XLI Options History — December 2025

In December 2025, XLI traded between $151.97 and $157.72. ATM implied volatility averaged 13.7%, placing in the 3.0% IV rank vs the trailing year. The 30-day expected move averaged 3.9%. IV traded above realized volatility by 0.1% (HV 20d: 13.6%). Max pain ranged from $150.00 to $150.00. Net GEX was positive for 21 of 22 trading days. Term structure was in contango for 18 of 22 days. Put/call ratio averaged 1.78.

Notable Days

  • 2025-12-03: Highest Volume — 416,134 contracts
  • 2025-12-08: Largest IV spike — 11.9% change
  • 2025-12-01: Highest IV Rank — 9.2%
  • 2025-12-01: Largest Expected Move — 4.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$155.59$151.97$157.72$151.97$155.50
Max Pain$150.00$150.00$150.00$150.00$150.00
ATM IV13.7%12.0%15.6%15.6%13.7%
Expected Move3.9%3.3%4.7%4.7%3.6%
HV 20d13.6%11.9%15.2%13.9%12.0%
HV 60d12.9%12.2%13.4%12.5%13.3%
IV Rank3.0%0.0%9.2%9.2%4.6%
IV Percentile12.7%0.0%48.4%48.4%9.9%
Term Structure0.4%-0.5%1.1%0.3%-0.5%
VWIV14.6%11.5%17.8%17.2%12.7%
Skew 25d3.2%2.1%4.5%3.8%3.0%
Skew 10d7.2%5.6%10.2%9.2%6.6%
Call IV 25d12.4%10.8%13.8%13.8%12.1%
Put IV 25d15.6%13.6%17.7%17.6%15.1%
Bid-Ask Spread %12.076.6453.4953.4914.58
Gamma HHI0.100.090.160.130.13
Net GEX51.2M-26.8M105.1M1.8M35.4M
Net DEX-561.4M-999.7M-11.7M-166.2M-391.3M
Net VEX-6.5M-7.8M-5.1M-7.4M-5.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.780.137.370.133.57
Total Volume51,314.1362,151416,13429,3194,293
Total OI654,420.182519,967740,469679,244525,827

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-12-01$151.97$150.0015.6%4.7%13.9%9.2%17.2%3.8%0.3%1.8M-166.2M-7.4M0.1353.4926,0563,263204,667474,577
2025-12-02$153.13$150.0014.5%4.4%14.1%6.1%15.8%3.2%0.4%42.7M-466.8M-6.8M7.377.906,29946,409209,368476,989
2025-12-03$154.16$150.0013.9%4.1%13.7%4.2%15.3%2.5%0.5%77.0M-622.6M-7.4M2.176.64131,198284,936213,127517,961
2025-12-04$154.76$150.0013.8%4.2%13.6%3.9%16.5%3.8%0.5%39.1M-475.3M-7.8M1.209.254,7195,641205,472518,480
2025-12-05$154.56$150.0013.2%4.1%13.5%2.2%16.2%3.7%0.5%34.0M-461.7M-7.4M0.3013.0615,8204,710207,925520,338
2025-12-08$154.36$150.0014.7%4.3%13.5%4.7%17.8%3.8%-0.2%29.8M-421.4M-7.6M1.167.992,0322,362219,461515,604
2025-12-09$153.59$150.0014.7%4.3%13.4%4.6%15.0%4.5%0.3%1.1M-251.2M-7.6M2.1710.791,7093,715220,010516,587
2025-12-10$156.44$150.0014.2%4.2%15.0%3.2%14.4%2.1%0.4%89.1M-944.1M-6.8M0.6812.3527,01218,484220,454520,015
2025-12-11$157.72$150.0013.1%3.8%15.2%0.0%15.1%2.6%0.3%105.1M-999.7M-6.8M1.728.604,2457,302202,395505,390
2025-12-12$156.74$150.0013.5%4.0%13.9%1.1%14.9%3.4%0.6%98.6M-924.9M-6.2M2.829.1490,738255,542204,250509,327
2025-12-15$156.93$150.0014.4%4.2%13.9%3.9%14.3%3.5%0.1%69.2M-717.0M-7.2M1.0510.193,0083,168215,731509,456
2025-12-16$156.19$150.0014.3%4.1%13.3%3.5%14.9%3.1%0.1%57.4M-613.5M-6.8M2.569.4312,95433,211216,569511,318
2025-12-17$153.53$150.0015.2%4.4%14.9%6.1%16.6%3.9%-0.0%-26.8M-11.7M-7.2M2.1710.0010,52322,819217,236501,939
2025-12-18$154.91$150.0014.2%4.1%15.1%3.3%14.7%3.3%-0.0%29.1M-409.2M-6.6M0.4510.9634,81115,815214,361488,020
2025-12-19$155.97$150.0012.9%3.7%13.5%0.0%12.7%2.7%0.1%53.9M-604.6M-6.2M0.709.906,9384,875192,874481,590
2025-12-22$157.00$150.0012.6%3.6%13.2%0.0%14.3%2.9%0.7%68.1M-635.5M-5.7M1.258.542,1942,751151,303370,788
2025-12-23$157.06$150.0012.3%3.4%13.2%0.0%11.7%3.1%0.8%84.7M-661.8M-5.6M0.4811.676,5913,161152,456372,232
2025-12-24$157.66$150.0012.0%3.6%12.7%0.0%12.6%2.7%0.8%94.8M-749.1M-5.3M2.0710.177011,450150,947373,861
2025-12-26$157.16$150.0012.5%3.4%12.6%1.4%11.5%2.8%0.9%60.4M-627.3M-5.6M1.4910.133,2094,769151,199374,572
2025-12-29$157.00$150.0012.8%3.4%12.6%2.3%13.1%2.6%0.3%49.9M-631.6M-5.1M1.5011.721,9852,987147,687372,280
2025-12-30$156.66$150.0012.7%3.3%11.9%1.9%12.7%2.9%1.1%32.8M-565.1M-5.1M2.199.021,4143,092148,979373,622
2025-12-31$155.50$150.0013.7%3.6%12.0%4.6%12.7%3.0%-0.5%35.4M-391.3M-5.2M3.5714.589393,354149,438376,389