CBRE wheel: cash-secured put & covered-call yields
CBRE GROUP, INC. · Real estate · $130.35 close on Sep 28, 2026
What the Sep 28, 2026 close says about CBRE
At 38.8% implied volatility, the options market is pricing a one-standard-deviation move of about $19.29 (14.8%) in CBRE by Nov 20, 2026, 53 days out.
Selling the $125 put (−0.35Δ) for $5.10 means assignment would leave a cost basis of $119.90, 8.0% below the $130.35 close.
At 0.30Δ on the Nov 20 expiry the put yields 4.08% on its strike and the call 2.33% on spot: puts pay 1.7× what calls do on CBRE this session.
Moving down to the $115 put (−0.19Δ) buys 7.7% more room below spot and keeps 46% of the 0.30Δ premium.
Open interest in the stored window totals 2,511 contracts; the largest single line is the $160 call expiring Dec 18 with 1,128 (44.9% of the window).
By options volume CBRE ranks #169 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 CBRE
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $125 | −0.35 | $5.10 Sep 28 | $510.00 | $12,500 | 4.08% | 28.1% | $119.90 | 29 | 48 |
| 0.20Δ | $115 | −0.19 | $2.36 Sep 28 | $236.00 | $11,500 | 2.05% | 14.1% | $112.64 | 3 | 5 |
Snapshot #81 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 53
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $115 | −0.20 | $3.20 Sep 28 | $320.00 | $11,500 | 2.78% | 12.5% | $111.80 | 11 | 1 |
Snapshot #81 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on CBRE
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $145 | 0.27 | $3.04 Sep 28 | $304.00 | 2.33% | 16.1% | 13.57% | 93.5% | 331 | 1 |
| 0.20Δ | $155 | 0.16 | $1.45 Sep 28 | $145.00 | 1.11% | 7.7% | 20.02% | 137.9% | 57 | 1 |
Snapshot #81 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 53
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $150 | 0.25 | $3.27 Sep 28 | $327.00 | 2.51% | 11.3% | 17.58% | 79.2% | 207 | 2 |
| 0.20Δ | $160 | 0.15 | $1.62 Sep 28 | $162.00 | 1.24% | 5.6% | 23.99% | 108.1% | 1,128 | 2 |
Snapshot #81 · session 2026-09-28 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
CBRE volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 38.8%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 2,511 contractssession 2026-09-28
- Largest open-interest line
- $160 call · Dec 18 · 1,128
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #169 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 0.30Δ 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.