XLF Options History — November 2025

In November 2025, XLF traded between $51.27 and $53.77. ATM implied volatility averaged 17.2%, placing in the 10.8% IV rank vs the trailing year. The 30-day expected move averaged 5.0%. IV traded above realized volatility by 2.0% (HV 20d: 15.2%). Max pain ranged from $52.00 to $53.00. Net GEX was positive for 2 of 19 trading days. Term structure was in contango for 14 of 19 days. Put/call ratio averaged 2.02.

Notable Days

  • 2025-11-18: Highest Volume — 457,592 contracts
  • 2025-11-20: Largest IV spike — 15.4% change
  • 2025-11-20: Highest IV Rank — 22.0%
  • 2025-11-20: Largest Expected Move — 6.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$52.44$51.27$53.77$52.16$53.34
Max Pain$52.16$52.00$53.00$53.00$52.00
ATM IV17.2%15.1%21.1%16.9%15.2%
Expected Move5.0%4.3%6.1%5.0%4.3%
HV 20d15.2%13.4%17.4%17.1%13.7%
HV 60d13.8%13.3%14.4%13.5%14.2%
IV Rank10.8%4.9%22.0%10.0%5.1%
IV Percentile54.2%20.6%88.1%55.2%23.4%
Term Structure0.0%-1.9%0.8%0.5%0.5%
VWIV18.1%15.9%21.6%17.6%17.0%
Skew 25d4.4%3.0%6.3%3.3%4.5%
Skew 10d9.8%6.1%14.7%6.1%9.3%
Call IV 25d15.5%13.5%18.8%15.6%13.5%
Put IV 25d19.9%17.5%25.0%18.8%18.0%
Bid-Ask Spread %8.714.6333.6333.634.87
Gamma HHI0.090.080.120.090.09
Net GEX-126.6M-278.3M36.7M-153.7M23.8M
Net DEX235.1M-1.79B2.09B561.3M-1.22B
Net VEX-36.0M-37.9M-34.8M-36.9M-35.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.020.3913.090.651.10
Total Volume158,489.47439,327457,592108,35539,327
Total OI5,410,132.2635,194,2505,781,0425,194,2505,463,705

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-11-03$52.16$53.0016.9%5.0%17.1%10.0%17.6%3.3%0.5%-153.7M561.3M-36.9M0.6533.6365,68342,6721,916,0523,278,198
2025-11-04$52.50$53.0017.1%5.1%17.3%10.5%18.8%3.5%0.4%-126.7M150.4M-36.8M2.0831.2334,20371,2201,917,7413,281,831
2025-11-05$52.73$53.0017.1%5.0%17.4%10.5%17.6%3.5%0.2%-112.6M-269.1M-36.0M1.1414.3741,78947,7041,926,0603,312,958
2025-11-06$52.47$52.0016.7%5.2%17.4%9.4%16.5%3.8%0.3%-145.9M117.3M-36.5M1.814.9341,03074,0901,959,1183,320,212
2025-11-07$52.72$52.0016.8%4.9%16.2%9.6%17.6%3.3%0.8%-126.7M25.6M-37.2M1.685.0933,20455,9411,955,1263,331,371
2025-11-10$53.00$52.0016.0%4.7%16.1%7.3%17.1%3.0%0.2%-92.3M-649.1M-35.7M1.035.5448,72050,2691,947,9413,321,457
2025-11-11$53.20$52.0015.6%4.6%15.9%6.4%18.0%3.4%0.2%-64.5M-918.8M-34.8M13.094.7820,614269,8751,971,7873,322,243
2025-11-12$53.77$52.0015.6%4.6%16.3%6.2%15.9%3.3%0.3%36.7M-1.79B-35.3M0.394.89158,00262,3491,982,7283,358,591
2025-11-13$52.97$52.0017.6%5.0%13.4%12.0%18.0%3.5%0.0%-58.1M-664.1M-36.0M1.437.5047,34567,5452,032,4033,399,477
2025-11-14$52.48$52.0016.8%5.0%13.4%9.7%16.6%4.3%0.8%-145.0M172.4M-35.5M1.285.6358,52675,1402,040,3123,409,078
2025-11-17$51.45$52.0019.1%5.5%14.5%16.3%20.1%4.6%-1.0%-242.4M1.74B-35.1M1.477.66102,412150,9652,056,5483,412,515
2025-11-18$51.45$52.0019.7%5.7%14.5%18.0%20.8%5.2%-1.1%-241.6M1.69B-35.4M3.574.83100,180357,4122,054,1093,466,197
2025-11-19$51.55$52.0018.3%5.2%14.3%13.9%20.0%5.3%0.8%-248.7M1.77B-37.9M1.085.1560,89765,7222,096,5233,615,720
2025-11-20$51.27$52.0021.1%6.1%14.2%22.0%21.6%6.2%-1.9%-278.3M2.09B-37.4M1.216.34102,137123,2782,123,8683,631,463
2025-11-21$51.72$52.0018.7%5.3%14.1%15.0%19.2%6.3%0.0%-165.0M1.46B-36.7M1.464.7475,629110,5882,154,3193,626,723
2025-11-24$51.91$52.0017.0%5.0%14.1%10.1%17.7%6.3%-0.4%-171.9M933.4M-35.3M0.684.8767,38745,6021,916,1183,399,734
2025-11-25$52.61$52.0016.1%4.9%14.9%7.6%17.3%5.5%-0.5%-73.4M33.7M-35.8M1.784.8339,60870,6821,964,3703,403,900
2025-11-26$53.14$52.0015.1%4.5%13.7%4.9%17.1%4.7%0.1%-18.4M-764.9M-35.1M1.424.6355,14778,4061,992,0693,429,948
2025-11-28$53.34$52.0015.2%4.3%13.7%5.1%17.0%4.5%0.5%23.8M-1.22B-35.0M1.104.8718,74520,5822,024,8903,438,815