GFS wheel: cash-secured put & covered-call yields
GlobalFoundries Inc. Ordinary Shares · $48.34 close on Oct 12, 2026
What the Oct 12, 2026 close says about GFS
At 60.4% implied volatility, the options market is pricing a one-standard-deviation move of about $9.55 (19.7%) in GFS by Nov 20, 2026, 39 days out.
Selling the $45 put (−0.32Δ) for $2.20 means assignment would leave a cost basis of $42.80, 11.5% below the $48.34 close.
The 95-day 0.30Δ put pays 1.6× the premium of the 39-day one for 2.4× the time — more premium per day on the 39-day contract ($0.056 vs $0.037).
At 0.30Δ on the Nov 20 expiry the put yields 4.89% on its strike and the call 3.52% on spot: puts pay 1.4× what calls do on GFS this session.
Open interest in the stored window totals 25,199 contracts; the largest single line is the $55 call expiring Jan 15 with 6,740 (26.7% of the window).
By options volume GFS ranks #200 of 572 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 GFS
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $45 | −0.32 | $2.20 Oct 12 | $220.00 | $4,500 | 4.89% | 45.8% | $42.80 | 2,129 | 58 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #2808 · session 2026-10-12 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 39
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $45 | −0.34 | $3.50 Oct 12 | $350.00 | $4,500 | 7.78% | 29.9% | $41.50 | 2,493 | 25 |
| 0.20Δ | $40 | −0.20 | $1.75 Oct 12 | $175.00 | $4,000 | 4.38% | 16.8% | $38.25 | 2,734 | 39 |
Snapshot #2808 · session 2026-10-12 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 95
Covered calls on GFS
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $55 | 0.30 | $1.70 Oct 12 | $170.00 | 3.52% | 32.9% | 17.29% | 161.9% | 704 | 238 |
| 0.20Δ | $60 | 0.18 | $0.95 Oct 12 | $95.00 | 1.97% | 18.4% | 26.09% | 244.1% | 506 | 38 |
Snapshot #2808 · session 2026-10-12 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 39
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $60 | 0.29 | $2.25 Oct 12 | $225.00 | 4.65% | 17.9% | 28.78% | 110.6% | 1,446 | 31 |
| 0.20Δ | $65 | 0.20 | $1.52 Oct 12 | $152.00 | 3.14% | 12.1% | 37.61% | 144.5% | 1,123 | 15 |
Snapshot #2808 · session 2026-10-12 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 95
GFS volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 60.4%session 2026-10-12
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Oct 12, 2026
- Open interest, stored window
- 25,199 contractssession 2026-10-12
- Largest open-interest line
- $55 call · Jan 15 · 6,740
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #200 of 572 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 (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.