Shares of the Financial Select SPDR XLF are up .09 to 18.21.? XLF is trading closer to 52-week highs.
Today paper is rolling the XLF Apr 18 put to the July 18 put.? The volume is 9,700 on the Aprils and 19,400 on the Julys.? The average contract volume is 203,001 contracts per day in the name.? Open interest in the contracts is 170,000 and 1,756, respectively.
The trade looks like paper rolling a position with high open interest into a new opening position.? The IV is flat in XLF today to slightly down.? The trade looks like a protective put roll locking in gains for an underlying position.
30-day implied volatility is 16%.? 10-day implied volatility is 10%.? 30-day implied volatility is trading above the 10-day historical volatility.
Financial Select Sector SPDR Fund (the Fund) seeks to provide investment results that correspond generally to the price and yield performance of the Financial Select Sector Index (the Index).