XLF Options History — February 2025

In February 2025, XLF traded between $50.80 and $52.20. ATM implied volatility averaged 15.6%, placing in the 32.4% IV rank vs the trailing year. The 30-day expected move averaged 4.5%. IV traded above realized volatility by 3.5% (HV 20d: 12.1%). Max pain ranged from $49.00 to $50.00. Net GEX was positive for 18 of 19 trading days. Term structure was in contango for 11 of 19 days. Put/call ratio averaged 1.29.

Notable Days

2025-02-20: Highest Volume — 373,209 contracts
2025-02-21: Largest IV spike — 9.2% change
2025-02-27: Highest IV Rank — 58.9%
2025-02-27: Largest Expected Move — 5.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$51.48	$50.80	$52.20	$51.28	$51.91
Max Pain	$49.37	$49.00	$50.00	$50.00	$50.00
ATM IV	15.6%	13.8%	19.2%	15.7%	17.8%
Expected Move	4.5%	4.0%	5.7%	4.6%	5.3%
HV 20d	12.1%	8.5%	15.7%	15.5%	12.1%
HV 60d	14.6%	13.8%	19.0%	19.0%	14.5%
IV Rank	32.4%	18.8%	58.9%	33.0%	48.3%
IV Percentile	57.2%	20.6%	93.7%	66.7%	84.5%
Term Structure	-0.0%	-0.9%	0.8%	0.0%	0.2%
VWIV	15.5%	13.7%	19.0%	15.4%	18.7%
Skew 25d	3.8%	2.7%	6.1%	3.3%	6.1%
Skew 10d	8.5%	5.7%	13.1%	8.0%	13.1%
Call IV 25d	13.9%	12.5%	16.8%	14.5%	15.7%
Put IV 25d	17.7%	15.4%	21.9%	17.9%	21.7%
Bid-Ask Spread %	1.98	1.54	2.52	2.23	2.22
Gamma HHI	0.13	0.08	0.18	0.13	0.11
Net GEX	172.5M	-1.9M	454.5M	149.1M	130.5M
Net DEX	-3.32B	-4.60B	-1.91B	-3.20B	-3.31B
Net VEX	-36.7M	-38.4M	-35.4M	-37.0M	-37.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.29	0.25	3.42	0.90	1.80
Total Volume	167,971.526	65,587	373,209	349,373	206,124
Total OI	5,119,225.579	4,844,958	5,513,739	4,928,982	5,005,543

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 Vol	Put Vol	Call OI	Put OI
2025-02-03	$51.28	$50.00	15.7%	4.6%	15.5%	33.0%	15.4%	3.3%	0.0%	149.1M	-3.20B	-37.0M	0.90	2.23	184,109	165,264	2,084,925	2,844,057
2025-02-04	$51.14	$50.00	15.2%	4.2%	15.6%	29.3%	14.3%	3.0%	0.1%	138.1M	-3.07B	-37.0M	2.65	1.95	33,121	87,831	2,126,755	2,870,274
2025-02-05	$51.63	$50.00	14.6%	4.0%	15.6%	24.7%	14.0%	2.9%	0.1%	197.6M	-3.78B	-36.7M	1.64	2.46	24,810	40,777	2,131,487	2,870,929
2025-02-06	$52.03	$49.00	14.3%	4.2%	15.5%	22.4%	13.7%	2.8%	-0.0%	241.0M	-4.40B	-36.3M	1.36	1.91	98,092	133,447	2,134,523	2,897,627
2025-02-07	$51.84	$49.00	14.4%	4.2%	15.7%	23.2%	14.2%	3.0%	0.2%	235.9M	-4.05B	-36.5M	0.91	1.90	92,733	84,442	2,150,903	2,986,034
2025-02-10	$51.41	$49.00	14.6%	4.4%	13.1%	25.1%	14.0%	3.3%	0.8%	189.1M	-3.40B	-36.1M	0.43	1.59	92,012	39,474	2,141,364	2,934,311
2025-02-11	$51.59	$49.00	14.6%	4.1%	13.0%	25.0%	14.4%	3.5%	-0.4%	235.8M	-3.61B	-36.7M	1.47	1.66	74,687	110,073	2,192,867	2,947,805
2025-02-12	$51.25	$49.00	14.9%	4.4%	13.3%	27.0%	15.4%	3.2%	0.3%	164.8M	-3.11B	-36.7M	0.36	1.70	69,424	24,731	2,229,214	3,007,897
2025-02-13	$51.72	$49.00	14.3%	4.0%	9.1%	22.5%	14.2%	2.9%	-0.5%	266.4M	-3.80B	-36.9M	0.26	1.93	120,593	31,745	2,237,128	3,012,364
2025-02-14	$51.78	$49.00	13.8%	4.0%	9.1%	18.8%	14.0%	2.7%	0.3%	289.1M	-3.96B	-36.9M	0.38	1.67	101,564	38,584	2,289,956	3,033,205
2025-02-18	$52.05	$49.00	14.5%	4.2%	8.8%	24.2%	14.7%	3.3%	0.3%	384.3M	-4.45B	-35.4M	0.49	1.71	76,377	37,136	2,287,775	3,011,323
2025-02-19	$52.20	$49.00	14.2%	4.1%	8.5%	22.3%	14.0%	3.3%	0.3%	454.5M	-4.60B	-35.9M	0.25	1.54	75,462	18,597	2,304,066	3,023,809
2025-02-20	$51.41	$49.00	15.3%	4.4%	10.2%	29.8%	15.8%	4.0%	-0.9%	112.2M	-3.19B	-36.3M	3.42	1.73	84,494	288,715	2,334,498	3,025,137
2025-02-21	$50.80	$49.00	16.7%	4.8%	11.1%	40.1%	16.4%	4.9%	0.1%	21.3M	-1.91B	-37.2M	2.16	1.83	64,374	139,195	2,340,441	3,173,298
2025-02-24	$51.11	$49.00	17.1%	4.9%	11.3%	43.3%	17.2%	4.9%	-0.3%	24.8M	-2.39B	-36.1M	1.49	2.35	39,230	58,394	1,963,187	2,881,771
2025-02-25	$50.92	$50.00	17.8%	5.2%	10.8%	48.8%	17.7%	5.3%	-0.3%	-1.9M	-2.17B	-36.8M	1.89	2.52	70,095	132,399	1,982,909	2,913,305
2025-02-26	$50.95	$50.00	17.9%	5.2%	10.8%	49.3%	17.5%	4.8%	-0.5%	14.2M	-2.27B	-36.2M	0.91	2.43	45,217	41,064	1,995,108	2,930,825
2025-02-27	$51.11	$50.00	19.2%	5.7%	10.8%	58.9%	19.0%	5.2%	-0.6%	30.1M	-2.36B	-38.4M	1.84	2.35	58,835	108,238	2,012,828	2,955,838
2025-02-28	$51.91	$50.00	17.8%	5.3%	12.1%	48.3%	18.7%	6.1%	0.2%	130.5M	-3.31B	-37.7M	1.80	2.22	73,615	132,509	2,028,930	2,976,613