XLU Options History — February 2025

In February 2025, XLU traded between $38.83 and $40.19. ATM implied volatility averaged 17.5%, placing in the 45.1% IV rank vs the trailing year. The 30-day expected move averaged 5.0%. IV traded above realized volatility by 0.6% (HV 20d: 16.9%). Max pain ranged from $38.75 to $39.50. Net GEX was positive for 5 of 19 trading days. Term structure was in contango for 10 of 19 days. Put/call ratio averaged 1.76.

Notable Days

2025-02-19: Highest Volume — 85,486 contracts
2025-02-21: Largest IV spike — 8.7% change
2025-02-27: Highest IV Rank — 65.3%
2025-02-27: Largest Expected Move — 5.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$39.56	$38.83	$40.19	$39.15	$39.44
Max Pain	$39.09	$38.75	$39.50	$38.75	$39.00
ATM IV	17.5%	15.9%	20.0%	18.6%	18.5%
Expected Move	5.0%	4.6%	5.8%	5.6%	5.3%
HV 20d	16.9%	10.0%	20.8%	20.8%	11.7%
HV 60d	16.3%	15.7%	16.8%	16.8%	16.2%
IV Rank	45.1%	32.5%	65.3%	53.8%	53.7%
IV Percentile	71.0%	41.3%	94.4%	85.7%	84.1%
Term Structure	-0.1%	-1.0%	0.8%	-0.1%	-0.5%
VWIV	18.1%	16.6%	20.6%	19.8%	18.6%
Skew 25d	2.7%	1.5%	7.3%	2.1%	3.1%
Skew 10d	7.5%	2.0%	14.2%	7.3%	4.8%
Call IV 25d	16.1%	12.4%	19.4%	17.7%	17.1%
Put IV 25d	18.8%	16.8%	21.5%	19.9%	20.3%
Bid-Ask Spread %	22.32	5.34	72.28	26.54	8.01
Gamma HHI	0.08	0.06	0.12	0.07	0.06
Net GEX	-3.8M	-30.9M	27.8M	-9.8M	-18.2M
Net DEX	-94.4M	-313.4M	126.3M	-25.3M	19.9M
Net VEX	-6.2M	-6.6M	-5.8M	-6.4M	-6.3M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.76	0.28	4.75	3.04	0.57
Total Volume	32,846.737	12,892	85,486	30,044	27,038
Total OI	1,276,232.526	1,214,928	1,351,370	1,217,946	1,290,598

Daily Data (19 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
2025-02-03	$39.15	$38.75	18.6%	5.6%	20.8%	53.8%	19.8%	2.1%	-0.1%	-9.8M	-25.3M	-6.4M	3.04	26.54	7,434	22,610	318,050	899,896
2025-02-04	$38.83	$38.75	18.6%	5.4%	20.6%	53.9%	19.4%	7.3%	-0.5%	-17.2M	61.7M	-6.6M	1.71	31.39	9,834	16,778	321,462	917,630
2025-02-05	$39.22	$38.75	17.6%	5.1%	20.4%	45.9%	18.8%	2.1%	0.0%	-6.3M	-44.8M	-6.6M	2.01	37.27	7,198	14,436	327,470	918,488
2025-02-06	$39.17	$39.00	17.2%	5.0%	20.3%	42.6%	17.1%	2.4%	-0.6%	-8.5M	-35.4M	-6.5M	0.62	8.92	7,934	4,958	330,754	924,002
2025-02-07	$39.08	$39.00	17.3%	5.0%	20.3%	43.8%	17.1%	1.9%	0.1%	-7.3M	-21.8M	-6.4M	1.83	48.03	10,958	20,076	334,894	924,338
2025-02-10	$39.34	$39.00	16.5%	4.7%	20.4%	36.9%	16.6%	2.0%	-0.2%	-9.3M	-53.7M	-6.4M	1.40	27.55	6,676	9,366	332,422	937,288
2025-02-11	$39.55	$39.00	16.7%	4.9%	19.7%	38.4%	17.4%	2.3%	0.5%	-2.0M	-121.7M	-6.3M	0.81	10.75	15,088	12,248	336,574	941,470
2025-02-12	$39.51	$39.00	17.0%	5.0%	19.4%	41.0%	17.6%	1.8%	0.2%	-2.8M	-109.0M	-6.3M	0.76	21.66	13,630	10,362	341,782	946,466
2025-02-13	$39.77	$39.00	16.2%	4.6%	18.9%	34.3%	18.0%	2.1%	0.1%	10.9M	-190.5M	-6.2M	4.75	7.14	7,594	36,040	346,988	952,790
2025-02-14	$39.55	$39.00	15.9%	4.7%	17.4%	32.5%	17.5%	1.5%	0.3%	-106.4K	-124.9M	-6.2M	2.40	7.01	11,724	28,186	349,332	961,030
2025-02-18	$39.91	$39.00	16.5%	4.7%	17.6%	37.1%	17.2%	2.6%	0.6%	7.4M	-216.8M	-5.9M	1.72	5.92	8,952	15,354	334,074	968,300
2025-02-19	$40.09	$39.50	16.5%	4.7%	16.5%	36.8%	17.0%	2.7%	0.8%	15.6M	-273.5M	-5.8M	1.27	32.66	37,700	47,786	336,924	987,270
2025-02-20	$40.19	$39.00	16.3%	4.7%	14.3%	35.8%	17.0%	2.6%	0.4%	24.4M	-313.4M	-5.8M	2.83	5.34	7,690	21,736	350,492	993,752
2025-02-21	$40.16	$39.00	17.8%	5.1%	14.2%	47.3%	18.6%	2.7%	0.2%	27.8M	-306.2M	-5.9M	1.21	72.28	15,094	18,194	351,576	999,794
2025-02-24	$39.90	$39.50	18.0%	5.0%	14.2%	49.0%	19.6%	3.0%	-0.5%	-12.5M	-86.2M	-5.9M	3.52	11.84	10,480	36,884	301,000	913,928
2025-02-25	$39.63	$39.50	18.7%	5.4%	11.2%	54.7%	18.9%	4.2%	-0.5%	-20.4M	-4.7M	-6.1M	1.74	43.10	8,944	15,578	304,840	933,136
2025-02-26	$39.92	$39.50	18.6%	5.3%	10.0%	54.0%	18.1%	3.3%	-0.4%	-13.3M	-73.4M	-6.0M	0.28	11.93	19,846	5,606	307,838	942,150
2025-02-27	$39.17	$39.50	20.0%	5.8%	12.5%	65.3%	20.6%	2.1%	-1.0%	-30.9M	126.3M	-6.4M	0.93	6.76	27,980	26,096	324,014	945,606
2025-02-28	$39.44	$39.00	18.5%	5.3%	11.7%	53.7%	18.6%	3.1%	-0.5%	-18.2M	19.9M	-6.3M	0.57	8.01	17,252	9,786	346,228	944,370