GLD wheel: cash-secured put & covered-call yields
SPDR Gold Trust, SPDR Gold Shares · ETFs · $377.91 close on Sep 28, 2026
What the Sep 28, 2026 close says about GLD
At 22.3% implied volatility, the options market is pricing a one-standard-deviation move of about $24.97 (6.6%) in GLD by Oct 30, 2026, 32 days out.
Selling the $365 put (−0.28Δ) for $4.53 means assignment would leave a cost basis of $360.47, 4.6% below the $377.91 close.
The 81-day 0.30Δ put pays 1.7× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.142 vs $0.097).
At 0.30Δ on the Oct 30 expiry the put yields 1.24% on its strike and the call 1.35% on spot: puts and calls pay within 10% of each other on GLD this session.
Moving down to the $360 put (−0.22Δ) buys 1.3% more room below spot and keeps 74% of the 0.30Δ premium.
Open interest in the stored window totals 117,452 contracts; the largest single line is the $400 call expiring Dec 18 with 14,815 (12.6% of the window).
By options volume GLD ranks #22 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 GLD
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $365 | −0.28 | $4.53 Sep 28 | $453.00 | $36,500 | 1.24% | 14.2% | $360.47 | 352 | 428 |
| 0.20Δ | $360 | −0.22 | $3.35 Sep 28 | $335.00 | $36,000 | 0.93% | 10.6% | $356.65 | 276 | 443 |
Snapshot #132 · 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 | $362 | −0.30 | $7.82 Sep 28 | $782.00 | $36,200 | 2.16% | 9.7% | $354.18 | 1 | 4 |
| 0.20Δ | $350 | −0.20 | $4.69 Sep 28 | $469.00 | $35,000 | 1.34% | 6.0% | $345.31 | 4,947 | 3,212 |
Snapshot #132 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on GLD
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $392 | 0.32 | $5.09 Sep 28 | $509.00 | 1.35% | 15.4% | 5.08% | 57.9% | 46 | 65 |
| 0.20Δ | $402 | 0.20 | $3.01 Sep 28 | $301.00 | 0.80% | 9.1% | 7.17% | 81.8% | 106 | 41 |
Snapshot #132 · 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 | $404 | 0.31 | $8.20 Sep 28 | $820.00 | 2.17% | 9.8% | 9.07% | 40.9% | 2 | 5 |
| 0.20Δ | $419 | 0.21 | $4.93 Sep 28 | $493.00 | 1.30% | 5.9% | 12.18% | 54.9% | 5 | 8 |
Snapshot #132 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
GLD volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 22.3%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 117,452 contractssession 2026-09-28
- Largest open-interest line
- $400 call · Dec 18 · 14,815
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #22 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.