XLF Options History — September 2025

In September 2025, XLF traded between $53.03 and $54.33. ATM implied volatility averaged 16.0%, placing in the 7.5% IV rank vs the trailing year. The 30-day expected move averaged 4.6%. IV traded above realized volatility by 3.5% (HV 20d: 12.5%). Max pain ranged from $51.00 to $53.00. Net GEX was positive for 11 of 21 trading days. Term structure was in contango for 17 of 21 days. Put/call ratio averaged 1.88.

Notable Days

  • 2025-09-10: Highest Volume — 256,807 contracts
  • 2025-09-26: Largest IV drop — 7.1% change
  • 2025-09-23: Highest IV Rank — 12.5%
  • 2025-09-23: Largest Expected Move — 5.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$53.70$53.03$54.33$53.53$53.83
Max Pain$52.19$51.00$53.00$51.00$53.00
ATM IV16.0%14.7%17.8%15.2%17.0%
Expected Move4.6%4.2%5.1%4.5%4.8%
HV 20d12.5%11.1%13.6%11.1%12.1%
HV 60d13.0%12.1%13.9%13.4%12.1%
IV Rank7.5%3.6%12.5%5.1%10.2%
IV Percentile38.6%16.3%64.7%24.2%56.0%
Term Structure0.3%-0.4%1.0%-0.0%0.0%
VWIV17.2%15.3%21.5%15.7%19.5%
Skew 25d3.9%3.0%4.8%4.8%4.3%
Skew 10d8.9%6.8%11.4%10.2%8.5%
Call IV 25d14.6%13.2%16.0%13.7%15.2%
Put IV 25d18.5%17.2%19.9%18.5%19.5%
Bid-Ask Spread %2.091.652.652.112.42
Gamma HHI0.090.080.120.090.08
Net GEX20.8M-80.6M160.3M-6.6M-28.9M
Net DEX-2.17B-3.70B-1.27B-1.98B-1.73B
Net VEX-34.6M-35.9M-32.8M-34.8M-34.6M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.880.134.341.302.38
Total Volume111,449.52434,176256,807108,886133,141
Total OI5,074,646.2384,583,9105,579,5695,031,5744,747,536

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-09-02$53.53$51.0015.2%4.5%11.1%5.1%15.7%4.8%-0.0%-6.6M-1.98B-34.8M1.302.1147,33161,5551,745,7353,285,839
2025-09-03$53.41$51.0014.9%4.2%11.1%4.4%18.9%4.7%-0.0%-16.0M-1.83B-34.4M4.342.2420,30488,1241,768,8443,315,931
2025-09-04$54.03$52.0014.7%4.3%11.6%3.6%16.7%4.0%-0.0%43.6M-2.78B-32.8M1.522.0651,77978,7691,772,1623,356,022
2025-09-05$53.11$52.0015.2%4.5%12.7%5.1%17.8%4.3%0.0%-43.8M-1.41B-34.3M2.681.7839,337105,2891,797,5243,349,265
2025-09-08$53.03$52.0014.8%4.4%12.6%4.1%15.3%4.6%0.4%-49.6M-1.43B-33.8M2.281.6933,75276,9981,790,4543,295,722
2025-09-09$53.39$52.0014.8%4.5%12.8%4.1%17.3%4.0%1.0%1.8M-1.89B-33.4M3.421.7113,25845,4031,810,8953,299,178
2025-09-10$53.11$52.0015.8%4.6%12.5%6.9%16.9%3.9%0.3%-33.9M-1.66B-32.9M0.131.65226,37630,4311,817,2893,312,980
2025-09-11$54.00$52.0015.6%4.6%13.6%6.3%16.7%3.4%0.4%133.5M-2.94B-35.9M1.401.6759,86584,0862,027,9983,321,326
2025-09-12$53.86$52.0015.4%4.5%13.6%5.6%16.2%3.0%0.5%105.5M-2.83B-35.0M1.691.9727,36546,2482,033,7193,377,338
2025-09-15$53.67$52.0016.3%4.7%13.3%8.3%16.3%4.0%0.4%70.7M-2.59B-34.6M1.371.6744,63761,1092,017,3773,341,122
2025-09-16$53.58$52.0016.7%4.8%13.3%9.3%17.7%3.7%0.3%41.9M-2.26B-35.2M1.711.6846,47079,3272,022,9333,387,090
2025-09-17$54.05$52.0016.3%4.7%13.6%8.3%17.9%3.4%0.2%137.9M-3.05B-35.2M0.712.1769,44749,3772,051,0393,406,958
2025-09-18$54.09$53.0016.4%4.7%13.3%8.5%21.5%3.3%0.3%160.3M-3.06B-35.1M0.872.3795,98783,1672,078,2513,431,061
2025-09-19$54.33$52.0016.3%4.7%13.0%8.3%17.1%3.3%-0.4%64.4M-3.70B-34.6M2.302.0033,66177,3602,118,6533,460,916
2025-09-22$54.02$52.0016.7%4.8%11.9%9.4%16.5%3.9%0.5%9.7M-2.01B-35.0M2.132.5120,31543,3121,658,6832,925,227
2025-09-23$53.72$52.0017.8%5.1%12.0%12.5%17.5%3.9%0.1%-26.2M-1.71B-35.0M2.152.4338,45382,7091,665,3512,936,756
2025-09-24$53.55$53.0017.2%4.8%12.0%10.9%16.1%4.1%0.2%-59.2M-1.43B-35.6M0.652.4026,56817,2931,681,5843,004,410
2025-09-25$53.45$53.0017.1%4.9%11.8%10.6%17.4%4.3%0.3%-80.6M-1.27B-35.4M1.782.6528,38650,5741,691,8733,014,047
2025-09-26$53.88$53.0015.9%4.5%12.1%7.2%16.0%3.1%0.5%-18.8M-1.84B-34.6M3.462.3719,88568,8161,697,2933,022,125
2025-09-29$54.14$53.0016.3%4.6%12.2%8.2%16.0%4.6%0.3%31.7M-2.10B-34.4M1.242.2615,28118,8951,694,9093,034,156
2025-09-30$53.83$53.0017.0%4.8%12.1%10.2%19.5%4.3%0.0%-28.9M-1.73B-34.6M2.382.4239,44293,6991,700,6143,046,922