XLF Options History — December 2025

In December 2025, XLF traded between $52.97 and $55.75. ATM implied volatility averaged 14.2%, placing in the 2.7% IV rank vs the trailing year. The 30-day expected move averaged 4.2%. IV traded above realized volatility by 2.0% (HV 20d: 12.1%). Max pain ranged from $52.00 to $52.00. Net GEX was positive for 20 of 22 trading days. Term structure was in contango for 20 of 22 days. Put/call ratio averaged 1.16.

Notable Days

2025-12-11: Highest Volume — 384,476 contracts
2025-12-22: Largest IV drop — 7.9% change
2025-12-09: Highest IV Rank — 5.1%
2025-12-09: Largest Expected Move — 4.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$54.49	$52.97	$55.75	$52.97	$54.92
Max Pain	$52.00	$52.00	$52.00	$52.00	$52.00
ATM IV	14.2%	12.6%	15.3%	14.9%	13.6%
Expected Move	4.2%	3.7%	4.8%	4.6%	3.9%
HV 20d	12.1%	9.5%	15.2%	13.9%	9.9%
HV 60d	13.8%	13.4%	14.0%	13.8%	13.8%
IV Rank	2.7%	0.0%	5.1%	4.3%	2.7%
IV Percentile	9.0%	0.0%	25.4%	18.3%	3.6%
Term Structure	0.4%	-0.3%	1.3%	0.2%	0.3%
VWIV	16.0%	12.9%	20.7%	17.1%	13.7%
Skew 25d	3.7%	2.3%	5.4%	5.4%	4.2%
Skew 10d	8.2%	5.8%	11.8%	11.8%	8.9%
Call IV 25d	13.0%	11.5%	14.4%	13.4%	12.4%
Put IV 25d	16.8%	14.8%	18.8%	18.8%	16.6%
Bid-Ask Spread %	25.19	9.33	44.57	44.57	17.31
Gamma HHI	0.12	0.09	0.19	0.09	0.12
Net GEX	148.3M	-38.1M	275.0M	-30.8M	150.2M
Net DEX	-2.49B	-4.13B	-616.3M	-668.2M	-1.89B
Net VEX	-33.9M	-36.2M	-31.6M	-34.2M	-32.3M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.16	0.20	2.29	2.19	1.25
Total Volume	132,405.909	34,393	384,476	95,945	34,393
Total OI	5,347,570.591	4,368,353	6,004,214	5,424,084	4,526,271

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
2025-12-01	$52.97	$52.00	14.9%	4.6%	13.9%	4.3%	17.1%	5.4%	0.2%	-30.8M	-668.2M	-34.2M	2.19	44.57	30,096	65,849	2,012,747	3,411,337
2025-12-02	$53.00	$52.00	14.6%	4.4%	13.7%	3.4%	16.7%	5.0%	0.1%	-38.1M	-616.3M	-34.2M	1.12	43.81	87,056	97,495	2,021,617	3,429,744
2025-12-03	$53.55	$52.00	14.6%	4.5%	14.0%	3.5%	16.1%	3.7%	0.3%	52.6M	-1.47B	-34.3M	0.22	41.44	242,633	53,429	2,056,425	3,462,205
2025-12-04	$53.53	$52.00	14.7%	4.3%	14.0%	3.7%	15.6%	4.0%	0.3%	89.3M	-1.80B	-36.2M	1.30	13.33	46,440	60,150	2,242,500	3,480,560
2025-12-05	$53.73	$52.00	14.5%	4.2%	13.8%	3.2%	17.9%	4.0%	0.3%	98.7M	-2.09B	-35.7M	1.11	26.14	44,440	49,182	2,262,307	3,495,245
2025-12-08	$53.44	$52.00	14.9%	4.7%	13.9%	3.9%	16.8%	3.8%	1.3%	46.6M	-1.54B	-35.3M	1.22	9.53	28,872	35,303	2,202,989	3,478,895
2025-12-09	$53.34	$52.00	15.3%	4.8%	13.9%	5.1%	19.2%	4.1%	1.1%	41.5M	-1.24B	-35.8M	1.00	18.92	72,706	72,620	2,214,698	3,482,517
2025-12-10	$54.00	$52.00	14.7%	4.4%	14.5%	3.4%	17.0%	3.5%	0.4%	151.1M	-2.66B	-34.6M	1.50	42.34	66,305	99,432	2,266,811	3,504,590
2025-12-11	$54.91	$52.00	14.2%	4.2%	15.2%	2.0%	18.3%	2.5%	0.7%	275.0M	-4.13B	-35.1M	1.46	30.84	156,175	228,301	2,291,930	3,530,002
2025-12-12	$54.86	$52.00	14.4%	4.2%	14.0%	2.3%	15.5%	2.3%	0.5%	237.7M	-3.89B	-35.1M	1.03	24.64	70,518	72,929	2,298,911	3,580,202
2025-12-15	$54.97	$52.00	14.7%	4.3%	13.3%	3.3%	15.9%	3.6%	-0.3%	243.8M	-3.97B	-34.4M	1.31	34.12	41,327	54,155	2,294,509	3,572,779
2025-12-16	$54.72	$52.00	14.5%	4.2%	10.8%	2.7%	15.9%	3.4%	0.1%	195.9M	-3.48B	-34.0M	1.98	13.41	18,117	35,871	2,299,213	3,597,617
2025-12-17	$54.63	$52.00	14.8%	4.2%	10.9%	3.5%	20.7%	4.2%	0.5%	187.0M	-3.25B	-34.3M	1.11	13.31	77,060	85,550	2,309,898	3,619,321
2025-12-18	$54.66	$52.00	14.4%	4.1%	10.9%	2.4%	14.7%	3.8%	0.4%	176.6M	-3.19B	-34.0M	0.68	26.42	53,930	36,409	2,329,183	3,639,660
2025-12-19	$54.83	$52.00	13.7%	4.0%	10.5%	0.5%	13.6%	4.8%	-0.3%	117.0M	-3.12B	-34.1M	0.35	15.80	233,389	81,652	2,340,217	3,663,997
2025-12-22	$55.33	$52.00	12.6%	3.7%	10.5%	0.0%	12.9%	3.4%	0.6%	188.2M	-2.50B	-32.3M	0.43	9.33	62,833	27,268	1,636,413	2,731,940
2025-12-23	$55.45	$52.00	12.9%	3.7%	10.5%	0.7%	15.4%	3.2%	0.6%	212.8M	-2.70B	-32.2M	1.13	36.91	47,408	53,582	1,659,288	2,773,577
2025-12-24	$55.75	$52.00	13.3%	3.9%	9.9%	1.9%	12.9%	2.8%	0.4%	252.9M	-3.07B	-31.9M	0.20	35.33	80,757	16,270	1,676,005	2,784,837
2025-12-26	$55.59	$52.00	13.2%	3.8%	9.7%	1.6%	14.9%	3.1%	0.6%	224.0M	-2.74B	-32.2M	0.83	26.57	25,395	21,076	1,694,744	2,794,912
2025-12-29	$55.36	$52.00	13.4%	3.8%	9.9%	2.0%	14.1%	4.0%	0.6%	204.4M	-2.48B	-31.6M	1.75	14.38	24,732	43,239	1,683,204	2,789,953
2025-12-30	$55.22	$52.00	13.6%	3.9%	9.5%	2.6%	16.3%	3.6%	0.6%	186.0M	-2.34B	-31.9M	2.29	15.65	23,908	54,678	1,694,736	2,808,047
2025-12-31	$54.92	$52.00	13.6%	3.9%	9.9%	2.7%	13.7%	4.2%	0.3%	150.2M	-1.89B	-32.3M	1.25	17.31	15,264	19,129	1,699,814	2,826,457