SPEU Options History — September 2025

In September 2025, SPEU traded between $48.50 and $50.35. ATM implied volatility averaged 13.6%, placing in the 3.7% IV rank vs the trailing year. The 30-day expected move averaged 3.7%. IV traded below realized volatility by 0.9% (HV 20d: 14.4%). Max pain ranged from $42.00 to $48.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 13 of 21 days. Put/call ratio averaged 0.00.

Notable Days

2025-09-18: Highest Volume — 20 contracts
2025-09-10: Largest IV drop — 34.6% change
2025-09-09: Highest IV Rank — 8.2%
2025-09-02: Largest Expected Move — 4.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$49.53	$48.50	$50.35	$48.97	$50.35
Max Pain	$47.43	$42.00	$48.00	$42.00	$48.00
ATM IV	13.6%	11.3%	17.8%	16.4%	11.6%
Expected Move	3.7%	3.1%	4.7%	4.7%	3.3%
HV 20d	14.4%	10.9%	16.8%	10.9%	16.8%
HV 60d	13.7%	12.9%	14.7%	12.9%	14.3%
IV Rank	3.7%	1.3%	8.2%	6.7%	1.6%
IV Percentile	27.7%	3.6%	78.2%	68.7%	4.0%
Term Structure	0.4%	-4.9%	5.3%	2.0%	2.5%
VWIV	14.3%	14.3%	14.3%	14.3%	14.3%
Skew 25d	-0.5%	-4.3%	3.3%	3.3%	-2.0%
Skew 10d	-0.0%	-4.7%	9.0%	1.8%	-4.5%
Call IV 25d	13.5%	10.4%	22.6%	15.6%	17.2%
Put IV 25d	13.0%	9.5%	22.5%	18.9%	15.3%
Bid-Ask Spread %	134.48	123.87	142.36	124.49	135.21
Gamma HHI	0.39	0.25	0.45	0.31	0.41
Net GEX	24.8K	8.1K	44.9K	41.1K	10.2K
Net DEX	-592.2K	-907.4K	-105.3K	-748.3K	-138.1K
Net VEX	-438	-935	-277	-695	-277
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	1.571	0	20	6	0
Total OI	153.762	48	210	201	48

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	Put Vol	Call OI	Put OI
2025-09-02	$48.97	$42.00	16.4%	4.7%	10.9%	6.7%	0.0%	3.3%	2.0%	41.1K	-748.3K	-695	124.49	N/A	N/A	0	6	197	4
2025-09-03	$48.50	$42.00	16.1%	4.6%	11.6%	6.4%	0.0%	-0.1%	-2.6%	31.9K	-622.2K	-935	125.75	N/A	N/A	0	0	197	10
2025-09-04	$49.48	$48.00	14.9%	3.1%	13.4%	5.1%	0.0%	1.1%	3.7%	31.9K	-806.0K	-597	133.88	N/A	N/A	0	0	197	10
2025-09-05	$48.77	$48.00	13.0%	3.6%	14.3%	3.1%	0.0%	-3.1%	-4.0%	44.9K	-764.5K	-607	134.37	N/A	N/A	0	0	197	10
2025-09-08	$49.88	$48.00	16.9%	3.3%	16.2%	7.3%	0.0%	0.7%	1.8%	28.5K	-871.0K	-448	131.52	N/A	N/A	0	0	197	10
2025-09-09	$49.90	$48.00	17.8%	3.4%	15.3%	8.2%	0.0%	0.8%	1.0%	28.2K	-871.9K	-445	128.56	N/A	N/A	0	0	197	10
2025-09-10	$49.75	$48.00	11.6%	3.3%	14.2%	1.6%	0.0%	0.2%	0.4%	32.5K	-864.8K	-438	131.93	N/A	N/A	0	0	197	10
2025-09-11	$49.66	$48.00	11.8%	3.4%	14.1%	1.8%	0.0%	-0.7%	2.0%	32.0K	-853.9K	-466	136.40	N/A	N/A	0	0	197	10
2025-09-12	$49.83	$48.00	11.3%	3.2%	14.1%	1.3%	0.0%	-1.2%	1.0%	32.1K	-873.5K	-417	140.80	N/A	N/A	0	0	197	10
2025-09-15	$50.16	$48.00	12.3%	3.5%	14.1%	2.3%	0.0%	0.0%	-0.6%	23.6K	-907.4K	-352	136.87	N/A	N/A	2	0	197	10
2025-09-16	$50.05	$48.00	12.3%	3.5%	14.1%	2.4%	0.0%	-1.5%	1.3%	24.5K	-889.6K	-359	132.68	N/A	N/A	0	0	195	10
2025-09-17	$49.72	$48.00	12.9%	3.7%	14.4%	3.0%	14.3%	1.6%	-1.6%	31.2K	-865.0K	-378	123.87	N/A	N/A	5	0	195	10
2025-09-18	$49.37	$48.00	14.2%	4.1%	14.5%	4.4%	0.0%	-3.2%	5.3%	39.3K	-803.0K	-414	136.62	N/A	N/A	20	0	200	10
2025-09-19	$49.45	$48.00	13.3%	3.8%	14.5%	3.4%	0.0%	-4.3%	-4.9%	36.6K	-846.5K	-343	141.97	N/A	N/A	0	0	199	10
2025-09-22	$49.91	$48.00	11.9%	3.4%	14.8%	2.0%	0.0%	2.7%	2.9%	9.3K	-127.2K	-342	137.82	N/A	N/A	0	0	40	8
2025-09-23	$49.36	$48.00	13.5%	3.9%	15.3%	3.6%	0.0%	-2.9%	-3.2%	8.2K	-127.5K	-322	132.57	N/A	N/A	0	0	40	8
2025-09-24	$49.52	$48.00	12.9%	3.7%	15.3%	3.0%	0.0%	0.8%	1.0%	8.6K	-118.8K	-345	139.31	N/A	N/A	0	0	40	8
2025-09-25	$49.25	$48.00	13.2%	3.8%	15.1%	3.3%	0.0%	2.8%	3.8%	8.8K	-105.3K	-354	137.59	N/A	N/A	0	0	40	8
2025-09-26	$49.05	$48.00	12.7%	3.7%	15.2%	2.8%	0.0%	-1.6%	-0.1%	8.1K	-111.8K	-339	139.44	N/A	N/A	0	0	40	8
2025-09-29	$49.23	$48.00	14.5%	4.2%	15.2%	4.7%	0.0%	-3.0%	-3.7%	8.4K	-120.2K	-322	142.36	N/A	N/A	0	0	40	8
2025-09-30	$50.35	$48.00	11.6%	3.3%	16.8%	1.6%	0.0%	-2.0%	2.5%	10.2K	-138.1K	-277	135.21	N/A	N/A	0	0	40	8