APO wheel: cash-secured put & covered-call yields
Apollo Global Management, Inc. · Financials · $121.35 close on Nov 12, 2026
What the Nov 12, 2026 close says about APO
At 36.4% implied volatility, the options market is pricing a one-standard-deviation move of about $13.89 (11.4%) in APO by Dec 18, 2026, 36 days out.
Selling the $115 put (−0.30Δ) for $2.78 means assignment would leave a cost basis of $112.22, 7.5% below the $121.35 close.
The 64-day 0.30Δ put pays 1.6× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.077 vs $0.070).
At 0.30Δ on the Dec 18 expiry the put yields 2.42% on its strike and the call 1.62% on spot: puts pay 1.5× what calls do on APO this session.
Moving down to the $110 put (−0.19Δ) buys 4.1% more room below spot and keeps 56% of the 0.30Δ premium.
Open interest in the stored window totals 77,057 contracts; the largest single line is the $105 put expiring Dec 18 with 15,527 (20.2% of the window).
APO goes ex-dividend on Nov 18, 2026 ($0.56 declared), inside the Dec 18 covered-call window. A short call that is in the money before an ex-date can be assigned early.
By options volume APO ranks #187 of 679 names in our universe.
Near-the-money options volume (288) is 30% above its 5-session average.
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 | −0.30 | $2.78 Nov 12 | $278.00 | $11,500 | 2.42% | 24.5% | $112.22 | 3,689 | 133 |
| 0.20Δ | $110 | −0.19 | $1.57 Nov 12 | $157.00 | $11,000 | 1.43% | 14.5% | $108.43 | 1,801 | 11 |
Snapshot #9304 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $115 | −0.33 | $4.50 Nov 12 | $450.00 | $11,500 | 3.91% | 22.3% | $110.50 | 7,789 | 1 |
| 0.20Δ | $110 | −0.23 | $2.80 Nov 12 | $280.00 | $11,000 | 2.55% | 14.5% | $107.20 | 6,399 | 9 |
Snapshot #9304 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
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 | 0.27 | $1.96 Nov 12 | $196.00 | 1.62% | 16.4% | 8.74% | 88.6% | 1,118 | 1 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #9304 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $130 | 0.34 | $3.70 Nov 12 | $370.00 | 3.05% | 17.4% | 10.18% | 58.0% | 3,891 | 38 |
| 0.20Δ | $140 | 0.16 | $1.43 Nov 12 | $143.00 | 1.18% | 6.7% | 16.55% | 94.4% | 3,955 | 2 |
Snapshot #9304 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
APO volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 36.4%session 2026-11-12
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- Ex-div Nov 18, 2026 · $0.56 declaredchecked Nov 9, 2026
- Open interest, stored window
- 77,057 contractssession 2026-11-12
- Largest open-interest line
- $105 put · Dec 18 · 15,527
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #187 of 679 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
- We are building our own daily implied-volatility history (24 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.