USMV Options History — December 2025

In December 2025, USMV traded between $93.75 and $95.09. ATM implied volatility averaged 10.8%, placing in the 12.1% IV rank vs the trailing year. The 30-day expected move averaged 2.9%. IV traded above realized volatility by 2.8% (HV 20d: 8.0%). Max pain ranged from $93.00 to $95.00. Net GEX was positive for 0 of 22 trading days. Term structure was in contango for 18 of 22 days. Put/call ratio averaged 3.33.

Notable Days

  • 2025-12-22: Highest Volume — 119 contracts
  • 2025-12-04: Largest IV spike — 76.6% change
  • 2025-12-05: Highest IV Rank — 22.0%
  • 2025-12-16: Largest Expected Move — 4.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$94.48$93.75$95.09$94.70$94.41
Max Pain$94.18$93.00$95.00$95.00$93.00
ATM IV10.8%7.5%14.7%11.4%7.5%
Expected Move2.9%2.2%4.0%3.3%2.2%
HV 20d8.0%5.9%9.4%9.4%6.4%
HV 60d8.3%8.1%8.6%8.6%8.2%
IV Rank12.1%3.9%22.0%13.6%3.9%
IV Percentile45.2%5.2%79.8%61.5%5.2%
Term Structure1.5%-4.4%5.2%2.4%2.3%
VWIV12.7%6.9%35.8%11.4%8.7%
Skew 25d2.4%-1.6%9.2%-0.0%-1.6%
Skew 10d1.7%-0.4%6.5%1.6%-0.4%
Call IV 25d7.7%6.4%9.1%9.1%8.6%
Put IV 25d10.0%7.0%16.2%9.1%7.0%
Bid-Ask Spread %115.97103.01132.17124.11117.51
Gamma HHI0.210.170.370.190.19
Net GEX-361.8K-769.5K-164.4K-186.1K-188.0K
Net DEX1.2M8.1K2.6M626.1K612.5K
Net VEX-27.1K-30.0K-24.9K-30.0K-26.5K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio3.330.0014.000.102.00
Total Volume33.13601192260
Total OI2,438.9091,6812,7802,6811,928

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-12-01$94.70$95.0011.4%3.3%9.4%13.6%11.4%-0.0%2.4%-186.1K626.1K-30.0K0.10124.11N/AN/A2027381,943
2025-12-02$94.53$95.009.8%2.8%9.0%9.7%0.0%0.1%1.4%-340.5K1.4M-29.9K0.96115.75N/AN/A23227581,945
2025-12-03$94.66$95.008.3%2.4%9.0%5.7%35.8%1.0%1.6%-312.7K1.1M-29.8K0.00112.86N/AN/A407771,957
2025-12-04$94.38$93.0014.6%3.2%9.1%21.6%0.0%5.3%1.4%-274.2K1.0M-29.8K0.00103.01N/AN/A007771,957
2025-12-05$94.63$93.0014.7%3.2%8.6%22.0%0.0%3.0%-4.4%-268.1K684.0K-29.1K0.00132.17N/AN/A507771,957
2025-12-08$93.95$93.0013.4%2.7%9.0%18.6%10.5%3.2%4.8%-362.5K2.0M-29.1K0.09122.41N/AN/A4347791,957
2025-12-09$93.75$93.0014.6%3.6%8.8%21.7%0.0%6.7%-2.5%-427.1K2.0M-27.8K0.00111.19N/AN/A017621,961
2025-12-10$94.00$93.0012.2%3.5%8.3%15.7%9.3%1.2%2.3%-380.6K1.9M-27.7K3.13124.52N/AN/A8257621,962
2025-12-11$94.56$93.0010.8%3.1%8.4%12.2%6.9%4.1%-1.2%-769.5K1.8M-26.6K1.47119.58N/AN/A17257661,986
2025-12-12$94.56$95.009.5%2.7%8.2%9.0%22.2%3.2%2.1%-357.6K1.2M-27.4K1.57115.57N/AN/A23367831,997
2025-12-15$94.75$95.0010.3%2.9%8.2%10.8%9.5%3.4%1.8%-711.1K1.5M-25.8K0.00127.84N/AN/A047702,008
2025-12-16$93.85$95.0014.0%4.0%8.5%20.1%0.0%1.8%-0.1%-625.1K2.6M-26.5K0.00121.05N/AN/A007172,012
2025-12-17$93.87$95.0012.8%3.7%8.5%17.1%11.5%3.1%0.9%-539.8K1.9M-25.1K14.00113.26N/AN/A3427171,933
2025-12-18$94.02$95.0010.0%2.9%8.3%10.1%0.0%9.2%0.9%-544.0K1.8M-25.4K0.64111.25N/AN/A28187201,943
2025-12-19$94.20$95.009.8%2.8%8.2%9.7%10.5%2.2%5.2%-558.6K1.7M-26.4K6.50109.14N/AN/A6397481,946
2025-12-22$94.68$95.008.5%2.4%7.5%6.4%10.3%0.6%1.5%-203.7K569.7K-26.2K9.82108.42N/AN/A111084111,270
2025-12-23$94.73$95.009.2%2.6%7.4%8.0%9.4%0.9%4.3%-187.0K404.9K-25.6K2.25109.73N/AN/A12274181,378
2025-12-24$95.09$95.008.9%2.6%6.5%7.4%0.0%1.5%1.8%-195.3K207.5K-25.4K0.00113.41N/AN/A004301,405
2025-12-26$95.03$95.008.8%2.5%6.3%7.2%10.3%2.0%1.7%-184.3K135.8K-25.0K0.32114.82N/AN/A1964301,405
2025-12-29$95.07$93.009.4%2.7%6.3%8.6%10.2%1.3%0.4%-164.4K176.0K-25.7K12.50112.18N/AN/A4504481,409
2025-12-30$95.05$93.008.7%2.5%5.9%6.9%14.0%0.1%3.5%-179.3K8.1K-24.9K1.27111.51N/AN/A15194501,459
2025-12-31$94.41$93.007.5%2.2%6.4%3.9%8.7%-1.6%2.3%-188.0K612.5K-26.5K2.00117.51N/AN/A20404501,478