1	175	983	2,590
2025-02-12	$92.78	$90.00	7.2%	2.1%	6.1%	11.9%	23.1%	-1.0%	1.8%	-538.4K	1.4M	-35.3K	20.00	97.51	N/A	N/A	10	200	982	2,765
2025-02-13	$93.63	$90.00	7.1%	2.0%	6.1%	11.3%	0.0%	-1.9%	1.5%	-172.9K	97.5K	-33.3K	0.17	101.29	N/A	N/A	12	2	989	2,963
2025-02-14	$92.98	$90.00	9.0%	2.6%	6.9%	20.7%	8.2%	0.6%	1.0%	-282.5K	694.3K	-33.8K	0.14	100.70	N/A	N/A	14	2	1,000	2,965
2025-02-18	$93.09	$90.00	9.4%	2.7%	6.9%	23.2%	0.0%	2.6%	0.9%	-148.0K	776.0K	-33.6K	0.00	85.78	N/A	N/A	0	0	1,008	2,967
2025-02-19	$93.63	$90.00	8.5%	2.4%	6.7%	18.6%	0.0%	-0.2%	1.6%	-127.6K	-58.9K	-32.1K	18.25	97.32	N/A	N/A	4	73	1,008	2,967
2025-02-20	$93.63	$90.00	7.4%	2.1%	6.8%	12.6%	0.0%	5.4%	3.7%	-156.9K	342.0K	-34.5K	0.00	92.28	N/A	N/A	3	0	1,010	3,040
2025-02-21	$93.16	$90.00	11.1%	3.2%	7.2%	31.7%	10.9%	0.1%	-0.5%	-43.4K	949.1K	-35.2K	0.00	83.83	N/A	N/A	0	15	1,010	3,080
2025-02-24	$93.60	$90.00	10.4%	3.0%	7.3%	28.0%	15.5%	3.0%	0.1%	-288.1K	908.5K	-34.8K	2.07	87.53	N/A	N/A	41	85	649	1,810
2025-02-25	$93.90	$90.00	11.7%	3.4%	6.7%	34.8%	13.0%	2.1%	0.2%	-244.2K	697.6K	-36.8K	0.84	79.57	N/A	N/A	50	42	690	1,856
2025-02-26	$93.55	$90.00	12.1%	3.5%	6.9%	36.5%	9.3%	6.6%	-0.4%	-396.2K	1.2M	-35.4K	0.00	92.06	N/A	N/A	0	1	641	1,894
2025-02-27	$93.45	$90.00	13.3%	3.8%	6.9%	42.6%	12.3%	7.7%	-0.8%	-373.8K	1.4M	-35.6K	1.67	90.30	N/A	N/A	3	5	641	1,894
2025-02-28	$94.09	$90.00	16.3%	4.7%	7.0%	58.2%	14.5%	4.3%	-5.5%	-313.8K	996.8K	-35.1K	12.63	91.90	N/A	N/A	8	101	641	1,899