XLI Options History — September 2025

In September 2025, XLI traded between $149.50 and $153.99. ATM implied volatility averaged 15.3%, placing in the 8.3% IV rank vs the trailing year. The 30-day expected move averaged 4.4%. IV traded above realized volatility by 3.9% (HV 20d: 11.4%). Max pain ranged from $150.00 to $151.00. Net GEX was positive for 8 of 21 trading days. Term structure was in contango for 18 of 21 days. Put/call ratio averaged 3.54.

Notable Days

  • 2025-09-18: Highest Volume — 501,049 contracts
  • 2025-09-26: Largest IV drop — 7.9% change
  • 2025-09-25: Highest IV Rank — 12.5%
  • 2025-09-25: Largest Expected Move — 4.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$151.87$149.50$153.99$150.41$153.99
Max Pain$150.62$150.00$151.00$150.00$151.00
ATM IV15.3%14.1%16.8%15.3%15.4%
Expected Move4.4%4.1%4.8%4.5%4.2%
HV 20d11.4%10.0%12.7%10.7%10.0%
HV 60d11.4%11.0%11.8%11.6%11.1%
IV Rank8.3%4.9%12.5%8.3%8.7%
IV Percentile44.7%18.7%65.5%46.0%50.0%
Term Structure0.2%-0.1%0.5%-0.1%-0.0%
VWIV17.1%15.4%19.5%15.6%15.4%
Skew 25d4.5%4.0%5.5%5.1%4.4%
Skew 10d9.9%8.2%11.6%10.2%10.6%
Call IV 25d13.4%12.6%14.2%13.2%13.3%
Put IV 25d18.0%17.2%19.2%18.3%17.7%
Bid-Ask Spread %4.403.565.453.604.32
Gamma HHI0.110.090.140.100.14
Net GEX-19.8M-93.1M55.0M-66.0M41.4M
Net DEX-71.1M-442.4M314.4M202.7M-393.7M
Net VEX-7.3M-8.1M-6.6M-7.1M-7.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio3.541.199.443.551.46
Total Volume60,506.2864,957501,04912,0048,285
Total OI656,919.571533,735751,799672,312561,896

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-09-02$150.41$150.0015.3%4.5%10.7%8.3%15.6%5.1%-0.1%-66.0M202.7M-7.1M3.553.602,6409,364187,083485,229
2025-09-03$149.50$150.0015.3%4.6%10.8%8.4%18.1%5.5%0.1%-83.9M314.4M-6.8M4.893.973,76918,440185,897482,022
2025-09-04$151.22$150.0014.7%4.3%11.6%6.5%18.2%4.8%0.1%-47.4M65.2M-6.7M3.504.893,84113,427185,960494,590
2025-09-05$150.94$150.0014.1%4.1%11.6%4.9%16.8%4.6%0.1%-93.1M143.7M-6.6M1.414.65206,848292,461188,590507,357
2025-09-08$150.97$150.0014.7%4.3%11.6%6.6%16.6%4.2%0.3%-38.2M14.0M-7.3M2.464.343,2658,036188,017500,806
2025-09-09$150.09$150.0014.9%4.3%11.8%7.1%15.9%4.2%0.3%-77.7M203.0M-7.3M7.784.291,43911,190189,707509,555
2025-09-10$151.16$150.0015.0%4.4%11.4%7.4%17.4%4.3%0.3%-41.6M21.9M-7.2M4.895.212,29511,214190,021510,676
2025-09-11$152.81$151.0014.5%4.2%12.1%6.1%17.6%4.4%0.4%20.1M-314.1M-7.1M4.734.375,88627,869190,589519,059
2025-09-12$151.70$151.0014.8%4.3%12.2%6.8%16.8%4.1%0.3%-38.4M-34.9M-7.4M3.405.454,72616,045190,813543,193
2025-09-15$152.19$151.0015.5%4.5%12.0%8.8%17.0%4.2%0.2%-12.2M-140.3M-7.1M1.194.492,2592,698189,382539,364
2025-09-16$151.93$151.0015.6%4.5%12.0%9.3%17.1%4.4%-0.1%-26.2M-47.7M-7.2M1.974.872,7695,454189,146540,080
2025-09-17$151.14$151.0014.9%4.3%12.2%7.1%16.7%4.2%0.3%-45.9M70.4M-7.0M1.214.787,8859,508191,488542,063
2025-09-18$152.68$150.0014.9%4.3%12.7%7.3%15.4%4.2%0.5%55.0M-333.9M-6.7M1.374.69211,637289,412194,878546,554
2025-09-19$153.16$151.0015.0%4.3%12.5%7.5%16.5%4.0%0.2%44.6M-442.4M-8.0M1.944.745,30910,318203,079548,720
2025-09-22$153.16$151.0015.9%4.5%11.1%10.0%17.9%4.9%0.2%18.4M-246.3M-8.0M2.793.982,6867,486169,317364,418
2025-09-23$152.89$151.0016.3%4.7%10.5%11.3%19.5%5.1%0.3%5.9M-190.9M-8.1M2.954.133,84211,316171,343371,127
2025-09-24$152.44$151.0016.5%4.7%10.2%11.6%18.5%5.0%0.2%1.0M-182.6M-7.7M9.443.561,0229,650174,487374,514
2025-09-25$151.20$151.0016.8%4.8%10.5%12.5%17.9%5.0%0.3%-37.9M136.8M-8.1M6.903.611,49510,311174,901381,031
2025-09-26$152.50$151.0015.4%4.3%11.0%8.7%16.4%4.0%0.5%-8.0M-147.6M-7.7M2.224.465,01311,150175,396383,626
2025-09-29$153.09$151.0015.6%4.3%10.6%9.1%17.0%4.4%0.1%14.7M-190.2M-7.7M4.284.111,5856,787176,773382,564
2025-09-30$153.99$151.0015.4%4.2%10.0%8.7%15.4%4.4%-0.0%41.4M-393.7M-7.4M1.464.323,3644,921177,201384,695