XLU Options History — February 2026

In February 2026, XLU traded between $42.69 and $47.72. ATM implied volatility averaged 18.8%, placing in the 26.3% IV rank vs the trailing year. The 30-day expected move averaged 5.3%. IV traded above realized volatility by 4.0% (HV 20d: 14.8%). Max pain ranged from $43.00 to $44.00. Net GEX was positive for 16 of 19 trading days. Term structure was in contango for 8 of 19 days. Put/call ratio averaged 0.84.

Notable Days

2026-02-12: Highest Volume — 243,944 contracts
2026-02-23: Largest IV spike — 17.8% change
2026-02-25: Highest IV Rank — 36.3%
2026-02-23: Largest Expected Move — 5.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$45.25	$42.69	$47.72	$42.69	$47.72
Max Pain	$43.50	$43.00	$44.00	$43.50	$44.00
ATM IV	18.8%	16.8%	21.0%	16.8%	20.1%
Expected Move	5.3%	4.7%	5.9%	4.8%	5.7%
HV 20d	14.8%	11.6%	16.4%	16.2%	15.4%
HV 60d	14.1%	12.9%	15.2%	12.9%	14.5%
IV Rank	26.3%	17.6%	36.3%	17.6%	32.3%
IV Percentile	84.8%	67.5%	96.4%	67.5%	92.1%
Term Structure	-0.1%	-1.5%	1.0%	-1.5%	-0.1%
VWIV	19.0%	16.3%	22.3%	16.3%	22.3%
Skew 25d	2.6%	-2.2%	4.7%	2.9%	2.8%
Skew 10d	-0.5%	-14.4%	7.3%	7.3%	1.2%
Call IV 25d	18.3%	16.2%	24.6%	16.3%	19.6%
Put IV 25d	20.9%	18.9%	22.9%	19.2%	22.4%
Bid-Ask Spread %	43.25	25.53	85.79	69.84	61.38
Gamma HHI	0.09	0.07	0.12	0.09	0.08
Net GEX	18.6M	-9.9M	41.8M	-9.9M	38.1M
Net DEX	-416.4M	-959.7M	133.4M	133.4M	-959.7M
Net VEX	-7.4M	-9.4M	-6.5M	-6.8M	-9.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.84	0.04	3.12	0.54	1.43
Total Volume	70,895.263	16,418	243,944	17,458	85,249
Total OI	1,409,643.053	1,326,224	1,589,223	1,326,224	1,589,223

Daily Data (19 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
2026-02-02	$42.69	$43.50	16.8%	4.8%	16.2%	17.6%	16.3%	2.9%	-1.5%	-9.9M	133.4M	-6.8M	0.54	69.84	11,369	6,089	410,906	915,318
2026-02-03	$43.15	$43.50	17.4%	5.0%	16.1%	20.3%	17.7%	3.6%	0.0%	3.6M	-19.9M	-6.9M	3.12	75.73	7,551	23,555	414,990	918,485
2026-02-04	$43.02	$44.00	18.1%	4.9%	16.0%	23.5%	17.5%	2.8%	-0.2%	-3.3M	30.2M	-7.1M	2.44	85.79	4,766	11,652	417,521	938,954
2026-02-05	$43.17	$43.00	18.8%	5.3%	12.4%	26.5%	18.0%	3.3%	0.5%	-3.9M	16.5M	-7.1M	0.35	25.53	24,022	8,379	418,402	943,815
2026-02-06	$43.34	$43.00	18.5%	5.0%	12.4%	25.1%	17.7%	4.7%	-0.5%	8.6M	-12.9M	-7.7M	0.96	44.91	12,032	11,534	432,468	947,289
2026-02-09	$43.50	$43.00	18.1%	5.3%	11.6%	23.1%	18.4%	3.4%	-0.7%	13.1M	-60.0M	-6.8M	0.91	33.25	16,347	14,886	429,046	947,523
2026-02-10	$44.29	$43.00	17.1%	4.7%	12.9%	18.8%	17.2%	3.2%	-0.5%	32.8M	-329.6M	-7.2M	0.32	33.18	43,241	13,822	436,787	954,087
2026-02-11	$44.59	$43.00	17.5%	4.9%	12.9%	20.5%	17.8%	2.0%	0.3%	35.4M	-401.5M	-7.2M	1.26	26.96	12,418	15,592	440,752	960,198
2026-02-12	$45.41	$43.00	20.0%	5.3%	14.0%	31.7%	18.2%	-2.2%	-1.0%	41.8M	-659.1M	-6.7M	0.04	35.27	234,255	9,689	443,782	975,843
2026-02-13	$46.41	$43.00	18.9%	5.4%	15.3%	26.9%	19.5%	2.0%	0.1%	19.6M	-683.2M	-6.5M	0.76	30.47	82,768	62,869	360,820	979,246
2026-02-17	$46.39	$43.00	18.9%	5.4%	15.1%	26.8%	20.7%	2.4%	0.2%	20.4M	-615.8M	-6.6M	0.55	26.30	35,763	19,563	367,838	1,013,395
2026-02-18	$45.55	$43.50	17.7%	5.1%	16.2%	21.7%	19.2%	2.7%	0.8%	12.5M	-412.7M	-7.3M	0.21	31.47	76,782	15,905	381,344	1,026,428
2026-02-19	$46.00	$44.00	17.9%	5.1%	16.4%	22.2%	19.0%	2.5%	0.9%	13.8M	-498.8M	-6.9M	0.47	27.69	23,227	10,987	374,309	1,037,052
2026-02-20	$46.30	$44.00	17.6%	4.9%	16.2%	20.9%	17.8%	1.6%	1.0%	13.3M	-574.2M	-7.0M	0.45	53.86	18,760	8,403	384,271	1,044,301
2026-02-23	$46.59	$44.00	20.7%	5.9%	15.5%	34.9%	21.1%	3.4%	-0.4%	14.5M	-516.0M	-7.4M	0.35	46.41	109,128	37,925	361,718	983,239
2026-02-24	$47.09	$44.00	21.0%	5.8%	15.5%	36.3%	21.0%	2.9%	-0.8%	31.3M	-748.1M	-8.2M	0.86	35.82	56,495	48,732	443,092	1,012,347
2026-02-25	$47.33	$44.00	21.0%	5.7%	15.4%	36.3%	20.5%	2.5%	-0.2%	34.8M	-800.3M	-8.9M	0.59	43.57	72,221	42,271	473,912	1,034,890
2026-02-26	$47.20	$44.00	20.7%	5.8%	15.3%	34.9%	20.6%	2.7%	-0.4%	37.7M	-799.3M	-9.3M	0.43	34.38	40,983	17,780	512,073	1,057,554
2026-02-27	$47.72	$44.00	20.1%	5.7%	15.4%	32.3%	22.3%	2.8%	-0.1%	38.1M	-959.7M	-9.4M	1.43	61.38	35,069	50,180	531,039	1,058,184