FDX wheel: cash-secured put & covered-call yields
FedEx Corporation · Industrials · $289.65 close on Sep 28, 2026
What the Sep 28, 2026 close says about FDX
At 39.2% implied volatility, the options market is pricing a one-standard-deviation move of about $33.65 (11.6%) in FDX by Oct 30, 2026, 32 days out.
Selling the $275 put (−0.31Δ) for $8.61 means assignment would leave a cost basis of $266.39, 8.0% below the $289.65 close.
At 0.30Δ on the Oct 30 expiry the put yields 3.13% on its strike and the call 1.80% on spot: puts pay 1.7× what calls do on FDX this session.
Moving down to the $260 put (−0.17Δ) buys 5.2% more room below spot and keeps 41% of the 0.30Δ premium.
Open interest in the stored window totals 4,960 contracts; the largest single line is the $250 put expiring Dec 18 with 657 (13.2% of the window).
By options volume FDX ranks #225 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 FDX
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $275 | −0.31 | $8.61 Sep 28 | $861.00 | $27,500 | 3.13% | 35.7% | $266.39 | 65 | 14 |
| 0.20Δ | $260 | −0.17 | $3.55 Sep 28 | $355.00 | $26,000 | 1.37% | 15.6% | $256.45 | 25 | 6 |
Snapshot #123 · session 2026-09-28 · captured 22:31 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 | Unavailable1 | |||||||||
| 0.20Δ | $250 | −0.16 | $5.25 Sep 28 | $525.00 | $25,000 | 2.10% | 9.5% | $244.75 | 45 | 2 |
Snapshot #123 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on FDX
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $310 | 0.30 | $5.22 Sep 28 | $522.00 | 1.80% | 20.6% | 8.83% | 100.7% | 29 | 2 |
| 0.20Δ | $325 | 0.18 | $2.44 Sep 28 | $244.00 | 0.84% | 9.6% | 13.05% | 148.8% | 12 | 3 |
Snapshot #123 · session 2026-09-28 · captured 22:31 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 | $320 | 0.29 | $7.95 Sep 28 | $795.00 | 2.74% | 12.4% | 13.22% | 59.6% | 415 | 3 |
| 0.20Δ | $330 | 0.22 | $5.65 Sep 28 | $565.00 | 1.95% | 8.8% | 15.88% | 71.6% | 500 | 8 |
Snapshot #123 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
FDX volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 39.2%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 4,960 contractssession 2026-09-28
- Largest open-interest line
- $250 put · Dec 18 · 657
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #225 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.