XLU Options History — March 2025

In March 2025, XLU traded between $38.02 and $39.64. ATM implied volatility averaged 17.8%, placing in the 47.9% IV rank vs the trailing year. The 30-day expected move averaged 5.4%. IV traded above realized volatility by 2.8% (HV 20d: 15.1%). Max pain ranged from $37.50 to $39.50. Net GEX was positive for 4 of 21 trading days. Term structure was in contango for 8 of 21 days. Put/call ratio averaged 1.26.

Notable Days

2025-03-04: Highest Volume — 76,796 contracts
2025-03-10: Largest IV spike — 13.1% change
2025-03-11: Highest IV Rank — 70.6%
2025-03-11: Largest Expected Move — 6.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$39.02	$38.02	$39.64	$39.51	$39.52
Max Pain	$38.92	$37.50	$39.50	$39.00	$39.50
ATM IV	17.8%	15.0%	20.6%	19.7%	15.8%
Expected Move	5.4%	4.4%	6.7%	5.9%	4.6%
HV 20d	15.1%	11.6%	17.1%	11.6%	16.4%
HV 60d	16.1%	15.5%	16.5%	15.5%	16.5%
IV Rank	47.9%	24.7%	70.6%	63.3%	31.3%
IV Percentile	68.4%	17.1%	98.0%	93.7%	34.9%
Term Structure	-0.1%	-1.4%	1.7%	-0.2%	0.5%
VWIV	18.8%	15.3%	23.7%	21.2%	16.4%
Skew 25d	2.7%	-2.6%	10.4%	0.9%	2.4%
Skew 10d	5.9%	-3.0%	19.5%	5.0%	0.9%
Call IV 25d	16.4%	12.0%	20.3%	20.1%	15.2%
Put IV 25d	19.1%	12.1%	23.4%	21.0%	17.6%
Bid-Ask Spread %	42.41	12.06	76.56	69.59	26.46
Gamma HHI	0.06	0.05	0.08	0.06	0.06
Net GEX	-16.2M	-41.2M	16.3M	-15.3M	-7.3M
Net DEX	74.8M	-164.2M	438.6M	-10.9M	-86.5M
Net VEX	-6.8M	-7.2M	-6.2M	-6.2M	-6.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.26	0.09	3.27	2.28	1.16
Total Volume	44,349.143	12,958	76,796	73,244	33,920
Total OI	1,339,248.286	1,202,164	1,461,974	1,277,796	1,258,318

Daily Data (21 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
2025-03-03	$39.51	$39.00	19.7%	5.9%	11.6%	63.3%	21.2%	0.9%	-0.2%	-15.3M	-10.9M	-6.2M	2.28	69.59	22,346	50,898	338,614	939,182
2025-03-04	$39.27	$39.50	19.1%	5.6%	11.7%	58.2%	19.5%	2.6%	-0.7%	-18.6M	51.3M	-6.4M	0.09	12.06	70,338	6,458	350,392	956,142
2025-03-05	$38.77	$39.50	19.3%	5.8%	12.2%	59.6%	19.6%	3.6%	-0.4%	-29.3M	217.6M	-6.7M	0.86	42.47	24,362	21,014	364,312	958,252
2025-03-06	$38.02	$39.50	19.9%	6.2%	13.4%	64.9%	21.9%	2.9%	-0.2%	-41.2M	438.6M	-7.1M	1.80	43.16	26,358	47,334	372,654	966,604
2025-03-07	$38.55	$39.00	17.9%	6.0%	14.5%	48.5%	20.7%	2.5%	0.2%	-33.2M	275.1M	-7.2M	0.92	66.28	20,496	18,864	390,052	987,856
2025-03-10	$38.91	$39.00	20.3%	6.6%	14.9%	67.4%	23.7%	10.4%	0.9%	-20.8M	130.5M	-7.2M	0.23	69.99	45,792	10,758	373,258	986,824
2025-03-11	$38.86	$39.00	20.6%	6.7%	14.7%	70.6%	22.0%	2.4%	-0.6%	-16.4M	117.5M	-7.2M	1.07	71.64	13,568	14,530	400,098	968,266
2025-03-12	$38.72	$39.00	19.4%	6.4%	14.6%	60.8%	22.2%	5.7%	0.1%	-20.9M	179.6M	-7.1M	1.42	51.39	7,068	10,054	401,698	972,244
2025-03-13	$38.62	$39.00	20.1%	6.4%	14.6%	66.4%	21.5%	8.6%	-0.3%	-24.7M	212.7M	-7.1M	0.29	73.66	23,182	6,740	405,260	978,916
2025-03-14	$39.31	$39.00	18.3%	5.6%	15.9%	51.5%	21.9%	1.9%	-0.4%	776.9K	-51.1M	-6.8M	0.46	71.38	33,132	15,392	423,480	980,578
2025-03-17	$39.64	$37.50	17.7%	4.9%	16.0%	46.8%	17.5%	2.0%	-0.3%	12.0M	-164.2M	-6.5M	0.59	19.63	12,778	7,582	412,216	975,850
2025-03-18	$39.30	$37.50	17.7%	5.0%	16.0%	47.0%	17.1%	2.0%	0.1%	-1.9M	-34.7M	-6.6M	0.65	20.36	34,214	22,272	417,978	978,996
2025-03-19	$39.52	$37.50	16.7%	4.7%	16.0%	39.0%	17.1%	1.9%	0.1%	10.1M	-117.7M	-6.7M	1.69	44.54	4,814	8,144	439,798	993,208
2025-03-20	$39.58	$0.00	16.3%	4.6%	16.0%	35.2%	16.2%	1.6%	1.7%	16.3M	-146.0M	-6.5M	3.27	76.56	14,414	47,128	440,144	997,766
2025-03-21	$39.30	$39.50	15.6%	4.5%	16.2%	29.9%	15.7%	1.7%	-0.1%	-11.5M	-12.1M	-6.6M	2.42	29.56	21,746	52,584	445,688	1,016,286
2025-03-24	$39.11	$39.00	15.0%	4.4%	16.1%	24.7%	15.7%	2.0%	0.2%	-14.6M	16.7M	-6.3M	0.69	23.96	14,006	9,638	312,930	889,234
2025-03-25	$38.42	$39.50	16.1%	4.6%	17.1%	33.6%	16.9%	-2.6%	-0.3%	-33.6M	215.4M	-6.7M	1.29	28.75	32,028	41,276	323,712	896,322
2025-03-26	$38.71	$39.00	16.2%	4.7%	17.1%	34.3%	16.6%	1.7%	-0.8%	-33.0M	151.9M	-6.8M	1.27	20.81	7,504	9,522	333,492	928,936
2025-03-27	$38.76	$39.00	15.7%	4.4%	15.8%	30.4%	15.3%	2.8%	-0.1%	-36.6M	132.1M	-6.8M	3.05	15.06	5,442	16,584	339,536	929,638
2025-03-28	$39.08	$39.00	17.1%	4.8%	15.9%	42.3%	15.8%	-0.1%	-1.4%	-20.6M	54.9M	-6.9M	0.92	13.33	24,496	22,556	340,404	939,080
2025-03-31	$39.52	$39.50	15.8%	4.6%	16.4%	31.3%	16.4%	2.4%	0.5%	-7.3M	-86.5M	-6.7M	1.16	26.46	15,732	18,188	322,954	935,364