GLD wheel: cash-secured put & covered-call yields
SPDR Gold Trust, SPDR Gold Shares · ETFs · $354.89 close on Nov 12, 2026
What the Nov 12, 2026 close says about GLD
At 24.1% implied volatility, the options market is pricing a one-standard-deviation move of about $26.83 (7.6%) in GLD by Dec 18, 2026, 36 days out.
Selling the $345 put (−0.33Δ) for $6.04 means assignment would leave a cost basis of $338.96, 4.5% below the $354.89 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 ($0.168 vs $0.116).
At 0.30Δ on the Dec 18 expiry the put yields 1.75% on its strike and the call 1.43% on spot: puts pay 1.2× what calls do on GLD this session.
Moving down to the $335 put (−0.21Δ) buys 2.8% more room below spot and keeps 59% of the 0.30Δ premium.
Open interest in the stored window totals 564,046 contracts; the largest single line is the $335 put expiring Jan 15 with 69,408 (12.3% of the window).
By options volume GLD ranks #21 of 679 names in our universe.
Near-the-money options volume (26k) is 1043% 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 GLD
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $345 | −0.33 | $6.04 Nov 12 | $604.00 | $34,500 | 1.75% | 17.8% | $338.96 | 3,255 | 852 |
| 0.20Δ | $335 | −0.21 | $3.58 Nov 12 | $358.00 | $33,500 | 1.07% | 10.8% | $331.42 | 3,425 | 712 |
Snapshot #9382 · session 2026-11-12 · captured 22:10 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 | $342 | −0.32 | $7.40 Nov 12 | $740.00 | $34,200 | 2.16% | 12.3% | $334.60 | 395 | 28 |
| 0.20Δ | $329 | −0.20 | $4.53 Nov 12 | $453.00 | $32,900 | 1.38% | 7.9% | $324.47 | 763 | 2 |
Snapshot #9382 · session 2026-11-12 · captured 22:10 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on GLD
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $371 | 0.31 | $5.08 Nov 12 | $508.00 | 1.43% | 14.5% | 5.97% | 60.5% | 309 | 101 |
| 0.20Δ | $379 | 0.21 | $3.20 Nov 12 | $320.00 | 0.90% | 9.1% | 7.70% | 78.0% | 768 | 554 |
Snapshot #9382 · session 2026-11-12 · captured 22:10 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 | $380 | 0.28 | $5.70 Nov 12 | $570.00 | 1.61% | 9.2% | 8.68% | 49.5% | 14,252 | 1,091 |
| 0.20Δ | $390 | 0.20 | $3.75 Nov 12 | $375.00 | 1.06% | 6.0% | 10.95% | 62.4% | 17,338 | 2,601 |
Snapshot #9382 · session 2026-11-12 · captured 22:10 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
GLD volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 24.1%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 564,046 contractssession 2026-11-12
- Largest open-interest line
- $335 put · Jan 15 · 69,408
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #21 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.