XLU Options History — December 2025

In December 2025, XLU traded between $42.48 and $44.35. ATM implied volatility averaged 15.1%, placing in the 10.5% IV rank vs the trailing year. The 30-day expected move averaged 4.3%. IV traded above realized volatility by 2.9% (HV 20d: 12.2%). Max pain ranged from $42.00 to $60.00. Net GEX was positive for 1 of 22 trading days. Term structure was in contango for 16 of 22 days. Put/call ratio averaged 1.65.

Notable Days

  • 2025-12-19: Highest Volume — 217,613 contracts
  • 2025-12-08: Largest IV spike — 12.8% change
  • 2025-12-01: Highest IV Rank — 25.2%
  • 2025-12-01: Largest Expected Move — 5.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$43.10$42.48$44.35$44.35$42.80
Max Pain$43.89$42.00$60.00$42.00$42.50
ATM IV15.1%14.1%17.8%17.8%14.3%
Expected Move4.3%3.6%5.3%5.3%3.6%
HV 20d12.2%9.7%13.4%11.9%9.7%
HV 60d12.1%11.1%12.8%12.8%11.1%
IV Rank10.5%5.5%25.2%25.2%6.3%
IV Percentile20.4%1.2%78.6%78.6%3.2%
Term Structure0.4%-1.7%3.1%0.7%0.6%
VWIV15.5%13.4%19.3%19.3%13.4%
Skew 25d1.3%-1.9%3.2%2.0%1.7%
Skew 10d0.5%-9.2%9.9%6.0%-8.9%
Call IV 25d14.8%11.7%17.5%17.5%13.9%
Put IV 25d16.0%9.9%19.6%19.6%15.5%
Bid-Ask Spread %59.8135.1795.1169.0458.25
Gamma HHI0.090.060.500.070.06
Net GEX-31.5M-54.1M4.6M4.6M-16.0M
Net DEX103.8M-405.7M723.2M-405.7M118.1M
Net VEX-5.5M-6.2M-1.7M-5.7M-5.5M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.650.225.243.630.41
Total Volume34,597.4554,496217,61346,67610,109
Total OI1,621,428.5254,1651,775,0991,657,6301,604,669

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-12-01$44.35$42.0017.8%5.3%11.9%25.2%19.3%2.0%0.7%4.6M-405.7M-5.7M3.6369.0410,08236,594449,0081,208,622
2025-12-02$44.05$42.5016.4%4.9%12.1%19.2%18.9%3.2%0.1%-14.1M-269.3M-5.9M2.2170.387,68416,972452,0481,279,432
2025-12-03$43.88$42.5015.5%4.6%12.0%15.4%16.2%1.3%-0.5%-24.3M-189.3M-6.0M0.4376.7514,8766,394454,6641,290,510
2025-12-04$43.69$43.5014.3%4.2%12.0%10.3%15.3%0.9%0.9%-28.9M-85.1M-5.7M0.7463.2210,8327,996436,4921,290,914
2025-12-05$43.47$60.0014.6%4.2%12.1%7.6%15.1%1.2%0.8%-10.8M723.2M-1.7M1.7278.084,4377,6281,383252,782
2025-12-08$42.81$43.5016.5%4.5%12.6%16.0%16.7%0.2%0.6%-44.9M201.4M-5.6M4.7452.789,85646,741428,5001,283,166
2025-12-09$42.77$43.5015.4%4.4%12.4%11.1%15.4%2.3%-0.2%-51.3M195.3M-5.7M1.6452.296,26110,297432,3861,308,184
2025-12-10$42.81$43.5015.1%4.3%12.5%9.6%14.7%1.0%0.1%-54.1M184.5M-5.6M2.4195.119,20422,156434,2361,304,543
2025-12-11$43.00$43.5014.7%4.2%12.6%7.9%14.8%0.4%0.3%-43.5M124.5M-5.7M1.2456.406,9968,668437,0861,300,678
2025-12-12$42.83$43.5015.0%4.2%12.0%9.5%15.3%1.9%-0.2%-48.5M186.3M-5.8M0.2258.2343,9059,615438,6101,304,867
2025-12-15$43.19$43.5015.2%4.4%12.5%10.1%15.3%1.5%-0.4%-38.3M61.4M-5.6M0.2755.6712,1313,268452,1401,302,633
2025-12-16$43.13$43.5015.2%4.4%12.4%10.4%16.3%1.7%-1.7%-39.4M60.8M-5.4M0.3158.6624,6527,605458,0091,303,436
2025-12-17$42.80$43.5014.9%4.3%12.6%8.8%15.2%1.5%0.0%-44.1M174.0M-5.6M1.7557.378,23914,451468,4411,306,658
2025-12-18$43.19$43.5015.1%4.3%13.0%9.9%15.2%1.5%0.2%-25.9M6.0M-5.3M0.3848.7236,29313,644468,8911,303,170
2025-12-19$42.83$43.5014.6%4.0%13.2%7.4%15.7%1.8%1.5%-54.0M155.0M-5.8M2.6151.7860,244157,369465,2831,304,657
2025-12-22$42.48$43.0015.2%4.5%13.4%10.4%15.7%-1.9%0.5%-44.4M317.3M-6.1M0.5343.0911,2435,917372,0221,202,266
2025-12-23$42.63$43.0014.1%4.2%13.0%5.5%15.1%2.4%0.8%-32.9M189.0M-5.8M3.1586.415,72418,046381,3021,169,307
2025-12-24$42.78$43.0014.8%4.0%13.1%8.5%14.1%0.5%-0.0%-25.6M183.1M-6.2M0.6448.472,7371,759383,6131,180,238
2025-12-26$42.74$43.0014.7%4.1%11.7%8.0%14.1%-0.8%1.4%-23.8M162.6M-6.0M5.2442.426,69235,082385,6531,180,784
2025-12-29$42.91$43.0014.1%3.9%11.6%5.5%14.3%2.0%3.1%-16.8M103.4M-5.4M0.4535.1711,1365,055384,1111,207,543
2025-12-30$43.02$42.5014.8%3.8%9.8%8.2%13.8%1.4%0.4%-15.8M87.8M-5.5M1.4857.595,0667,488389,7231,208,767
2025-12-31$42.80$42.5014.3%3.6%9.7%6.3%13.4%1.7%0.6%-16.0M118.1M-5.5M0.4158.257,1802,929394,1981,210,471