AAXJ Options History — September 2025

In September 2025, AAXJ traded between $85.78 and $91.94. ATM implied volatility averaged 11.7%, placing in the 7.1% IV rank vs the trailing year. The 30-day expected move averaged 3.2%. IV traded below realized volatility by 0.0% (HV 20d: 11.7%). Max pain ranged from $61.00 to $80.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 15 of 21 days. Put/call ratio averaged 0.00.

Notable Days

2025-09-03: Highest Volume — 17 contracts
2025-09-11: Largest IV spike — 44.9% change
2025-09-08: Highest IV Rank — 15.9%
2025-09-11: Largest Expected Move — 4.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$89.71	$85.78	$91.94	$85.84	$91.20
Max Pain	$78.19	$61.00	$80.00	$61.00	$80.00
ATM IV	11.7%	9.8%	14.8%	13.4%	10.9%
Expected Move	3.2%	2.6%	4.1%	3.8%	3.1%
HV 20d	11.7%	9.6%	13.7%	12.7%	10.0%
HV 60d	11.9%	10.9%	12.9%	12.6%	10.9%
IV Rank	7.1%	2.0%	15.9%	12.0%	5.1%
IV Percentile	21.1%	0.8%	54.4%	42.5%	12.3%
Term Structure	3.3%	-1.4%	7.7%	-0.5%	5.2%
VWIV	11.8%	8.6%	16.3%	10.5%	16.3%
Skew 25d	0.6%	-1.7%	5.0%	0.7%	0.1%
Skew 10d	0.7%	-7.4%	6.3%	-6.7%	0.4%
Call IV 25d	10.6%	9.0%	15.5%	15.5%	11.7%
Put IV 25d	11.2%	8.9%	16.2%	16.2%	11.7%
Bid-Ask Spread %	130.92	109.30	139.83	109.30	132.67
Gamma HHI	0.21	0.19	0.24	0.22	0.21
Net GEX	28.8K	20.6K	40.9K	21.2K	20.6K
Net DEX	-754.0K	-1.0M	-376.2K	-709.9K	-415.2K
Net VEX	-1.2K	-1.3K	-939	-939	-1.1K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.00	0.00	0.00	0.00	0.00
Total Volume	2.429	0	17	5	0
Total OI	132.857	84	165	139	84

Daily Data (21 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	Spread %	Call Wall	Put Wall	Call Vol	Call OI	Put OI
2025-09-02	$85.84	$61.00	13.4%	3.8%	12.7%	12.0%	0.0%	0.7%	-0.5%	21.2K	-709.9K	-939	109.30	N/A	N/A	5	120	19
2025-09-03	$86.16	$61.00	12.9%	3.7%	12.7%	10.5%	10.5%	5.0%	-1.3%	23.7K	-745.4K	-1.1K	112.70	N/A	N/A	17	125	19
2025-09-04	$85.78	$80.00	13.3%	2.7%	12.8%	11.6%	0.0%	1.0%	7.7%	32.5K	-794.1K	-1.2K	137.53	N/A	N/A	5	140	19
2025-09-05	$86.88	$80.00	12.1%	3.3%	13.3%	8.4%	8.6%	0.8%	6.7%	35.0K	-866.6K	-1.3K	127.69	N/A	N/A	1	145	19
2025-09-08	$87.72	$80.00	14.8%	2.6%	13.6%	15.9%	0.0%	1.1%	1.9%	33.6K	-918.1K	-1.3K	133.91	N/A	N/A	0	146	19
2025-09-09	$88.46	$80.00	13.5%	2.8%	13.7%	12.4%	0.0%	0.1%	6.1%	36.9K	-940.7K	-1.3K	139.83	N/A	N/A	7	144	19
2025-09-10	$89.09	$80.00	9.8%	2.8%	13.1%	2.1%	0.0%	0.8%	3.6%	37.5K	-917.8K	-1.3K	131.75	N/A	N/A	4	139	19
2025-09-11	$90.32	$80.00	14.3%	4.1%	13.2%	14.4%	0.0%	0.8%	0.9%	34.0K	-974.9K	-1.3K	128.22	N/A	N/A	5	139	19
2025-09-12	$90.30	$80.00	12.4%	3.6%	11.9%	9.2%	0.0%	-1.7%	-1.4%	40.9K	-963.6K	-1.3K	132.46	N/A	N/A	2	138	19
2025-09-15	$90.78	$80.00	11.6%	3.3%	11.9%	6.9%	0.0%	2.3%	3.6%	35.0K	-1.0M	-1.2K	134.86	N/A	N/A	0	139	19
2025-09-16	$91.53	$80.00	9.8%	2.8%	12.0%	2.0%	0.0%	0.9%	7.0%	30.8K	-1.0M	-1.2K	130.56	N/A	N/A	0	139	19
2025-09-17	$91.94	$80.00	13.0%	3.7%	11.3%	10.8%	0.0%	0.1%	2.4%	27.6K	-1.0M	-1.2K	119.04	N/A	N/A	1	139	19
2025-09-18	$91.55	$80.00	10.5%	3.0%	11.5%	3.9%	0.0%	0.0%	-0.3%	27.0K	-1.0M	-1.2K	135.88	N/A	N/A	1	139	19
2025-09-19	$91.17	$80.00	10.2%	2.9%	11.7%	3.2%	11.8%	0.2%	5.6%	33.4K	-1.0M	-1.2K	133.94	N/A	N/A	2	139	19
2025-09-22	$91.50	$80.00	10.2%	2.9%	10.1%	3.1%	0.0%	1.1%	5.0%	20.7K	-429.8K	-1.1K	133.92	N/A	N/A	0	72	13
2025-09-23	$91.22	$80.00	10.5%	3.0%	10.1%	3.9%	0.0%	-0.4%	6.1%	21.3K	-425.2K	-1.2K	138.26	N/A	N/A	0	72	13
2025-09-24	$90.87	$80.00	10.8%	3.1%	10.1%	4.8%	0.0%	0.2%	5.5%	22.4K	-413.6K	-1.1K	137.17	N/A	N/A	0	72	13
2025-09-25	$90.53	$80.00	10.2%	2.9%	9.6%	3.1%	0.0%	0.7%	-0.3%	23.6K	-403.4K	-1.1K	136.29	N/A	N/A	0	72	13
2025-09-26	$90.05	$80.00	10.0%	2.9%	10.0%	2.4%	16.3%	-1.5%	6.1%	27.1K	-376.2K	-1.2K	125.26	N/A	N/A	1	72	13
2025-09-29	$90.97	$80.00	10.7%	3.1%	10.1%	4.4%	0.0%	-0.0%	-0.7%	20.8K	-411.6K	-1.1K	138.14	N/A	N/A	0	71	13
2025-09-30	$91.20	$80.00	10.9%	3.1%	10.0%	5.1%	0.0%	0.1%	5.2%	20.6K	-415.2K	-1.1K	132.67	N/A	N/A	0	71	13