Options/XLRE

XLREState Street Real Estate Select Sector SPDR ETF

Options Analysis Report

AUM $8.4B|ARCX

● 2026-08-31$44.48

NEUTRAL

Analysis: 2026-08-28 EOD data

1Y +6.9%YTD +10.2%7D -1.9%

Options Vol

231

30D

Implied Move

±4.6%

IV Rank

10%

XLRE Options Overview

IV is low with bullish flow. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for option buyers

Learn

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XLRE Gamma Walls

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Value

Is IV priced right?

7.3

ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks6/9 checks passed

IV Rank

≤35%

IV Rank 15.9% — cheap vs history

IV/HV Ratio

<1.05x

IV/HV 1.57x — IV premium over HV

Sector Relative≤50%

Sector percentile 29% — below sector median

Term Structure

<1.1x

Front/Back 0.85x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 17.7% — normal range

Spread-Adjusted Value

<80%

Effective IV 62.5% (ATM 17.7% + spread 22.4% + bias) — good value

Execution Efficiency

<3.0%

Total drag 28.18% (spread 22.38% + slippage 5.80%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 4.90 (vega 10.962 / spread 22.38%) — spread drag

Sentiment

Bullish or bearish?

4.3

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksVery Bearish - Moderate signal (Conviction: -38%, Raw: -32%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -38% (strong bearish) — Raw: -32%

OI Skew Magnitude

≥15%

|OI skew| 13.5% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +72.3%, OI skew -13.5% — divergent (opposite)

Conviction Quality

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +0%, ATM: +25%, OTM: -96% — bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 8% — very bullish vs sector

Activity

Unusual activity?

3.0

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed

Volume Surge

≥1.5x

Volume 0.3x avg — normal

Turnover Rate

≥15%

Vol/OI 0.8% — normal turnover

Multi-Day Persistence

≥2 days

1 day(s) elevated — may be one-day event

OI Build

≥5%

OI change +1.8% (5d) — stable

Sector Relative≥60%

Sector activity percentile 26% — below sector avg

Trade Quality

≥30%

Large trade volume 43% — institutional presence

Execution Urgency

≥60%

Aggressive execution 28% — patient

Flow Conviction

≥30

Conviction -38 (bearish) — moderate

Liquidity

Can I trade efficiently?

3.1

IlliquidLiquid

Evaluates

bid-ask spreads

, volume depth, and open interest for trade execution quality.

Risk Checks2/8 checks passed

Tradeable Spread

≤5.0%

Spread 22.4% — wide

Adequate OI

≥10,000

OI 28,718 — adequate

Active Volume

≥500

Volume 231/day — thin

Reasonable Cost

≤$0.50

$1.12 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 46% — neutral vs sector

Order Book Depth

≥100 contracts

Depth 232.5 contracts (bid:82.8 ask:149.7) — adequate

Execution Quality

<1.0%

Avg slippage 5.80% — poor

Timing

Is now a good time?

7.7

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks8/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -15.4% — contango

IV Percentile Clarity

<30 or >70

IV percentile 16% — buyer opportunity

Event Detection

≥10pts kink

IV kink -2.9pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 1336.88 — favors income trades

Expiration Distribution

≥3 expirations

4 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No earnings detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow -38% @ 69% consistency — moderate (bearish)

Smart Money Timing

≥40 composite score

Score 73 (ITM 20% + inst 43%) — HIGH institutional

Directional Strategy Fit

Option Buyers

Long Calls5.7

bullishIV cheap, mixed flow

Long Puts6.2

bearishIV cheap, mixed flow

Premium Sellers

Cash-Secured Put4.1

bullishIV too cheap, mixed flow

Covered Call4.6

bearishIV too cheap, mixed flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

More on XLRE

XLRE gamma walls XLRE max pain XLRE IV rank XLRE options flow