DIA wheel: cash-secured put & covered-call yields
State Street SPDR Dow Jones Industrial Average ETF Trust · ETFs · $522.47 close on Nov 12, 2026
What the Nov 12, 2026 close says about DIA
At 14.3% implied volatility, the options market is pricing a one-standard-deviation move of about $23.44 (4.5%) in DIA by Dec 18, 2026, 36 days out.
Selling the $512 put (−0.31Δ) for $4.80 means assignment would leave a cost basis of $507.20, 2.9% below the $522.47 close.
The 64-day 0.30Δ put pays 1.2× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.133 vs $0.089).
At 0.30Δ on the Dec 18 expiry the put yields 0.94% on its strike and the call 0.73% on spot: puts pay 1.3× what calls do on DIA this session.
Moving down to the $502 put (−0.20Δ) buys 1.9% more room below spot and keeps 67% of the 0.30Δ premium.
Open interest in the stored window totals 98,360 contracts; the largest single line is the $510 put expiring Dec 18 with 5,053 (5.1% of the window).
By options volume DIA ranks #41 of 679 names in our universe.
Near-the-money options volume (2.8k) is 181% 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 DIA
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $512 | −0.31 | $4.80 Nov 12 | $480.00 | $51,200 | 0.94% | 9.5% | $507.20 | 68 | 1 |
| 0.20Δ | $502 | −0.20 | $3.22 Nov 12 | $322.00 | $50,200 | 0.64% | 6.5% | $498.78 | 91 | 10 |
Snapshot #9355 · 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 | $510 | −0.32 | $5.68 Nov 12 | $568.00 | $51,000 | 1.11% | 6.4% | $504.32 | 1,314 | 14 |
| 0.20Δ | $495 | −0.19 | $3.45 Nov 12 | $345.00 | $49,500 | 0.70% | 4.0% | $491.55 | 501 | 165 |
Snapshot #9355 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on DIA
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $536 | 0.29 | $3.79 Nov 12 | $379.00 | 0.73% | 7.4% | 3.32% | 33.6% | 136 | 725 |
| 0.20Δ | $541 | 0.21 | $2.51 Nov 12 | $251.00 | 0.48% | 4.9% | 4.03% | 40.8% | 75 | 7 |
Snapshot #9355 · 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 | $540 | 0.31 | $5.73 Nov 12 | $573.00 | 1.10% | 6.3% | 4.45% | 25.4% | 2,882 | 8 |
| 0.20Δ | $550 | 0.19 | $2.58 Nov 12 | $258.00 | 0.49% | 2.8% | 5.76% | 32.9% | 1,360 | 27 |
Snapshot #9355 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
DIA volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 14.3%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 98,360 contractssession 2026-11-12
- Largest open-interest line
- $510 put · Dec 18 · 5,053
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #41 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.
- We are building our own daily implied-volatility history (34 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.