JEPQ wheel: cash-secured put & covered-call yields
J.P. Morgan Nasdaq Equity Premium Income ETF · ETFs · $61.11 close on Sep 28, 2026
What the Sep 28, 2026 close says about JEPQ
At 13.6% implied volatility, the options market is pricing a one-standard-deviation move of about $3.16 (5.2%) in JEPQ by Nov 20, 2026, 53 days out.
Selling the $59 put (−0.31Δ) for $0.75 means assignment would leave a cost basis of $58.25, 4.7% below the $61.11 close.
The 109-day 0.30Δ put pays 1.3× the premium of the 53-day one for 2.1× the time — more premium per day on the 53-day contract ($0.014 vs $0.009).
At 0.30Δ on the Nov 20 expiry the put yields 1.27% on its strike and the call 0.70% on spot: puts pay 1.8× what calls do on JEPQ this session.
Moving down to the $57 put (−0.18Δ) buys 3.3% more room below spot and keeps 60% of the 0.30Δ premium.
Open interest in the stored window totals 22,525 contracts; the largest single line is the $66 call expiring Jan 15 with 3,440 (15.3% of the window).
By options volume JEPQ ranks #211 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 JEPQ
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $59 | −0.31 | $0.75 Sep 28 | $75.00 | $5,900 | 1.27% | 8.8% | $58.25 | 1,012 | 12 |
| 0.20Δ | $57 | −0.18 | $0.45 Sep 28 | $45.00 | $5,700 | 0.79% | 5.4% | $56.55 | 337 | 1 |
Snapshot #158 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 53
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $57 | −0.27 | $0.95 Sep 28 | $95.00 | $5,700 | 1.67% | 5.6% | $56.05 | 497 | 7 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #158 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 109
Covered calls on JEPQ
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $62 | 0.30 | $0.43 Sep 28 | $43.00 | 0.70% | 4.8% | 2.16% | 14.9% | 3,013 | 29 |
| 0.20Δ | $63 | 0.18 | $0.20 Sep 28 | $20.00 | 0.33% | 2.3% | 3.42% | 23.6% | 913 | 16 |
Snapshot #158 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 53
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $62 | 0.34 | $0.75 Sep 28 | $75.00 | 1.23% | 4.1% | 2.68% | 9.0% | 1,212 | 18 |
| 0.20Δ | $63 | 0.24 | $0.40 Sep 28 | $40.00 | 0.65% | 2.2% | 3.75% | 12.5% | 1,776 | 13 |
Snapshot #158 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 109
JEPQ volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 13.6%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 22,525 contractssession 2026-09-28
- Largest open-interest line
- $66 call · Jan 15 · 3,440
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #211 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 (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.