APO wheel: cash-secured put & covered-call yields
Apollo Global Management, Inc. · Financials · $119.00 close on Sep 28, 2026
What the Sep 28, 2026 close says about APO
At 43.4% implied volatility, the options market is pricing a one-standard-deviation move of about $15.30 (12.9%) in APO by Oct 30, 2026, 32 days out.
Selling the $115 put (−0.31Δ) for $2.95 means assignment would leave a cost basis of $112.05, 5.8% below the $119.00 close.
The 81-day 0.30Δ put pays 1.4× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.092 vs $0.051).
At 0.30Δ on the Oct 30 expiry the put yields 2.57% on its strike and the call 1.51% on spot: puts pay 1.7× what calls do on APO this session.
Moving down to the $110 put (−0.20Δ) buys 4.2% more room below spot and keeps 66% of the 0.30Δ premium.
Open interest in the stored window totals 6,968 contracts; the largest single line is the $105 put expiring Dec 18 with 1,359 (19.5% of the window).
By options volume APO ranks #177 of 441 names in our universe.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on APO
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $115 | −0.31 | $2.95 Sep 28 | $295.00 | $11,500 | 2.57% | 29.3% | $112.05 | 15 | 1 |
| 0.20Δ | $110 | −0.20 | $1.95 Sep 28 | $195.00 | $11,000 | 1.77% | 20.2% | $108.05 | 54 | 46 |
Snapshot #64 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $110 | −0.27 | $4.11 Sep 28 | $411.00 | $11,000 | 3.74% | 16.8% | $105.89 | 281 | 1 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #64 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on APO
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $130 | 0.26 | $1.80 Sep 28 | $180.00 | 1.51% | 17.3% | 10.76% | 122.7% | 246 | 90 |
| 0.20Δ | $135 | 0.16 | $0.99 Sep 28 | $99.00 | 0.83% | 9.5% | 14.28% | 162.9% | 28 | 42 |
Snapshot #64 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable2 | |||||||||
| 0.20Δ | $140 | 0.21 | $2.35 Sep 28 | $235.00 | 1.97% | 8.9% | 19.62% | 88.4% | 457 | 227 |
Snapshot #64 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
APO volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 43.4%session 2026-09-28
- IV rank / IV percentile
- Unavailable3
- Next earnings
- Unavailable4
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 6,968 contractssession 2026-09-28
- Largest open-interest line
- $105 put · Dec 18 · 1,359
- Bid/ask spread
- Unavailable5
- Options liquidity rank
- #177 of 441 optionable names by options volume
How these numbers are made
One end-of-day snapshot per session from a 15-minute-delayed feed. A premium is a contract’s last trade, used only if it printed that session, sits above intrinsic value and is in order with its neighbours; deltas are the feed’s own. Expiries are the first at least 30 and 60 days out, and nothing under 30 days is annualized. Not investment advice. Full methodology.
- No contract near 0.20Δ traded this session
- No contract near 0.30Δ traded this session
- We are building our own daily implied-volatility history (1 of 252 sessions so far); IV rank and percentile need a full year of it.
- Our data provider does not license announced earnings dates, and we do not publish estimates.
- Our data feed carries last trades, not live bid/ask quotes, so we cannot show a spread.