XLF Options History — April 2025

In April 2025, XLF traded between $43.37 and $50.16. ATM implied volatility averaged 29.1%, placing in the 56.2% IV rank vs the trailing year. The 30-day expected move averaged 8.3%. IV traded below realized volatility by 15.5% (HV 20d: 44.6%). Max pain ranged from $47.00 to $50.00. Net GEX was positive for 0 of 21 trading days. Term structure was in contango for 4 of 21 days. Put/call ratio averaged 1.76.

Notable Days

2025-04-04: Highest Volume — 922,341 contracts
2025-04-10: Largest IV spike — 46.9% change
2025-04-03: Highest IV Rank — 100.0%
2025-04-08: Largest Expected Move — 13.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$47.09	$43.37	$50.16	$49.70	$48.44
Max Pain	$48.14	$47.00	$50.00	$50.00	$48.00
ATM IV	29.1%	20.0%	48.6%	21.0%	22.3%
Expected Move	8.3%	5.5%	13.1%	5.7%	6.8%
HV 20d	44.6%	20.1%	53.2%	20.1%	52.5%
HV 60d	28.9%	17.2%	33.1%	17.2%	33.1%
IV Rank	56.2%	28.2%	100.0%	64.6%	29.8%
IV Percentile	96.1%	89.7%	100.0%	95.2%	90.9%
Term Structure	-0.8%	-2.5%	0.3%	-0.2%	0.2%
VWIV	30.0%	20.5%	45.8%	22.0%	25.5%
Skew 25d	9.3%	5.0%	17.9%	5.3%	7.5%
Skew 10d	19.5%	10.6%	37.5%	10.6%	14.3%
Call IV 25d	24.8%	17.4%	39.6%	18.2%	18.9%
Put IV 25d	34.0%	22.4%	57.5%	23.5%	26.4%
Bid-Ask Spread %	3.23	2.08	7.57	2.29	2.95
Gamma HHI	0.07	0.05	0.12	0.06	0.06
Net GEX	-89.6M	-158.4M	-18.1M	-53.0M	-51.6M
Net DEX	1.32B	-1.21B	4.40B	-701.3M	-50.1M
Net VEX	-39.8M	-42.1M	-37.8M	-38.6M	-40.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.76	0.81	3.18	3.18	1.87
Total Volume	275,672.333	84,054	922,341	149,638	84,054
Total OI	5,302,723.857	4,918,398	5,871,046	5,000,642	5,204,949

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
2025-04-01	$49.70	$50.00	21.0%	5.7%	20.1%	64.6%	22.0%	5.3%	-0.2%	-53.0M	-701.3M	-38.6M	3.18	2.29	35,816	113,822	1,900,291	3,100,351
2025-04-02	$50.16	$50.00	20.0%	5.5%	20.3%	58.3%	20.5%	5.0%	-0.3%	-18.1M	-1.21B	-39.0M	1.99	2.28	40,252	80,219	1,912,155	3,144,025
2025-04-03	$47.75	$50.00	27.6%	7.4%	26.1%	100.0%	25.9%	7.3%	-0.9%	-158.4M	1.68B	-39.2M	2.74	2.28	155,386	426,333	1,931,720	3,177,366
2025-04-04	$44.76	$50.00	37.4%	10.0%	34.4%	100.0%	36.6%	13.2%	-1.7%	-155.0M	4.34B	-38.4M	2.02	5.01	305,319	617,022	1,992,556	3,236,399
2025-04-07	$43.91	$48.00	42.6%	11.4%	34.1%	100.0%	41.0%	15.0%	-2.1%	-123.3M	4.25B	-38.3M	1.82	2.97	140,707	256,190	2,019,043	3,229,192
2025-04-08	$43.37	$48.00	48.6%	13.1%	34.2%	100.0%	45.8%	17.9%	-2.5%	-105.7M	4.40B	-37.8M	1.79	3.43	141,426	253,484	2,052,856	3,212,830
2025-04-09	$47.29	$48.00	29.0%	8.4%	47.2%	47.7%	37.0%	10.1%	0.3%	-95.9M	1.15B	-41.0M	1.68	4.54	195,940	330,054	2,118,232	3,271,304
2025-04-10	$45.35	$48.00	42.7%	12.0%	49.4%	84.2%	43.8%	16.4%	-0.7%	-97.6M	2.94B	-42.0M	3.08	7.57	68,313	210,351	2,220,187	3,410,936
2025-04-11	$46.77	$48.00	34.1%	9.6%	50.1%	61.2%	34.9%	13.0%	-1.0%	-80.1M	1.56B	-42.1M	2.03	3.51	77,580	157,334	2,251,809	3,494,769
2025-04-14	$47.41	$48.00	27.7%	8.0%	50.0%	44.1%	29.1%	9.5%	-1.4%	-93.1M	850.7M	-40.3M	1.43	2.78	76,460	109,377	2,237,466	3,423,200
2025-04-15	$47.36	$48.00	26.0%	7.5%	50.0%	39.6%	25.1%	8.1%	-1.1%	-87.8M	814.7M	-39.6M	0.81	2.78	173,653	140,774	2,271,482	3,436,638
2025-04-16	$46.34	$48.00	30.9%	8.9%	50.0%	52.8%	30.0%	9.2%	-1.8%	-93.3M	2.20B	-40.6M	1.05	2.80	107,029	112,869	2,326,223	3,508,124
2025-04-17	$46.86	$47.00	26.2%	7.5%	50.3%	40.2%	26.9%	6.6%	-0.3%	-149.4M	1.59B	-39.8M	1.04	4.25	179,292	187,203	2,367,326	3,503,720
2025-04-21	$45.52	$47.00	30.0%	8.8%	51.1%	50.2%	30.7%	8.5%	-1.1%	-127.5M	2.47B	-39.2M	1.05	2.08	72,842	76,334	1,792,555	3,125,843
2025-04-22	$47.25	$47.00	27.7%	8.1%	52.8%	44.2%	30.7%	7.7%	-0.9%	-92.0M	936.5M	-40.0M	1.31	3.39	76,183	99,807	1,809,999	3,150,139
2025-04-23	$47.66	$47.00	27.0%	8.0%	52.9%	42.2%	26.7%	7.8%	-0.7%	-73.9M	495.9M	-40.6M	1.24	3.42	78,012	96,840	1,849,888	3,186,641
2025-04-24	$48.29	$47.00	23.7%	7.0%	53.2%	33.4%	23.9%	6.8%	-0.4%	-54.4M	-108.2M	-39.9M	2.25	2.26	50,102	112,722	1,861,024	3,215,866
2025-04-25	$47.97	$48.00	22.8%	6.7%	53.2%	30.9%	25.5%	6.5%	-0.3%	-64.3M	257.6M	-40.1M	1.56	2.33	45,443	70,778	1,892,406	3,279,756
2025-04-28	$48.20	$48.00	22.2%	6.7%	52.7%	29.5%	24.1%	6.3%	0.0%	-63.3M	103.4M	-39.2M	0.90	2.63	45,769	41,287	1,863,185	3,239,741
2025-04-29	$48.63	$48.00	21.7%	6.6%	52.5%	28.2%	25.0%	6.9%	0.3%	-43.5M	-271.5M	-40.0M	2.19	2.34	45,980	100,761	1,877,857	3,257,152
2025-04-30	$48.44	$48.00	22.3%	6.8%	52.5%	29.8%	25.5%	7.5%	0.2%	-51.6M	-50.1M	-40.0M	1.87	2.95	29,331	54,723	1,902,031	3,302,918