HYG wheel: cash-secured put & covered-call yields
iShares iBoxx $ High Yield Corporate Bond ETF · ETFs · $77.36 close on Sep 29, 2026
What the Sep 29, 2026 close says about HYG
At 8.4% implied volatility, the options market is pricing a one-standard-deviation move of about $1.89 (2.4%) in HYG by Oct 30, 2026, 31 days out.
Selling the $76 put (−0.28Δ) for $0.43 means assignment would leave a cost basis of $75.57, 2.3% below the $77.36 close.
The 80-day 0.30Δ put pays 1.7× the premium of the 31-day one for 2.6× the time — more premium per day on the 31-day contract ($0.014 vs $0.009).
At 0.30Δ on the Oct 30 expiry the put yields 0.57% on its strike and the call 0.27% on spot: puts pay 2.1× what calls do on HYG this session.
Moving down to the $75 put (−0.18Δ) buys 1.3% more room below spot and keeps 63% of the 0.30Δ premium.
Open interest in the stored window totals 1,989,298 contracts; the largest single line is the $75 put expiring Dec 18 with 847,001 (42.6% of the window).
By options volume HYG ranks #3 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 HYG
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $76 | −0.28 | $0.43 Sep 29 | $43.00 | $7,600 | 0.57% | 6.7% | $75.57 | 25,017 | 58 |
| 0.20Δ | $75 | −0.18 | $0.27 Sep 29 | $27.00 | $7,500 | 0.36% | 4.2% | $74.73 | 2 | 3 |
Snapshot #401 · session 2026-09-29 · captured 22:10 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 31
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $75 | −0.29 | $0.72 Sep 29 | $72.00 | $7,500 | 0.96% | 4.4% | $74.28 | 847,001 | 180,438 |
| 0.20Δ | $74 | −0.22 | $0.55 Sep 29 | $55.00 | $7,400 | 0.74% | 3.4% | $73.45 | 238,128 | 155,047 |
Snapshot #401 · session 2026-09-29 · captured 22:10 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 80
Covered calls on HYG
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $78 | 0.29 | $0.21 Sep 29 | $21.00 | 0.27% | 3.2% | 1.10% | 12.9% | 22 | 5 |
| 0.20Δ | $78.50 | 0.21 | $0.04 Sep 29 | $4.00 | 0.05% | 0.6% | 1.53% | 18.0% | 10 | 12 |
Snapshot #401 · session 2026-09-29 · captured 22:10 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 31
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $78 | 0.29 | $0.36 Sep 29 | $36.00 | 0.47% | 2.1% | 1.29% | 5.9% | 26,081 | 64,357 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #401 · session 2026-09-29 · captured 22:10 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 80
HYG volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 8.4%session 2026-09-29
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 1,989,298 contractssession 2026-09-29
- Largest open-interest line
- $75 put · Dec 18 · 847,001
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #3 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 0.20Δ traded this session
- We are building our own daily implied-volatility history (2 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.