XLF Options History — February 2026

In February 2026, XLF traded between $50.78 and $54.25. ATM implied volatility averaged 18.8%, placing in the 17.0% IV rank vs the trailing year. The 30-day expected move averaged 5.4%. IV traded above realized volatility by 0.8% (HV 20d: 18.0%). Max pain ranged from $53.00 to $53.50. Net GEX was positive for 0 of 19 trading days. Term structure was in contango for 9 of 19 days. Put/call ratio averaged 2.75.

Notable Days

  • 2026-02-27: Highest Volume — 443,060 contracts
  • 2026-02-23: Largest IV spike — 21.3% change
  • 2026-02-23: Highest IV Rank — 26.6%
  • 2026-02-27: Largest Expected Move — 6.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$52.61$50.78$54.25$54.00$51.44
Max Pain$53.08$53.00$53.50$53.50$53.00
ATM IV18.8%15.6%22.2%15.6%21.8%
Expected Move5.4%4.4%6.4%4.4%6.4%
HV 20d18.0%15.8%22.0%18.1%22.0%
HV 60d15.3%14.1%17.1%14.1%17.1%
IV Rank17.0%8.3%26.6%8.3%25.5%
IV Percentile72.8%31.7%90.1%31.7%88.9%
Term Structure-0.1%-1.1%1.6%-0.1%0.1%
VWIV20.7%16.8%26.2%16.8%25.9%
Skew 25d5.6%4.3%7.4%4.3%7.4%
Skew 10d11.8%8.6%14.9%8.6%13.5%
Call IV 25d16.7%13.9%19.5%13.9%18.9%
Put IV 25d22.3%18.2%26.6%18.2%26.3%
Bid-Ask Spread %22.2214.4642.0822.4116.84
Gamma HHI0.090.070.120.070.10
Net GEX-248.7M-438.2M-20.7M-20.7M-438.2M
Net DEX2.27B-105.2M4.32B-105.2M4.11B
Net VEX-40.9M-44.3M-36.6M-36.6M-44.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.750.597.335.134.17
Total Volume248,021.63259,433443,060211,529443,060
Total OI4,784,141.4214,129,8825,243,8554,129,8825,193,567

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2026-02-02$54.00$53.5015.6%4.4%18.1%8.3%16.8%4.3%-0.1%-20.7M-105.2M-36.6M5.1322.4134,512177,0171,611,4062,518,476
2026-02-03$53.53$53.5017.0%4.8%15.8%12.1%18.0%5.1%0.4%-81.3M564.3M-38.5M1.9622.4130,78060,2371,629,8512,668,909
2026-02-04$54.06$53.5017.7%5.1%16.2%14.1%20.9%5.6%0.1%-31.0M-33.1M-38.6M0.9836.5570,88769,6231,636,1722,693,351
2026-02-05$53.28$53.0019.0%5.6%16.0%17.6%19.6%5.7%-0.0%-114.4M899.1M-39.1M2.7617.0861,056168,2311,654,6242,737,605
2026-02-06$54.25$53.0017.7%5.2%17.3%14.0%16.8%4.3%0.0%-54.0M12.1M-40.1M0.9628.5359,66457,4171,675,3952,900,268
2026-02-09$54.00$53.0017.0%4.9%17.3%12.2%18.6%5.5%0.4%-90.4M282.0M-38.5M0.5915.1937,39122,0421,649,0862,862,486
2026-02-10$53.59$53.0017.5%4.8%17.3%13.5%18.3%5.1%-0.5%-155.1M986.2M-39.2M5.1719.6159,238306,0521,659,4982,871,989
2026-02-11$52.83$53.0017.1%5.1%16.5%12.4%18.6%5.1%0.6%-275.9M2.12B-40.2M4.7315.4073,734348,9961,689,4293,004,747
2026-02-12$51.86$53.0019.1%5.6%17.6%18.1%23.7%5.8%0.5%-359.9M3.68B-41.5M2.5431.08112,067284,3311,727,6023,159,082
2026-02-13$51.55$53.0019.5%5.5%17.4%19.1%21.4%5.3%-0.5%-382.6M4.05B-41.9M1.0221.73132,343135,3101,746,6263,218,405
2026-02-17$52.19$53.0019.8%5.7%18.2%19.9%22.3%5.3%-0.1%-343.8M3.06B-41.9M2.4318.3272,842176,8451,798,5783,228,962
2026-02-18$52.56$53.0017.9%5.1%16.8%14.7%21.0%5.4%1.6%-362.7M2.71B-42.6M1.1120.7971,41479,2461,808,6663,323,648
2026-02-19$52.06$53.0020.0%5.7%16.9%20.5%20.9%5.5%0.1%-400.4M3.55B-42.2M0.9819.98100,41398,3521,814,8373,338,001
2026-02-20$52.39$53.0018.3%5.3%17.0%15.7%19.6%5.0%-0.5%-384.3M3.03B-42.3M1.5342.0849,96276,6811,865,5753,378,280
2026-02-23$50.78$53.0022.2%6.3%19.7%26.6%26.2%7.1%-0.8%-299.7M4.32B-41.4M3.6918.7066,236244,3781,660,1613,074,327
2026-02-24$50.92$53.0021.3%6.1%19.5%24.0%21.5%7.3%-0.4%-328.2M4.23B-41.6M1.7520.12121,026211,6271,692,1853,186,568
2026-02-25$51.78$53.0019.3%5.5%20.5%18.4%21.8%6.0%-0.7%-310.9M3.27B-42.9M3.5020.8457,782202,5031,723,6393,271,751
2026-02-26$52.52$53.0018.6%5.4%21.2%16.5%21.3%5.6%-1.1%-292.6M2.32B-43.6M7.3314.4640,692298,4241,755,1823,469,753
2026-02-27$51.44$53.0021.8%6.4%22.0%25.5%25.9%7.4%0.1%-438.2M4.11B-44.3M4.1716.8485,709357,3511,762,4163,431,151