DIA wheel: cash-secured put & covered-call yields
State Street SPDR Dow Jones Industrial Average ETF Trust · ETFs · $514.02 close on Sep 28, 2026
What the Sep 28, 2026 close says about DIA
At 13.2% implied volatility, the options market is pricing a one-standard-deviation move of about $20.04 (3.9%) in DIA by Oct 30, 2026, 32 days out.
Selling the $503 put (−0.29Δ) for $4.11 means assignment would leave a cost basis of $498.89, 2.9% below the $514.02 close.
The 81-day 0.30Δ put pays 1.9× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.128 vs $0.095).
At 0.30Δ on the Oct 30 expiry the put yields 0.82% on its strike and the call 0.82% on spot: puts and calls pay within 10% of each other on DIA this session.
Moving down to the $498 put (−0.22Δ) buys 1.0% more room below spot and keeps 76% of the 0.30Δ premium.
Open interest in the stored window totals 40,914 contracts; the largest single line is the $510 put expiring Dec 18 with 4,673 (11.4% of the window).
By options volume DIA ranks #109 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 DIA
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $503 | −0.29 | $4.11 Sep 28 | $411.00 | $50,300 | 0.82% | 9.3% | $498.89 | 34 | 13 |
| 0.20Δ | $498 | −0.22 | $3.12 Sep 28 | $312.00 | $49,800 | 0.63% | 7.1% | $494.88 | 23 | 2 |
Snapshot #109 · session 2026-09-28 · captured 22:30 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 | $500 | −0.32 | $7.70 Sep 28 | $770.00 | $50,000 | 1.54% | 6.9% | $492.30 | 2,866 | 1 |
| 0.20Δ | $485 | −0.20 | $4.70 Sep 28 | $470.00 | $48,500 | 0.97% | 4.4% | $480.30 | 537 | 1 |
Snapshot #109 · session 2026-09-28 · captured 22:30 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on DIA
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $526 | 0.31 | $4.20 Sep 28 | $420.00 | 0.82% | 9.3% | 3.15% | 35.9% | 50 | 1 |
| 0.20Δ | $534 | 0.18 | $2.05 Sep 28 | $205.00 | 0.40% | 4.5% | 4.29% | 48.9% | 48 | 15 |
Snapshot #109 · session 2026-09-28 · captured 22:30 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 | $536 | 0.30 | $6.55 Sep 28 | $655.00 | 1.27% | 5.7% | 5.55% | 25.0% | 119 | 1 |
| 0.20Δ | $546 | 0.20 | $3.60 Sep 28 | $360.00 | 0.70% | 3.2% | 6.92% | 31.2% | 20 | 27 |
Snapshot #109 · session 2026-09-28 · captured 22:30 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
DIA volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 13.2%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 40,914 contractssession 2026-09-28
- Largest open-interest line
- $510 put · Dec 18 · 4,673
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #109 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.
- 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.