XLU Options History — July 2025

In July 2025, XLU traded between $40.61 and $42.77. ATM implied volatility averaged 15.2%, placing in the 14.2% IV rank vs the trailing year. The 30-day expected move averaged 4.4%. IV traded above realized volatility by 4.1% (HV 20d: 11.1%). Max pain ranged from $40.50 to $41.50. Net GEX was positive for 16 of 22 trading days. Term structure was in contango for 10 of 22 days. Put/call ratio averaged 1.44.

Notable Days

2025-07-18: Highest Volume — 92,916 contracts
2025-07-09: Largest IV drop — 6.3% change
2025-07-07: Highest IV Rank — 18.3%
2025-07-07: Largest Expected Move — 4.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$41.56	$40.61	$42.77	$40.96	$42.77
Max Pain	$41.14	$40.50	$41.50	$40.50	$41.50
ATM IV	15.2%	14.1%	16.2%	15.5%	15.0%
Expected Move	4.4%	4.0%	4.6%	4.4%	4.5%
HV 20d	11.1%	10.0%	12.3%	11.2%	11.8%
HV 60d	15.5%	13.0%	22.8%	22.8%	13.3%
IV Rank	14.2%	9.5%	18.3%	15.4%	13.3%
IV Percentile	17.4%	2.8%	43.3%	22.2%	14.3%
Term Structure	-0.0%	-0.6%	0.6%	0.6%	-0.4%
VWIV	15.7%	14.1%	17.5%	15.4%	16.1%
Skew 25d	2.0%	-4.4%	2.9%	2.6%	2.6%
Skew 10d	5.7%	-0.8%	11.1%	5.9%	0.5%
Call IV 25d	14.2%	13.7%	14.9%	14.5%	13.9%
Put IV 25d	16.2%	9.9%	17.7%	17.2%	16.5%
Bid-Ask Spread %	32.77	6.64	55.79	50.85	49.73
Gamma HHI	0.09	0.05	0.18	0.07	0.09
Net GEX	12.5M	-13.3M	39.8M	-4.5M	21.7M
Net DEX	-362.3M	-615.6M	-102.1M	-201.1M	-592.4M
Net VEX	-5.7M	-6.3M	-5.3M	-6.3M	-5.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.44	0.47	4.84	0.47	0.97
Total Volume	31,944.091	11,684	92,916	16,222	16,548
Total OI	1,246,417.909	1,196,176	1,315,860	1,212,230	1,315,860

Daily Data (22 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
2025-07-01	$40.96	$40.50	15.5%	4.4%	11.2%	15.4%	15.4%	2.6%	0.6%	-4.5M	-201.1M	-6.3M	0.47	50.85	11,072	5,150	335,862	876,368
2025-07-02	$40.67	$40.50	15.6%	4.4%	11.4%	15.9%	15.6%	2.8%	-0.1%	-9.1M	-152.0M	-6.3M	1.41	47.73	8,340	11,736	343,688	878,784
2025-07-03	$41.02	$41.50	15.3%	4.4%	10.2%	14.5%	16.3%	1.3%	-0.1%	10.6M	-233.0M	-6.2M	2.52	36.52	7,148	18,046	347,668	886,648
2025-07-07	$40.94	$41.00	16.2%	4.6%	10.3%	18.3%	16.2%	2.9%	0.1%	-4.6M	-196.6M	-6.1M	1.54	18.14	6,796	10,488	312,734	883,442
2025-07-08	$40.61	$41.00	16.2%	4.6%	10.7%	18.3%	15.4%	2.7%	-0.1%	-13.3M	-102.1M	-6.2M	0.75	11.25	26,026	19,418	315,808	890,020
2025-07-09	$40.98	$41.00	15.1%	4.4%	11.0%	13.9%	15.6%	2.5%	0.6%	-3.3M	-205.5M	-6.1M	0.83	15.38	33,118	27,388	314,636	892,832
2025-07-10	$41.30	$41.00	15.2%	4.3%	11.3%	14.1%	15.7%	2.4%	-0.2%	16.1M	-349.4M	-5.8M	0.81	19.19	15,936	12,838	329,188	883,546
2025-07-11	$41.33	$41.00	15.0%	4.3%	11.3%	13.3%	15.5%	2.4%	0.1%	15.6M	-362.3M	-5.8M	1.26	17.53	9,416	11,864	337,804	890,908
2025-07-14	$41.35	$41.00	15.3%	4.4%	10.5%	14.5%	15.6%	2.1%	0.1%	13.1M	-349.1M	-5.7M	1.19	6.64	8,518	10,096	333,360	885,022
2025-07-15	$41.13	$41.00	15.6%	4.5%	10.5%	15.8%	15.5%	2.5%	-0.2%	7.5M	-286.4M	-5.7M	1.59	13.89	8,976	14,260	335,568	889,146
2025-07-16	$41.05	$41.00	15.7%	4.5%	10.3%	16.1%	15.9%	2.8%	0.0%	5.0M	-258.5M	-5.8M	1.16	10.57	6,894	8,018	338,820	896,644
2025-07-17	$41.20	$41.00	14.9%	4.3%	10.0%	12.8%	15.2%	2.4%	0.1%	11.8M	-318.0M	-5.7M	1.60	9.00	6,546	10,446	339,402	896,086
2025-07-18	$41.81	$41.00	15.0%	4.3%	11.1%	13.4%	15.6%	1.9%	0.3%	17.4M	-495.7M	-5.4M	0.56	34.42	59,586	33,330	341,654	901,614
2025-07-21	$41.92	$41.00	15.4%	4.4%	11.1%	15.1%	17.5%	-4.4%	0.0%	27.6M	-470.2M	-5.4M	3.44	45.93	10,882	37,382	348,496	887,934
2025-07-22	$42.47	$41.00	15.2%	4.3%	11.8%	14.3%	16.3%	2.5%	-0.1%	37.9M	-615.6M	-5.3M	1.36	43.43	28,118	38,368	352,988	898,938
2025-07-23	$42.10	$41.50	14.9%	4.4%	12.3%	12.7%	14.9%	2.1%	0.1%	35.9M	-507.8M	-5.5M	0.86	35.18	18,768	16,180	369,342	913,286
2025-07-24	$42.16	$41.50	14.6%	4.2%	10.5%	11.8%	14.9%	2.0%	-0.0%	38.6M	-497.7M	-5.5M	1.10	55.79	5,556	6,128	372,526	922,718
2025-07-25	$42.26	$41.50	14.1%	4.0%	10.4%	9.5%	14.1%	1.0%	-0.2%	39.8M	-515.2M	-5.5M	1.03	52.38	12,064	12,438	375,170	927,400
2025-07-28	$41.74	$41.50	14.9%	4.4%	11.6%	12.8%	17.2%	2.4%	-0.3%	-583.0K	-327.9M	-5.6M	4.84	45.62	9,964	48,182	342,040	913,814
2025-07-29	$42.16	$41.50	14.7%	4.3%	12.0%	11.9%	15.3%	2.4%	-0.4%	325.8K	-417.0M	-5.5M	1.63	51.07	5,730	9,326	347,172	952,996
2025-07-30	$42.49	$41.50	15.2%	4.4%	12.1%	14.4%	15.2%	2.1%	-0.6%	11.5M	-517.8M	-5.5M	0.85	50.67	13,868	11,818	348,732	954,530
2025-07-31	$42.77	$41.50	15.0%	4.5%	11.8%	13.3%	16.1%	2.6%	-0.4%	21.7M	-592.4M	-5.4M	0.97	49.73	8,382	8,166	355,898	959,962