XLF Options History — August 2025

In August 2025, XLF traded between $51.39 and $53.95. ATM implied volatility averaged 14.9%, placing in the 5.5% IV rank vs the trailing year. The 30-day expected move averaged 4.3%. IV traded above realized volatility by 1.8% (HV 20d: 13.1%). Max pain ranged from $50.00 to $52.00. Net GEX was positive for 7 of 21 trading days. Term structure was in contango for 15 of 21 days. Put/call ratio averaged 2.39.

Notable Days

  • 2025-08-29: Highest Volume — 238,201 contracts
  • 2025-08-04: Largest IV drop — 16.1% change
  • 2025-08-01: Highest IV Rank — 16.5%
  • 2025-08-01: Largest Expected Move — 5.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$52.64$51.39$53.95$51.39$53.95
Max Pain$51.00$50.00$52.00$52.00$51.00
ATM IV14.9%13.6%18.7%18.7%13.6%
Expected Move4.3%3.8%5.6%5.6%3.8%
HV 20d13.1%10.8%14.2%13.4%10.8%
HV 60d13.4%12.8%13.9%13.8%13.3%
IV Rank5.5%0.4%16.5%16.5%0.4%
IV Percentile18.3%0.4%70.6%70.6%0.4%
Term Structure0.1%-0.7%1.0%-0.7%-0.0%
VWIV16.4%13.6%23.8%23.8%18.6%
Skew 25d4.1%3.3%6.1%6.1%4.5%
Skew 10d9.1%6.5%12.6%12.6%11.0%
Call IV 25d13.3%11.9%16.4%16.4%12.2%
Put IV 25d17.4%15.5%22.5%22.5%16.7%
Bid-Ask Spread %2.381.864.412.782.30
Gamma HHI0.110.080.360.090.10
Net GEX-54.1M-413.8M81.2M-110.9M67.2M
Net DEX-1.42B-2.75B-53.2M-82.8M-2.75B
Net VEX-34.7M-37.2M-33.0M-37.2M-33.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.390.505.625.345.59
Total Volume129,09839,041238,201229,159238,201
Total OI4,925,837.5714,746,3975,090,3304,796,7015,001,442

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-08-01$51.39$52.0018.7%5.6%13.4%16.5%23.8%6.1%-0.7%-110.9M-82.8M-37.2M5.342.7836,124193,0351,779,6863,017,015
2025-08-04$51.86$50.0015.7%4.5%13.3%8.2%16.8%4.3%0.1%-73.7M-750.1M-35.5M1.171.98108,902126,9581,781,0123,040,804
2025-08-05$51.73$51.0016.8%4.7%13.2%11.1%18.5%4.6%0.1%-98.6M-547.9M-35.9M1.421.9762,23288,1481,792,6193,106,330
2025-08-06$51.95$51.0015.1%4.4%13.2%6.6%16.2%4.2%0.2%-61.6M-821.8M-36.3M0.502.05103,65552,1801,818,3303,146,923
2025-08-07$51.41$51.0016.1%4.9%13.4%9.3%17.2%4.1%0.0%-159.6M-53.2M-35.9M1.702.4159,738101,7581,824,2623,138,633
2025-08-08$51.77$51.0015.0%4.4%13.3%6.2%15.8%3.9%0.2%-121.4M-616.3M-35.0M1.622.3355,25589,4721,848,5013,158,669
2025-08-11$51.86$51.0015.2%4.4%13.1%6.8%17.6%4.0%0.1%-119.0M-723.3M-34.2M2.051.8856,472115,9661,773,9903,123,117
2025-08-12$52.41$51.0014.1%4.3%12.7%3.6%16.3%3.3%0.8%-29.9M-1.45B-34.1M2.501.8648,496121,4191,781,4893,172,268
2025-08-13$52.72$51.0014.6%4.1%12.7%5.2%16.6%3.4%-0.3%53.0M-1.78B-34.4M3.564.4125,97892,6001,801,0563,210,626
2025-08-14$52.97$51.0014.2%4.1%12.4%4.1%13.8%3.3%0.2%81.2M-2.11B-33.9M2.142.0725,45854,3821,789,8843,243,833
2025-08-15$52.50$51.0014.8%4.4%12.8%5.6%14.8%3.5%1.0%-413.8M-1.46B-34.0M5.622.0130,082169,1751,800,3913,289,939
2025-08-18$52.55$51.0014.3%4.1%12.8%4.3%14.1%4.5%0.2%-58.7M-1.22B-34.6M1.592.6141,49566,0071,662,0143,084,383
2025-08-19$52.55$51.0015.1%4.3%12.6%6.4%15.9%4.3%0.2%-67.5M-1.14B-35.3M3.122.2512,38338,6171,673,5853,130,199
2025-08-20$53.00$51.0014.3%4.1%12.8%4.2%16.8%4.3%0.3%-38.5M-1.72B-34.1M2.192.6420,09644,0071,679,1613,158,989
2025-08-21$52.64$51.0015.8%4.5%13.0%8.5%18.6%5.0%0.1%-83.1M-1.12B-35.6M2.892.8926,78377,3511,688,2923,190,952
2025-08-22$53.53$51.0013.6%3.9%14.2%1.4%15.3%3.6%0.4%17.4M-2.25B-34.0M1.812.7048,07587,0911,697,2233,235,524
2025-08-25$53.31$51.0013.9%3.9%14.0%1.5%15.1%4.0%0.5%-7.2M-1.82B-34.8M1.152.2019,81022,7981,693,2743,213,656
2025-08-26$53.53$51.0014.2%4.0%13.9%2.2%14.0%4.2%-0.7%9.5M-2.14B-34.1M1.442.1922,98433,1271,705,1003,225,797
2025-08-27$53.89$51.0014.1%4.0%13.9%2.1%14.5%4.2%-0.2%33.6M-2.64B-33.6M1.232.4017,47821,5631,718,8133,251,778
2025-08-28$53.86$51.0013.6%3.8%13.9%0.5%13.6%3.7%-0.0%45.4M-2.61B-33.2M1.532.1222,02533,6821,725,1443,267,886
2025-08-29$53.95$51.0013.6%3.8%10.8%0.4%18.6%4.5%-0.0%67.2M-2.75B-33.0M5.592.3036,154202,0471,731,3593,270,083