XLU Options History — October 2025

In October 2025, XLU traded between $43.81 and $46.44. ATM implied volatility averaged 16.8%, placing in the 21.2% IV rank vs the trailing year. The 30-day expected move averaged 4.9%. IV traded above realized volatility by 4.3% (HV 20d: 12.5%). Max pain ranged from $42.25 to $45.00. Net GEX was positive for 17 of 23 trading days. Term structure was in contango for 11 of 23 days. Put/call ratio averaged 1.21.

Notable Days

2025-10-03: Highest Volume — 95,106 contracts
2025-10-24: Largest IV drop — 5.6% change
2025-10-22: Highest IV Rank — 28.1%
2025-10-30: Largest Expected Move — 5.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$45.24	$43.81	$46.44	$44.05	$44.76
Max Pain	$44.40	$42.25	$45.00	$42.25	$45.00
ATM IV	16.8%	15.0%	18.4%	15.0%	17.5%
Expected Move	4.9%	4.1%	5.3%	4.1%	5.2%
HV 20d	12.5%	9.6%	14.3%	13.3%	11.9%
HV 60d	12.6%	12.1%	12.7%	12.3%	12.1%
IV Rank	21.2%	13.4%	28.1%	13.4%	24.1%
IV Percentile	61.3%	17.1%	81.0%	17.1%	75.0%
Term Structure	0.0%	-1.1%	1.9%	0.2%	0.1%
VWIV	17.3%	13.9%	19.5%	13.9%	18.2%
Skew 25d	2.9%	-0.5%	9.7%	2.3%	3.1%
Skew 10d	4.7%	-1.7%	12.9%	7.7%	2.3%
Call IV 25d	15.9%	12.6%	19.3%	14.1%	16.8%
Put IV 25d	18.8%	16.3%	23.6%	16.3%	19.9%
Bid-Ask Spread %	42.67	14.08	70.03	58.51	49.55
Gamma HHI	0.10	0.06	0.21	0.20	0.08
Net GEX	20.1M	-16.0M	61.9M	55.8M	-16.0M
Net DEX	-723.2M	-1.07B	-326.5M	-761.7M	-326.5M
Net VEX	-5.1M	-5.8M	-4.5M	-4.9M	-5.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.21	0.17	8.16	0.17	0.66
Total Volume	39,309.304	10,972	95,106	69,672	50,644
Total OI	1,306,936.522	1,206,420	1,385,748	1,256,128	1,385,748

Daily Data (23 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
2025-10-01	$44.05	$42.25	15.0%	4.1%	13.3%	13.4%	13.9%	2.3%	0.2%	55.8M	-761.7M	-4.9M	0.17	58.51	59,336	10,336	364,302	891,826
2025-10-02	$43.81	$42.25	15.3%	4.2%	13.5%	14.4%	14.3%	2.5%	0.2%	59.9M	-684.3M	-5.1M	1.04	59.60	15,334	16,004	382,172	893,020
2025-10-03	$44.59	$42.25	15.4%	4.2%	14.3%	15.0%	14.9%	2.3%	0.3%	61.9M	-902.9M	-4.8M	0.34	58.50	71,004	24,102	388,714	903,544
2025-10-06	$44.87	$43.00	16.1%	4.5%	13.2%	17.8%	15.8%	2.8%	-0.1%	45.8M	-825.1M	-4.6M	0.74	20.24	16,176	11,952	355,940	899,002
2025-10-07	$45.06	$43.50	16.2%	4.6%	13.0%	18.3%	15.5%	2.8%	-0.0%	51.0M	-906.7M	-4.5M	0.48	20.98	56,020	27,060	366,666	905,930
2025-10-08	$45.36	$44.00	15.9%	4.5%	12.2%	17.0%	16.4%	2.8%	-0.1%	33.0M	-906.6M	-4.5M	0.61	14.08	11,308	6,946	357,462	925,238
2025-10-09	$45.38	$44.50	16.1%	4.6%	12.2%	17.9%	15.9%	2.4%	-0.0%	30.1M	-899.6M	-4.6M	0.67	15.61	16,112	10,822	357,926	929,868
2025-10-10	$45.23	$44.50	16.5%	5.0%	12.3%	19.8%	18.1%	4.0%	1.0%	26.7M	-834.1M	-4.9M	1.16	34.42	17,526	20,376	359,856	935,136
2025-10-13	$45.45	$45.00	17.1%	4.9%	12.3%	22.4%	16.8%	2.6%	0.2%	25.7M	-891.1M	-4.8M	1.92	43.68	9,606	18,468	360,036	942,258
2025-10-14	$45.73	$45.00	16.4%	5.1%	9.6%	19.3%	17.9%	1.5%	0.4%	24.7M	-923.4M	-5.1M	0.66	41.08	14,174	9,344	362,356	948,250
2025-10-15	$46.44	$45.00	16.5%	4.9%	10.4%	19.8%	17.6%	2.9%	0.6%	18.9M	-1.07B	-4.6M	0.54	33.14	27,838	15,090	364,938	956,060
2025-10-16	$46.03	$45.00	17.3%	5.2%	11.4%	23.0%	18.3%	6.2%	1.9%	21.3M	-995.3M	-5.0M	1.64	55.92	8,654	14,216	374,630	963,376
2025-10-17	$45.78	$45.00	18.0%	5.0%	11.8%	26.2%	18.0%	2.3%	-0.6%	13.1M	-950.2M	-5.0M	0.64	46.63	13,536	8,672	383,222	974,300
2025-10-20	$45.81	$45.00	17.5%	5.0%	11.8%	24.3%	19.5%	2.8%	-0.8%	9.7M	-671.3M	-5.0M	8.16	41.57	9,770	79,676	319,642	886,778
2025-10-21	$45.20	$45.00	17.8%	5.1%	13.2%	25.5%	18.1%	1.9%	-1.1%	-3.5M	-493.1M	-5.4M	0.99	37.87	15,682	15,498	323,298	956,964
2025-10-22	$45.33	$45.00	18.4%	5.3%	13.1%	28.1%	19.0%	2.9%	-0.1%	-1.5M	-531.5M	-5.4M	1.51	52.08	11,682	17,626	332,400	972,096
2025-10-23	$45.21	$45.00	17.7%	5.1%	12.6%	25.0%	18.6%	2.1%	-0.5%	-3.4M	-495.6M	-5.6M	1.61	33.21	13,550	21,882	335,284	976,160
2025-10-24	$45.69	$45.00	16.7%	4.8%	12.4%	20.8%	17.2%	1.9%	-0.0%	5.6M	-611.9M	-5.5M	1.59	36.00	12,264	19,522	342,690	974,890
2025-10-27	$45.74	$45.00	17.3%	5.1%	12.4%	23.3%	17.9%	2.7%	0.0%	4.4M	-593.8M	-5.5M	0.28	48.73	17,620	4,848	345,632	983,814
2025-10-28	$45.05	$45.00	17.4%	5.2%	13.9%	23.7%	18.4%	1.8%	-0.8%	4.0M	-477.5M	-5.5M	0.81	49.29	27,352	22,156	355,596	984,192
2025-10-29	$45.02	$45.00	17.7%	5.2%	13.5%	25.1%	18.2%	9.7%	0.1%	-2.2M	-444.4M	-5.5M	1.16	70.03	5,076	5,896	364,696	1,003,060
2025-10-30	$44.94	$45.00	17.4%	5.3%	13.3%	23.8%	18.4%	-0.5%	-0.4%	-3.8M	-435.2M	-5.4M	0.49	60.73	15,628	7,730	365,320	1,005,252
2025-10-31	$44.76	$45.00	17.5%	5.2%	11.9%	24.1%	18.2%	3.1%	0.1%	-16.0M	-326.5M	-5.8M	0.66	49.55	30,466	20,178	375,154	1,010,594