XLF Options History — June 2025

In June 2025, XLF traded between $49.84 and $52.28. ATM implied volatility averaged 17.2%, placing in the 12.5% IV rank vs the trailing year. The 30-day expected move averaged 5.0%. IV traded above realized volatility by 4.0% (HV 20d: 13.2%). Max pain ranged from $49.00 to $50.00. Net GEX was positive for 10 of 20 trading days. Term structure was in contango for 15 of 20 days. Put/call ratio averaged 1.38.

Notable Days

2025-06-27: Highest Volume — 352,053 contracts
2025-06-13: Largest IV spike — 16.2% change
2025-06-17: Highest IV Rank — 19.5%
2025-06-17: Largest Expected Move — 5.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$50.98	$49.84	$52.28	$50.92	$52.28
Max Pain	$49.85	$49.00	$50.00	$49.00	$50.00
ATM IV	17.2%	15.7%	19.7%	16.7%	16.2%
Expected Move	5.0%	4.4%	5.7%	4.7%	4.4%
HV 20d	13.2%	11.0%	14.5%	13.3%	14.2%
HV 60d	32.3%	32.1%	32.9%	32.9%	32.1%
IV Rank	12.5%	8.1%	19.5%	11.0%	9.5%
IV Percentile	57.5%	41.7%	80.2%	56.0%	41.7%
Term Structure	0.2%	-0.9%	0.9%	0.4%	0.1%
VWIV	18.5%	15.6%	24.6%	16.3%	16.7%
Skew 25d	5.1%	3.8%	6.8%	5.4%	4.3%
Skew 10d	11.1%	7.9%	15.0%	12.6%	8.6%
Call IV 25d	15.3%	14.1%	17.1%	14.7%	14.8%
Put IV 25d	20.3%	17.9%	23.7%	20.1%	19.1%
Bid-Ask Spread %	2.55	1.83	3.47	2.08	3.47
Gamma HHI	0.10	0.08	0.14	0.08	0.10
Net GEX	-10.1M	-133.6M	88.4M	23.1M	88.4M
Net DEX	-1.50B	-2.44B	205.9M	-1.92B	-2.44B
Net VEX	-36.3M	-38.0M	-34.6M	-36.7M	-34.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.38	0.41	2.71	1.16	0.86
Total Volume	138,257.75	50,171	352,053	73,179	123,557
Total OI	5,230,463.45	4,240,148	5,786,266	5,337,687	4,568,358

Daily Data (20 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
2025-06-02	$50.92	$49.00	16.7%	4.7%	13.3%	11.0%	16.3%	5.4%	0.4%	23.1M	-1.92B	-36.7M	1.16	2.08	33,857	39,322	1,981,207	3,356,480
2025-06-03	$51.08	$49.00	16.8%	4.6%	13.0%	11.2%	17.3%	4.3%	0.3%	28.8M	-2.02B	-37.0M	0.96	2.04	25,601	24,570	1,989,856	3,384,849
2025-06-04	$50.89	$49.00	16.4%	4.4%	13.0%	10.2%	18.0%	4.6%	0.3%	17.7M	-1.90B	-36.4M	1.06	2.02	45,669	48,615	2,001,761	3,392,839
2025-06-05	$50.69	$50.00	17.2%	5.0%	13.2%	12.3%	18.5%	5.0%	-0.1%	-7.3M	-1.58B	-36.3M	1.94	2.53	55,455	107,675	2,009,486	3,402,378
2025-06-06	$51.30	$50.00	15.7%	4.9%	13.4%	8.1%	18.1%	3.8%	0.5%	39.1M	-2.31B	-36.4M	1.80	2.57	64,776	116,499	2,029,233	3,492,918
2025-06-09	$51.09	$50.00	16.4%	4.9%	13.4%	10.1%	19.0%	4.2%	0.6%	11.7M	-1.82B	-37.2M	2.71	1.83	22,459	60,844	2,037,515	3,552,242
2025-06-10	$50.95	$50.00	16.0%	4.8%	11.8%	9.1%	18.7%	4.4%	0.5%	-6.9M	-1.61B	-37.0M	2.56	2.43	34,248	87,568	2,044,908	3,594,137
2025-06-11	$50.91	$50.00	16.5%	4.9%	11.3%	10.4%	17.7%	5.2%	0.5%	-19.8M	-1.46B	-37.0M	0.60	3.06	39,443	23,611	2,062,104	3,609,448
2025-06-12	$50.92	$50.00	16.6%	4.9%	11.0%	10.7%	18.1%	5.2%	0.6%	-17.6M	-1.49B	-37.0M	1.02	2.53	62,349	63,607	2,080,623	3,616,740
2025-06-13	$49.84	$50.00	19.3%	5.6%	13.1%	18.2%	20.6%	6.1%	0.3%	-133.6M	205.9M	-38.0M	1.51	3.10	81,561	122,918	2,108,488	3,644,943
2025-06-16	$50.53	$50.00	17.2%	4.9%	13.9%	12.3%	19.0%	5.8%	0.9%	-87.1M	-892.3M	-36.6M	1.21	2.00	32,366	39,307	2,056,800	3,609,407
2025-06-17	$50.23	$50.00	19.7%	5.7%	14.0%	19.5%	24.6%	6.8%	-0.3%	-93.8M	-804.7M	-36.6M	1.15	2.48	99,376	114,451	2,075,185	3,554,218
2025-06-18	$50.28	$50.00	19.1%	5.5%	14.0%	17.7%	17.7%	6.2%	-0.7%	-78.5M	-960.2M	-36.7M	0.89	3.41	53,324	47,353	2,159,134	3,600,145
2025-06-20	$50.33	$50.00	19.2%	5.6%	12.5%	17.9%	20.6%	6.1%	-0.9%	-105.5M	-1.08B	-36.4M	2.32	2.43	30,540	70,990	2,180,051	3,606,215
2025-06-23	$50.70	$50.00	18.2%	5.2%	12.8%	15.1%	20.0%	5.7%	0.2%	-42.4M	-681.3M	-36.1M	2.22	2.34	48,658	108,089	1,507,537	2,732,611
2025-06-24	$51.75	$50.00	17.2%	4.9%	14.5%	12.5%	16.9%	5.0%	0.2%	23.2M	-1.80B	-35.1M	0.48	2.79	138,819	66,448	1,514,318	2,777,725
2025-06-25	$51.36	$50.00	16.9%	4.8%	13.9%	11.6%	19.3%	4.8%	-0.1%	21.3M	-1.41B	-35.3M	1.13	2.52	84,957	95,884	1,564,453	2,781,433
2025-06-26	$51.73	$50.00	17.1%	4.8%	14.0%	12.1%	15.6%	4.3%	0.4%	59.3M	-1.91B	-34.9M	0.41	2.42	69,765	28,571	1,605,700	2,817,807
2025-06-27	$51.83	$50.00	16.3%	4.5%	14.0%	9.8%	18.1%	4.0%	0.4%	78.4M	-2.03B	-35.0M	1.56	2.93	137,485	214,568	1,649,865	2,856,152
2025-06-30	$52.28	$50.00	16.2%	4.4%	14.2%	9.5%	16.7%	4.3%	0.1%	88.4M	-2.44B	-34.6M	0.86	3.47	66,481	57,076	1,656,877	2,911,481