USMV Options History — September 2025

In September 2025, USMV traded between $93.18 and $95.09. ATM implied volatility averaged 8.8%, placing in the 7.0% IV rank vs the trailing year. The 30-day expected move averaged 2.6%. IV traded above realized volatility by 1.5% (HV 20d: 7.3%). Max pain ranged from $90.00 to $93.00. Net GEX was positive for 6 of 21 trading days. Term structure was in contango for 20 of 21 days. Put/call ratio averaged 2.30.

Notable Days

  • 2025-09-19: Highest Volume — 487 contracts
  • 2025-09-03: Largest IV spike — 24.8% change
  • 2025-09-09: Highest IV Rank — 10.5%
  • 2025-09-08: Largest Expected Move — 2.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$94.05$93.18$95.09$93.88$95.09
Max Pain$92.62$90.00$93.00$92.00$93.00
ATM IV8.8%6.0%10.1%6.0%9.6%
Expected Move2.6%1.7%2.9%1.7%2.7%
HV 20d7.3%6.1%8.3%7.2%7.8%
HV 60d8.3%7.6%8.8%8.6%7.6%
IV Rank7.0%0.0%10.5%0.0%9.1%
IV Percentile28.4%0.0%45.2%0.0%42.5%
Term Structure1.5%-0.3%4.8%4.6%1.1%
VWIV10.8%4.9%19.3%14.0%9.5%
Skew 25d3.5%-0.3%6.1%1.3%4.1%
Skew 10d4.5%0.5%10.2%7.7%0.5%
Call IV 25d6.2%5.0%7.4%6.6%5.3%
Put IV 25d9.7%6.8%12.0%7.9%9.4%
Bid-Ask Spread %101.9295.24108.58104.86104.53
Gamma HHI0.210.120.260.250.20
Net GEX-192.1K-584.2K280.6K-503.3K259.9K
Net DEX365.1K-1.2M2.1M742.3K-1.2M
Net VEX-23.9K-28.9K-20.9K-22.6K-28.5K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.300.0014.000.290.33
Total Volume61.33304871869
Total OI2,417.1431,6762,7912,5702,064

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-09-02$93.88$92.006.0%1.7%7.2%0.0%14.0%1.3%4.6%-503.3K742.3K-22.6K0.29104.86N/AN/A1445422,028
2025-09-03$93.88$92.007.4%2.1%6.7%3.7%14.3%2.8%3.3%-490.6K690.6K-22.7K5.67108.58N/AN/A3175562,032
2025-09-04$94.12$90.007.8%2.9%6.6%4.6%0.0%4.3%0.8%-423.1K111.7K-21.5K5.31100.74N/AN/A13695552,049
2025-09-05$93.91$90.007.9%2.7%6.1%4.9%10.0%6.1%1.0%-478.8K324.9K-23.0K14.0095.86N/AN/A2285682,118
2025-09-08$93.85$93.008.7%2.9%6.1%6.8%0.0%4.8%0.5%-497.6K395.7K-22.8K1.0695.24N/AN/A31335692,146
2025-09-09$94.19$93.0010.1%2.7%6.2%10.5%10.4%5.9%1.2%-448.8K297.1K-23.7K0.67100.42N/AN/A325942,179
2025-09-10$93.69$93.009.5%2.7%6.6%8.8%9.3%4.6%0.7%-473.8K522.6K-23.7K0.4098.39N/AN/A1565962,182
2025-09-11$94.88$93.008.8%2.5%7.4%7.1%0.0%2.8%1.1%-49.1K-808.4K-21.1K0.00105.27N/AN/A606062,183
2025-09-12$94.31$93.007.4%2.1%7.7%3.7%0.0%3.0%1.9%-79.6K-584.2K-21.0K0.00103.28N/AN/A006082,183
2025-09-15$93.81$93.009.1%2.6%7.9%8.0%0.0%4.2%1.2%-134.2K-66.4K-21.1K0.45101.46N/AN/A1156082,183
2025-09-16$93.18$93.009.8%2.8%8.3%9.5%11.0%2.1%1.3%-584.2K2.1M-21.8K0.0797.47N/AN/A1414292,188
2025-09-17$93.53$93.007.4%2.1%8.2%3.7%0.0%-0.3%4.8%-554.2K2.0M-21.6K0.67106.05N/AN/A324392,185
2025-09-18$93.68$93.009.1%2.6%7.7%7.9%9.3%1.4%1.7%-318.1K1.6M-21.0K1.82107.15N/AN/A28514402,185
2025-09-19$93.91$93.009.3%2.7%7.7%8.5%19.3%5.1%0.9%-144.1K1.3M-20.9K0.48100.98N/AN/A3281594682,234
2025-09-22$94.02$93.009.2%2.6%7.6%8.1%8.9%5.3%1.4%-70.6K763.3K-25.6K0.0597.67N/AN/A12765301,146
2025-09-23$94.06$93.008.6%2.5%7.0%6.5%9.6%1.9%-0.3%113.8K280.0K-26.9K0.07103.00N/AN/A5546491,158
2025-09-24$94.13$93.009.4%2.7%7.0%8.7%4.9%4.1%1.3%188.5K-186.9K-27.8K0.00102.34N/AN/A207031,162
2025-09-25$93.65$93.009.5%2.7%7.1%8.8%0.0%1.1%1.6%134.7K418.2K-27.6K0.00102.52N/AN/A087051,162
2025-09-26$94.47$93.009.6%2.8%7.8%9.2%0.0%4.5%1.9%238.6K-161.4K-27.9K0.14100.23N/AN/A4467051,170
2025-09-29$94.75$93.009.7%2.8%7.8%9.3%10.4%3.6%0.3%280.6K-895.3K-28.9K12.22104.19N/AN/A91107741,179
2025-09-30$95.09$93.009.6%2.7%7.8%9.1%9.5%4.1%1.1%259.9K-1.2M-28.5K0.33104.53N/AN/A52177751,289