XLU Options History — September 2025

In September 2025, XLU traded between $41.19 and $43.58. 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 3.5% (HV 20d: 11.7%). Max pain ranged from $41.00 to $42.25. Net GEX was positive for 15 of 21 trading days. Term structure was in contango for 16 of 21 days. Put/call ratio averaged 0.89.

Notable Days

2025-09-22: Highest Volume — 97,726 contracts
2025-09-16: Largest IV spike — 7.2% change
2025-09-16: Highest IV Rank — 17.1%
2025-09-08: Largest Expected Move — 4.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$42.45	$41.19	$43.58	$41.92	$43.58
Max Pain	$41.68	$41.00	$42.25	$41.00	$42.25
ATM IV	15.2%	14.4%	15.9%	14.8%	15.3%
Expected Move	4.4%	4.1%	4.6%	4.2%	4.3%
HV 20d	11.7%	8.2%	13.4%	10.3%	13.0%
HV 60d	12.0%	11.4%	12.6%	11.4%	12.3%
IV Rank	14.2%	10.8%	17.1%	12.3%	14.4%
IV Percentile	22.5%	3.6%	43.3%	9.1%	21.4%
Term Structure	0.1%	-0.8%	0.6%	0.0%	0.1%
VWIV	15.5%	14.8%	16.1%	14.8%	15.7%
Skew 25d	2.9%	-0.1%	8.5%	3.2%	2.6%
Skew 10d	7.8%	0.7%	12.2%	10.3%	11.5%
Call IV 25d	13.8%	7.9%	15.3%	13.3%	14.1%
Put IV 25d	16.7%	14.0%	17.6%	16.5%	16.7%
Bid-Ask Spread %	56.55	41.62	69.35	53.21	60.05
Gamma HHI	0.10	0.06	0.28	0.07	0.19
Net GEX	18.2M	-15.7M	59.6M	-6.9M	51.3M
Net DEX	-393.2M	-611.2M	-47.6M	-223.5M	-611.2M
Net VEX	-5.3M	-5.6M	-5.1M	-5.3M	-5.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.89	0.23	2.68	0.34	0.73
Total Volume	32,354.476	14,002	97,726	18,290	14,656
Total OI	1,320,392.19	1,160,588	1,420,008	1,306,404	1,253,238

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
2025-09-02	$41.92	$41.00	14.8%	4.2%	10.3%	12.3%	14.8%	3.2%	0.0%	-6.9M	-223.5M	-5.3M	0.34	53.21	13,640	4,650	354,882	951,522
2025-09-03	$41.89	$41.00	14.9%	4.3%	9.4%	12.8%	15.4%	3.2%	-0.1%	-8.3M	-211.7M	-5.3M	1.18	61.71	8,790	10,342	359,200	952,532
2025-09-04	$41.80	$41.50	15.1%	4.2%	9.3%	13.8%	15.2%	3.0%	-0.1%	-6.6M	-213.2M	-5.2M	0.96	52.31	15,726	15,142	363,458	956,942
2025-09-05	$41.66	$41.50	14.9%	4.4%	8.2%	12.7%	15.5%	-0.1%	0.1%	-3.9M	-159.7M	-5.4M	0.90	49.09	26,686	24,140	373,362	965,754
2025-09-08	$41.19	$41.50	15.7%	4.6%	8.6%	16.5%	15.8%	2.8%	0.3%	-15.7M	-47.6M	-5.6M	1.35	41.62	13,630	18,456	374,870	966,346
2025-09-09	$41.61	$41.50	15.5%	4.5%	9.7%	15.6%	16.1%	2.5%	-0.1%	-1.1M	-198.8M	-5.6M	0.49	49.33	16,588	8,150	391,142	975,490
2025-09-10	$42.31	$41.50	15.4%	4.3%	11.5%	15.1%	15.4%	2.5%	-0.8%	15.7M	-441.8M	-5.3M	0.56	48.59	23,870	13,262	391,360	980,046
2025-09-11	$42.44	$41.50	14.7%	4.3%	11.5%	12.2%	15.5%	8.5%	0.1%	20.7M	-483.8M	-5.3M	1.35	47.82	10,642	14,396	396,882	984,642
2025-09-12	$42.81	$41.50	14.4%	4.2%	12.0%	10.8%	15.2%	2.3%	0.4%	32.5M	-611.1M	-5.3M	1.06	45.46	12,464	13,260	399,132	990,898
2025-09-15	$42.83	$41.50	14.8%	4.2%	11.8%	12.6%	15.4%	2.2%	0.6%	30.1M	-605.9M	-5.1M	0.84	62.69	7,626	6,376	391,450	987,046
2025-09-16	$42.09	$41.50	15.9%	4.6%	13.3%	17.1%	15.8%	2.2%	0.3%	5.9M	-341.5M	-5.3M	0.87	69.30	11,692	10,128	393,786	989,294
2025-09-17	$42.23	$41.50	15.4%	4.4%	13.0%	15.0%	15.7%	2.1%	0.1%	16.4M	-402.4M	-5.4M	0.61	68.35	28,462	17,242	405,014	991,756
2025-09-18	$42.25	$41.50	15.5%	4.4%	12.8%	15.5%	15.4%	2.1%	0.0%	15.9M	-380.6M	-5.5M	0.75	69.35	27,568	20,578	411,092	1,001,968
2025-09-19	$42.61	$41.50	14.5%	4.1%	13.1%	11.0%	14.8%	2.3%	0.6%	59.6M	-553.5M	-5.2M	0.23	67.62	61,728	14,396	413,162	1,006,846
2025-09-22	$42.63	$42.00	15.3%	4.4%	13.0%	14.4%	14.9%	2.5%	0.2%	10.5M	-340.7M	-5.1M	0.62	62.59	60,476	37,250	293,692	866,896
2025-09-23	$42.83	$42.00	15.5%	4.5%	12.4%	15.4%	16.0%	5.2%	0.1%	25.2M	-404.1M	-5.3M	0.77	55.29	8,946	6,858	338,296	890,084
2025-09-24	$43.13	$42.25	15.3%	4.4%	12.5%	14.4%	15.7%	2.6%	0.2%	34.8M	-497.2M	-5.2M	0.57	50.49	14,002	8,006	342,970	893,974
2025-09-25	$42.77	$42.25	15.8%	4.5%	12.9%	17.0%	15.8%	2.6%	-0.3%	24.3M	-377.8M	-5.4M	2.68	58.66	5,548	14,854	341,450	896,654
2025-09-26	$43.31	$42.25	15.3%	4.3%	13.4%	14.5%	15.5%	2.9%	0.1%	35.0M	-540.4M	-5.1M	1.00	58.78	9,582	9,586	342,752	901,602
2025-09-29	$43.56	$42.25	15.4%	4.4%	13.3%	15.2%	15.3%	3.8%	0.1%	47.3M	-611.1M	-5.1M	0.89	55.28	10,582	9,468	360,820	885,934
2025-09-30	$43.58	$42.25	15.3%	4.3%	13.0%	14.4%	15.7%	2.6%	0.1%	51.3M	-611.2M	-5.1M	0.73	60.05	8,478	6,178	364,060	889,178