XLF Options History — May 2025

In May 2025, XLF traded between $49.00 and $51.58. ATM implied volatility averaged 18.2%, placing in the 18.0% IV rank vs the trailing year. The 30-day expected move averaged 5.2%. IV traded below realized volatility by 7.1% (HV 20d: 25.2%). Max pain ranged from $48.00 to $49.00. Net GEX was positive for 14 of 21 trading days. Term structure was in contango for 13 of 21 days. Put/call ratio averaged 1.66.

Notable Days

2025-05-02: Highest Volume — 268,404 contracts
2025-05-21: Largest IV spike — 13.7% change
2025-05-06: Highest IV Rank — 26.8%
2025-05-06: Largest Expected Move — 6.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$50.48	$49.00	$51.58	$49.00	$50.94
Max Pain	$48.67	$48.00	$49.00	$48.00	$49.00
ATM IV	18.2%	15.7%	21.2%	20.9%	16.7%
Expected Move	5.2%	4.4%	6.3%	6.2%	4.6%
HV 20d	25.2%	13.0%	52.6%	52.6%	14.6%
HV 60d	33.4%	33.1%	33.6%	33.2%	33.1%
IV Rank	18.0%	10.9%	26.8%	26.0%	10.9%
IV Percentile	67.5%	48.0%	87.7%	87.3%	56.0%
Term Structure	0.0%	-1.2%	0.5%	0.3%	0.4%
VWIV	19.3%	15.5%	23.3%	23.1%	15.5%
Skew 25d	5.5%	4.2%	6.6%	6.4%	5.9%
Skew 10d	11.5%	9.1%	14.1%	13.6%	12.0%
Call IV 25d	15.9%	14.1%	18.3%	17.9%	14.7%
Put IV 25d	21.4%	18.4%	24.9%	24.3%	20.6%
Bid-Ask Spread %	2.15	1.59	4.81	2.44	2.38
Gamma HHI	0.08	0.06	0.11	0.06	0.10
Net GEX	42.0M	-33.3M	133.4M	-19.1M	82.8M
Net DEX	-2.00B	-3.69B	-626.6M	-626.6M	-2.03B
Net VEX	-37.7M	-39.6M	-35.6M	-39.6M	-36.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.66	0.58	3.34	2.52	1.53
Total Volume	128,728.429	38,227	268,404	73,904	235,656
Total OI	5,333,675.048	5,116,786	5,660,342	5,214,472	5,306,957

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
2025-05-01	$49.00	$48.00	20.9%	6.2%	52.6%	26.0%	23.1%	6.4%	0.3%	-19.1M	-626.6M	-39.6M	2.52	2.44	21,002	52,902	1,901,280	3,313,192
2025-05-02	$49.88	$48.00	19.5%	5.6%	49.8%	22.1%	19.4%	5.9%	0.3%	30.1M	-1.70B	-38.8M	0.58	4.81	169,439	98,965	1,912,238	3,341,417
2025-05-05	$49.52	$48.00	20.9%	5.8%	43.3%	25.9%	22.4%	6.3%	0.1%	-3.0M	-1.13B	-39.1M	2.30	1.81	18,597	42,795	1,912,632	3,358,075
2025-05-06	$49.39	$48.00	21.2%	6.3%	42.5%	26.8%	23.3%	6.6%	0.2%	-25.4M	-979.5M	-39.3M	1.95	1.76	46,972	91,551	1,921,659	3,379,059
2025-05-07	$49.53	$48.00	20.6%	5.6%	41.9%	25.3%	23.0%	5.8%	-0.0%	-6.7M	-1.22B	-39.0M	3.34	2.21	14,328	47,926	1,926,991	3,422,997
2025-05-08	$50.00	$48.00	20.1%	5.7%	29.5%	23.7%	20.6%	6.0%	0.0%	25.1M	-1.75B	-38.6M	2.45	1.89	47,002	114,976	1,930,417	3,443,158
2025-05-09	$49.83	$49.00	19.6%	5.6%	24.6%	22.5%	20.4%	5.9%	0.2%	4.5M	-1.45B	-38.6M	1.52	1.59	33,065	50,326	1,943,769	3,498,793
2025-05-12	$50.77	$49.00	17.1%	4.8%	23.2%	15.7%	19.3%	4.9%	-0.2%	66.4M	-2.60B	-36.8M	0.84	1.78	117,826	98,431	1,938,814	3,500,707
2025-05-13	$51.27	$48.00	15.8%	4.7%	23.0%	12.3%	16.2%	4.4%	0.4%	132.6M	-3.30B	-36.6M	0.93	1.81	106,046	98,684	2,003,770	3,516,423
2025-05-14	$50.94	$49.00	16.9%	4.8%	23.3%	15.1%	17.8%	4.4%	-0.2%	100.8M	-2.82B	-36.6M	1.87	1.64	44,971	84,073	1,993,348	3,556,343
2025-05-15	$51.27	$49.00	16.1%	4.8%	21.2%	13.2%	17.1%	4.5%	0.5%	131.4M	-3.21B	-37.3M	0.99	1.77	56,870	56,573	2,021,041	3,586,121
2025-05-16	$51.58	$49.00	15.7%	4.4%	21.1%	12.1%	16.1%	4.2%	-0.8%	133.4M	-3.69B	-36.6M	0.74	1.82	100,853	74,620	2,039,825	3,620,517
2025-05-19	$51.57	$49.00	16.4%	4.7%	17.1%	13.9%	16.1%	4.9%	0.3%	96.2M	-2.97B	-36.8M	0.98	2.02	39,885	39,202	1,928,765	3,188,021
2025-05-20	$51.30	$49.00	16.2%	4.6%	13.0%	13.4%	17.4%	4.9%	0.3%	72.7M	-2.68B	-36.8M	1.06	1.95	18,577	19,650	1,952,866	3,216,232
2025-05-21	$50.39	$49.00	18.4%	5.3%	15.1%	19.3%	20.1%	6.2%	0.4%	-3.1M	-1.52B	-38.0M	1.65	3.59	53,539	88,514	1,961,580	3,220,141
2025-05-22	$50.39	$49.00	17.8%	5.1%	14.6%	16.5%	19.2%	5.6%	0.4%	-9.2M	-1.44B	-38.1M	2.63	1.96	25,674	67,604	1,965,202	3,252,563
2025-05-23	$50.14	$49.00	19.4%	5.5%	14.4%	20.7%	20.6%	6.4%	0.2%	-33.3M	-1.08B	-38.7M	2.21	1.90	35,333	77,995	1,979,082	3,286,581
2025-05-27	$50.88	$49.00	17.3%	4.8%	15.1%	14.8%	19.0%	5.4%	-0.5%	35.4M	-2.04B	-36.9M	0.69	1.92	47,554	32,971	1,979,417	3,269,052
2025-05-28	$50.63	$49.00	17.9%	5.0%	15.1%	15.7%	20.2%	5.6%	-1.2%	22.0M	-1.72B	-36.8M	1.16	1.99	49,463	57,421	1,989,567	3,273,293
2025-05-29	$50.78	$49.00	16.5%	4.6%	15.0%	11.8%	17.7%	5.4%	-0.4%	47.9M	-2.01B	-35.6M	2.89	2.17	32,218	93,248	1,994,018	3,261,253
2025-05-30	$50.94	$49.00	16.7%	4.6%	14.6%	10.9%	15.5%	5.9%	0.4%	82.8M	-2.03B	-36.5M	1.53	2.38	93,058	142,598	1,994,320	3,312,637