XLF Options History — March 2025

In March 2025, XLF traded between $47.44 and $51.52. ATM implied volatility averaged 20.8%, placing in the 65.5% IV rank vs the trailing year. The 30-day expected move averaged 6.3%. IV traded above realized volatility by 2.0% (HV 20d: 18.8%). Max pain ranged from $49.00 to $50.00. Net GEX was positive for 7 of 21 trading days. Term structure was in contango for 8 of 21 days. Put/call ratio averaged 1.84.

Notable Days

2025-03-11: Highest Volume — 495,530 contracts
2025-03-28: Largest IV spike — 17.8% change
2025-03-10: Highest IV Rank — 100.0%
2025-03-10: Largest Expected Move — 9.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$49.38	$47.44	$51.52	$51.52	$49.89
Max Pain	$49.93	$49.00	$50.00	$50.00	$50.00
ATM IV	20.8%	16.8%	26.4%	19.9%	20.0%
Expected Move	6.3%	4.9%	9.2%	6.3%	5.6%
HV 20d	18.8%	12.5%	22.2%	12.5%	22.2%
HV 60d	16.3%	14.3%	17.3%	14.3%	17.2%
IV Rank	65.5%	36.8%	100.0%	64.3%	58.1%
IV Percentile	91.6%	69.0%	100.0%	96.0%	92.1%
Term Structure	-0.1%	-1.0%	0.9%	0.9%	-0.2%
VWIV	22.9%	17.9%	34.3%	22.2%	20.2%
Skew 25d	4.9%	3.2%	8.2%	5.7%	4.8%
Skew 10d	10.0%	6.4%	15.3%	10.2%	9.5%
Call IV 25d	18.6%	15.3%	22.5%	17.7%	17.8%
Put IV 25d	23.6%	18.5%	30.7%	23.4%	22.6%
Bid-Ask Spread %	2.25	1.86	2.82	2.40	2.30
Gamma HHI	0.07	0.06	0.09	0.09	0.06
Net GEX	-40.7M	-163.7M	89.2M	72.9M	-43.4M
Net DEX	-362.1M	-2.78B	1.99B	-2.78B	-924.2M
Net VEX	-37.9M	-39.7M	-36.5M	-38.2M	-39.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.84	0.56	4.68	2.17	2.15
Total Volume	244,983.095	85,861	495,530	169,884	85,861
Total OI	5,364,426.286	4,751,440	6,009,441	5,043,342	5,049,894

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	P/C	Spread %	Call Vol	Put Vol	Call OI	Put OI
2025-03-03	$51.52	$50.00	19.9%	6.3%	12.5%	64.3%	22.2%	5.7%	0.9%	72.9M	-2.78B	-38.2M	2.17	2.40	53,607	116,277	2,034,272	3,009,070
2025-03-04	$50.14	$50.00	22.2%	7.0%	15.7%	80.6%	23.2%	5.7%	-0.3%	-44.9M	-819.0M	-38.6M	0.96	2.65	226,879	217,293	2,044,954	3,087,085
2025-03-05	$50.25	$50.00	21.9%	6.9%	15.7%	79.0%	26.0%	5.1%	-0.5%	-51.8M	-993.9M	-39.5M	1.98	2.15	76,023	150,462	2,089,469	3,142,591
2025-03-06	$49.31	$50.00	23.8%	7.5%	16.5%	92.3%	28.7%	5.1%	-0.7%	-80.5M	124.9M	-39.7M	3.60	2.68	81,131	292,402	2,121,406	3,167,267
2025-03-07	$49.06	$50.00	22.9%	7.2%	16.1%	85.9%	25.9%	5.1%	-0.4%	-125.1M	527.0M	-37.9M	3.35	2.00	75,866	254,521	2,169,416	3,260,721
2025-03-10	$47.91	$50.00	26.4%	9.2%	17.7%	100.0%	34.3%	8.2%	-0.4%	-125.2M	1.52B	-38.3M	1.83	2.23	143,947	262,980	2,159,910	3,240,252
2025-03-11	$47.78	$50.00	25.0%	8.5%	17.6%	91.3%	30.5%	7.1%	-0.4%	-129.4M	1.56B	-37.3M	1.16	1.86	229,520	266,010	2,233,155	3,259,442
2025-03-12	$47.80	$50.00	22.8%	7.2%	17.5%	76.4%	25.5%	6.0%	-0.4%	-163.7M	1.69B	-36.5M	1.43	2.49	121,325	173,224	2,223,665	3,369,332
2025-03-13	$47.44	$49.50	23.7%	7.6%	17.5%	82.5%	27.2%	5.4%	0.3%	-150.0M	1.99B	-36.5M	3.07	2.02	53,342	163,673	2,258,386	3,359,209
2025-03-14	$48.44	$49.00	20.7%	6.2%	19.1%	62.5%	23.9%	4.9%	0.6%	-88.5M	640.2M	-36.5M	0.80	2.04	171,999	138,376	2,292,151	3,374,567
2025-03-17	$49.25	$50.00	19.7%	5.4%	20.3%	56.0%	19.2%	4.7%	-0.4%	-25.1M	-583.9M	-36.8M	0.56	2.31	69,678	38,917	2,344,126	3,418,495
2025-03-18	$48.99	$50.00	20.6%	5.6%	20.1%	61.9%	19.7%	4.5%	-0.6%	-50.4M	-99.1M	-37.6M	0.92	2.23	44,909	41,272	2,384,725	3,441,756
2025-03-19	$49.73	$50.00	18.9%	5.2%	21.0%	50.8%	22.3%	3.8%	-0.0%	27.0M	-1.28B	-37.5M	1.93	2.82	51,095	98,792	2,404,039	3,466,130
2025-03-20	$49.72	$50.00	18.4%	5.1%	20.5%	47.6%	19.0%	4.6%	0.0%	20.9M	-1.18B	-38.3M	1.10	2.48	45,033	49,364	2,428,066	3,508,878
2025-03-21	$49.45	$50.00	18.6%	5.3%	20.2%	49.1%	17.9%	4.0%	-1.0%	-64.8M	-641.7M	-37.8M	1.94	2.20	54,622	105,760	2,460,739	3,548,702
2025-03-24	$50.22	$50.00	17.4%	4.9%	20.9%	40.8%	20.0%	3.6%	0.0%	72.4M	-1.50B	-36.9M	1.00	2.19	104,104	103,691	1,843,740	2,907,700
2025-03-25	$50.38	$50.00	16.8%	5.0%	20.9%	36.8%	18.8%	3.2%	0.2%	89.2M	-1.80B	-37.0M	0.92	2.04	73,383	67,483	1,857,482	2,947,626
2025-03-26	$50.22	$50.00	18.6%	5.3%	20.9%	48.5%	18.8%	3.6%	0.1%	64.1M	-1.53B	-38.1M	4.68	2.35	61,266	286,423	1,870,117	2,968,694
2025-03-27	$50.28	$50.00	18.1%	5.2%	20.9%	45.2%	18.5%	3.3%	0.7%	12.3M	-1.50B	-38.2M	1.16	1.93	77,928	90,740	1,877,856	3,030,603
2025-03-28	$49.14	$50.00	21.3%	5.8%	21.4%	66.4%	20.1%	4.7%	-0.6%	-70.6M	-37.1M	-39.2M	1.99	1.87	108,923	216,544	1,915,985	3,081,279
2025-03-31	$49.89	$50.00	20.0%	5.6%	22.2%	58.1%	20.2%	4.8%	-0.2%	-43.4M	-924.2M	-39.2M	2.15	2.30	27,293	58,568	1,914,900	3,134,994