USMV Options History — November 2025

In November 2025, USMV traded between $92.44 and $95.28. ATM implied volatility averaged 13.3%, placing in the 18.3% IV rank vs the trailing year. The 30-day expected move averaged 3.5%. IV traded above realized volatility by 3.9% (HV 20d: 9.3%). Max pain ranged from $93.00 to $95.00. Net GEX was positive for 0 of 19 trading days. Term structure was in contango for 10 of 19 days. Put/call ratio averaged 15.53.

Notable Days

2025-11-21: Highest Volume — 165 contracts
2025-11-06: Largest IV spike — 52.6% change
2025-11-06: Highest IV Rank — 36.8%
2025-11-04: Largest Expected Move — 4.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$93.74	$92.44	$95.28	$92.73	$95.28
Max Pain	$94.68	$93.00	$95.00	$93.00	$95.00
ATM IV	13.3%	8.3%	20.6%	12.3%	11.9%
Expected Move	3.5%	2.4%	4.5%	3.5%	3.4%
HV 20d	9.3%	8.9%	10.5%	8.9%	9.0%
HV 60d	8.0%	7.7%	8.6%	7.8%	8.6%
IV Rank	18.3%	6.0%	36.8%	16.0%	15.0%
IV Percentile	69.6%	17.9%	95.2%	71.0%	64.7%
Term Structure	0.6%	-4.7%	5.1%	-0.7%	-2.2%
VWIV	12.8%	9.1%	20.3%	12.5%	10.0%
Skew 25d	3.9%	-2.9%	11.2%	1.9%	6.5%
Skew 10d	3.7%	-1.0%	12.8%	1.0%	-1.0%
Call IV 25d	9.3%	6.3%	14.5%	11.1%	8.9%
Put IV 25d	13.2%	8.7%	18.4%	13.0%	15.4%
Bid-Ask Spread %	118.34	109.35	129.64	129.45	117.33
Gamma HHI	0.18	0.14	0.22	0.14	0.20
Net GEX	-184.6K	-301.5K	-79.9K	-170.0K	-191.4K
Net DEX	1.3M	241.0K	2.2M	1.9M	992.0K
Net VEX	-24.4K	-31.3K	-21.8K	-27.0K	-31.3K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	15.53	0.00	140.00	0.00	0.67
Total Volume	38.105	0	165	3	50
Total OI	2,201.632	2,099	2,631	2,155	2,631

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
2025-11-03	$92.73	$93.00	12.3%	3.5%	8.9%	16.0%	12.5%	1.9%	-0.7%	-170.0K	1.9M	-27.0K	0.00	129.45	N/A	N/A	3	0	712	1,443
2025-11-04	$92.85	$93.00	15.6%	4.5%	8.9%	24.1%	9.1%	2.5%	-1.4%	-209.4K	2.2M	-25.5K	0.10	120.95	N/A	N/A	10	1	713	1,443
2025-11-05	$93.10	$93.00	13.5%	3.9%	8.9%	18.9%	0.0%	5.3%	1.6%	-167.2K	1.7M	-26.3K	0.00	112.85	N/A	N/A	0	0	715	1,443
2025-11-06	$92.44	$95.00	20.6%	3.9%	9.0%	36.8%	0.0%	11.2%	1.7%	-189.0K	1.9M	-25.3K	0.00	116.22	N/A	N/A	0	0	715	1,443
2025-11-07	$92.84	$95.00	15.2%	3.6%	9.0%	23.2%	0.0%	5.9%	1.6%	-166.8K	1.7M	-25.9K	0.00	123.67	N/A	N/A	0	0	715	1,430
2025-11-10	$93.41	$95.00	15.7%	2.8%	9.3%	24.3%	0.0%	2.6%	2.8%	-151.8K	1.3M	-25.3K	0.00	120.21	N/A	N/A	0	0	715	1,430
2025-11-11	$94.25	$95.00	17.7%	3.1%	9.9%	29.4%	0.0%	1.9%	3.1%	-131.6K	798.3K	-24.4K	0.36	129.64	N/A	N/A	14	5	715	1,430
2025-11-12	$94.66	$95.00	10.1%	2.9%	10.0%	10.4%	0.0%	1.5%	3.2%	-108.2K	428.3K	-21.9K	0.00	122.65	N/A	N/A	0	53	715	1,435
2025-11-13	$94.20	$95.00	12.8%	3.7%	9.4%	17.2%	12.2%	-2.9%	-2.1%	-79.9K	241.0K	-22.4K	0.25	113.76	N/A	N/A	4	1	715	1,384
2025-11-14	$94.35	$95.00	13.9%	4.0%	8.9%	20.0%	20.3%	1.7%	-4.7%	-153.6K	824.3K	-22.1K	0.64	121.26	N/A	N/A	14	9	715	1,384
2025-11-17	$93.69	$95.00	12.8%	3.7%	9.0%	17.1%	0.0%	4.2%	2.6%	-149.8K	939.6K	-21.8K	30.00	113.18	N/A	N/A	1	30	717	1,393
2025-11-18	$93.77	$95.00	10.5%	3.0%	8.9%	11.5%	10.0%	8.0%	-0.1%	-200.5K	979.5K	-22.2K	0.00	112.22	N/A	N/A	17	0	716	1,423
2025-11-19	$93.28	$95.00	10.9%	3.1%	9.1%	12.5%	11.4%	2.3%	1.3%	-258.1K	1.5M	-21.8K	9.67	109.35	N/A	N/A	3	29	733	1,423
2025-11-20	$92.90	$95.00	14.5%	4.2%	9.1%	21.5%	0.0%	5.4%	-1.0%	-210.2K	1.5M	-23.0K	4.21	115.49	N/A	N/A	14	59	734	1,443
2025-11-21	$93.90	$95.00	10.4%	3.0%	10.0%	11.2%	11.6%	1.8%	3.4%	-239.3K	1.5M	-21.8K	26.50	116.27	N/A	N/A	6	159	720	1,502
2025-11-24	$93.69	$95.00	8.3%	2.4%	9.9%	6.0%	17.5%	6.7%	5.1%	-301.5K	1.7M	-22.8K	140.00	120.34	N/A	N/A	1	140	673	1,456
2025-11-25	$94.68	$95.00	11.8%	3.4%	10.5%	14.7%	12.7%	2.6%	-2.0%	-201.3K	942.3K	-21.9K	4.83	117.50	N/A	N/A	12	58	675	1,578
2025-11-26	$95.09	$95.00	12.9%	3.7%	9.1%	17.4%	13.9%	4.9%	-1.2%	-227.1K	1.2M	-30.8K	0.24	116.08	N/A	N/A	25	6	687	1,917
2025-11-28	$95.28	$95.00	11.9%	3.4%	9.0%	15.0%	10.0%	6.5%	-2.2%	-191.4K	992.0K	-31.3K	0.67	117.33	N/A	N/A	30	20	708	1,923