XLF Options History — July 2025

In July 2025, XLF traded between $51.75 and $53.44. ATM implied volatility averaged 16.3%, placing in the 9.9% IV rank vs the trailing year. The 30-day expected move averaged 4.6%. IV traded above realized volatility by 2.3% (HV 20d: 14.0%). Max pain ranged from $50.00 to $52.00. Net GEX was positive for 19 of 22 trading days. Term structure was in contango for 11 of 22 days. Put/call ratio averaged 1.90.

Notable Days

2025-07-15: Highest Volume — 243,008 contracts
2025-07-09: Largest IV drop — 7.4% change
2025-07-07: Highest IV Rank — 15.2%
2025-07-14: Largest Expected Move — 5.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$52.61	$51.75	$53.44	$52.73	$52.55
Max Pain	$51.36	$50.00	$52.00	$50.00	$52.00
ATM IV	16.3%	14.7%	18.2%	17.2%	15.5%
Expected Move	4.6%	4.0%	5.2%	4.8%	4.5%
HV 20d	14.0%	11.9%	15.9%	14.4%	11.9%
HV 60d	17.6%	13.0%	30.4%	30.4%	13.0%
IV Rank	9.9%	5.4%	15.2%	12.4%	7.7%
IV Percentile	40.9%	17.1%	66.7%	57.1%	27.8%
Term Structure	0.0%	-0.9%	1.2%	0.1%	-0.2%
VWIV	17.3%	15.5%	19.0%	16.3%	19.0%
Skew 25d	4.1%	3.3%	4.7%	4.3%	4.1%
Skew 10d	8.9%	6.9%	10.8%	9.9%	8.7%
Call IV 25d	14.6%	13.4%	16.2%	15.2%	13.8%
Put IV 25d	18.7%	16.7%	20.8%	19.6%	17.9%
Bid-Ask Spread %	2.56	2.16	3.10	2.61	2.39
Gamma HHI	0.09	0.08	0.13	0.11	0.09
Net GEX	57.1M	-29.1M	171.9M	116.1M	-17.8M
Net DEX	-2.34B	-3.54B	-1.45B	-2.89B	-1.74B
Net VEX	-34.7M	-36.3M	-33.9M	-35.0M	-35.3M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.90	0.37	7.15	0.47	7.15
Total Volume	136,759.045	64,522	243,008	116,448	152,827
Total OI	4,667,471.136	4,307,779	4,953,498	4,570,775	4,706,035

Daily Data (22 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
2025-07-01	$52.73	$50.00	17.2%	4.8%	14.4%	12.4%	16.3%	4.3%	0.1%	116.1M	-2.89B	-35.0M	0.47	2.61	79,256	37,192	1,665,797	2,904,978
2025-07-02	$52.58	$50.00	16.9%	4.7%	14.5%	11.6%	16.3%	4.3%	-0.0%	134.0M	-2.80B	-34.6M	0.40	2.41	76,218	30,411	1,706,160	2,927,918
2025-07-03	$53.23	$51.00	17.0%	4.9%	14.8%	11.7%	16.3%	4.0%	0.1%	146.1M	-3.54B	-34.5M	0.37	2.50	172,681	64,320	1,706,522	2,940,951
2025-07-07	$52.56	$51.00	18.2%	5.0%	15.6%	15.2%	16.8%	4.6%	-0.9%	71.5M	-2.64B	-34.1M	2.07	2.16	34,631	71,689	1,719,748	2,935,646
2025-07-08	$52.25	$51.00	17.6%	5.0%	15.4%	13.4%	17.0%	4.3%	-0.0%	33.0M	-2.28B	-33.9M	1.20	2.62	40,486	48,554	1,722,014	2,952,631
2025-07-09	$52.36	$51.00	16.3%	4.8%	15.3%	9.8%	16.9%	4.0%	0.7%	62.7M	-2.32B	-35.3M	0.38	2.45	72,044	27,143	1,751,047	3,003,579
2025-07-10	$52.73	$51.00	16.6%	4.7%	15.3%	10.7%	18.5%	3.8%	-0.4%	171.9M	-2.83B	-34.4M	2.94	2.35	20,496	60,185	1,796,811	2,973,741
2025-07-11	$52.22	$51.00	16.9%	4.9%	15.8%	11.6%	19.0%	4.0%	0.1%	43.4M	-2.18B	-34.5M	0.59	2.85	48,285	28,730	1,797,747	3,002,949
2025-07-14	$52.50	$52.00	18.1%	5.2%	15.9%	15.0%	18.4%	4.4%	-0.7%	80.7M	-2.42B	-34.0M	3.30	2.26	33,519	110,514	1,744,634	2,970,770
2025-07-15	$51.75	$52.00	16.9%	4.8%	14.7%	11.5%	18.5%	4.7%	0.2%	-29.1M	-1.45B	-34.1M	1.92	3.10	83,180	159,828	1,763,148	3,037,655
2025-07-16	$52.03	$51.00	16.3%	4.7%	14.1%	9.8%	17.1%	4.6%	0.4%	3.3M	-1.74B	-35.0M	1.04	2.29	94,836	98,763	1,789,730	3,088,384
2025-07-17	$52.52	$51.00	15.6%	4.4%	14.1%	7.8%	18.0%	4.4%	1.2%	78.9M	-2.50B	-34.2M	0.86	2.90	117,724	100,674	1,808,637	3,120,443
2025-07-18	$52.50	$51.00	16.3%	4.7%	14.1%	9.9%	17.9%	4.5%	-0.4%	11.8M	-2.38B	-35.2M	1.85	2.33	39,056	72,266	1,789,482	3,164,016
2025-07-21	$52.41	$51.00	15.7%	4.4%	14.2%	8.2%	15.5%	4.0%	0.1%	7.1M	-1.75B	-34.6M	0.90	2.91	89,605	80,319	1,543,065	2,764,714
2025-07-22	$52.72	$52.00	15.8%	4.5%	14.1%	8.4%	15.7%	4.0%	0.0%	49.3M	-2.14B	-34.9M	2.05	2.73	29,942	61,457	1,597,116	2,804,401
2025-07-23	$53.03	$52.00	15.0%	4.2%	12.4%	6.2%	17.7%	3.5%	0.2%	88.5M	-2.57B	-34.0M	1.36	2.47	89,967	122,549	1,618,594	2,827,373
2025-07-24	$53.14	$52.00	15.2%	4.2%	12.0%	6.9%	16.5%	3.3%	-0.0%	79.0M	-2.52B	-35.2M	1.90	2.51	38,729	73,640	1,680,427	2,866,822
2025-07-25	$53.44	$52.00	14.7%	4.0%	11.9%	5.4%	15.8%	3.3%	0.3%	104.7M	-2.93B	-34.5M	0.61	2.65	96,145	58,546	1,690,935	2,902,873
2025-07-28	$53.03	$52.00	15.1%	4.1%	12.3%	6.5%	18.2%	3.5%	-0.1%	32.2M	-2.22B	-35.0M	4.43	2.46	14,780	65,439	1,668,882	2,901,449
2025-07-29	$52.72	$52.00	15.7%	4.4%	12.2%	8.1%	17.5%	4.1%	-0.5%	8.3M	-1.93B	-35.6M	2.57	2.55	41,341	106,210	1,705,093	2,922,481
2025-07-30	$52.50	$52.00	15.9%	4.5%	11.9%	8.8%	17.5%	4.0%	-0.0%	-20.0M	-1.64B	-36.3M	3.35	2.91	14,822	49,700	1,733,622	2,965,345
2025-07-31	$52.55	$52.00	15.5%	4.5%	11.9%	7.7%	19.0%	4.1%	-0.2%	-17.8M	-1.74B	-35.3M	7.15	2.39	18,747	134,080	1,739,135	2,966,900