JPM wheel: cash-secured put & covered-call yields
JPMorgan Chase & Co. · Financials · $343.06 close on Sep 25, 2026
What the Sep 25, 2026 close says about JPM
At 27.0% implied volatility, the options market is pricing a one-standard-deviation move of about $28.67 (8.4%) in JPM by Oct 30, 2026, 35 days out.
Selling the $330 put (−0.30Δ) for $5.96 means assignment would leave a cost basis of $324.04, 5.5% below the $343.06 close.
The 84-day 0.30Δ put pays 1.5× the premium of the 35-day one for 2.4× the time — more premium per day on the 35-day contract ($0.170 vs $0.104).
At 0.30Δ on the Oct 30 expiry the put yields 1.81% on its strike and the call 1.17% on spot: puts pay 1.5× what calls do on JPM this session.
Moving down to the $320 put (−0.20Δ) buys 2.9% more room below spot and keeps 58% of the 0.30Δ premium.
Open interest in the stored window totals 31,791 contracts; the largest single line is the $300 put expiring Dec 18 with 3,035 (9.5% of the window).
JPM goes ex-dividend on Oct 6, 2026 ($1.65 declared), inside the Oct 30 covered-call window. A short call that is in the money before an ex-date can be assigned early.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on JPM
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $330 | −0.30 | $5.96 Sep 25 | $596.00 | $33,000 | 1.81% | 18.8% | $324.04 | 208 | 49 |
| 0.20Δ | $320 | −0.20 | $3.45 Sep 25 | $345.00 | $32,000 | 1.08% | 11.2% | $316.55 | 180 | 86 |
Snapshot #12 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 35
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $325 | −0.30 | $8.75 Sep 25 | $875.00 | $32,500 | 2.69% | 11.7% | $316.25 | 1,061 | 64 |
| 0.20Δ | $310 | −0.19 | $4.75 Sep 25 | $475.00 | $31,000 | 1.53% | 6.7% | $305.25 | 999 | 45 |
Snapshot #12 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 84
Covered calls on JPM
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $360 | 0.27 | $4.03 Sep 25 | $403.00 | 1.17% | 12.3% | 6.11% | 63.7% | 119 | 15 |
| 0.20Δ | $365 | 0.21 | $2.95 Sep 25 | $295.00 | 0.86% | 9.0% | 7.26% | 75.7% | 81 | 111 |
Snapshot #12 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 35
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $365 | 0.32 | $7.20 Sep 25 | $720.00 | 2.10% | 9.1% | 8.49% | 36.9% | 1,204 | 43 |
| 0.20Δ | $380 | 0.19 | $3.85 Sep 25 | $385.00 | 1.12% | 4.9% | 11.89% | 51.7% | 1,869 | 299 |
Snapshot #12 · session 2026-09-25 · captured 08:07 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 84
JPM volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 27.0%session 2026-09-25
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- Ex-div Oct 6, 2026 · $1.65 declaredchecked Sep 27, 2026
- Open interest, stored window
- 31,791 contractssession 2026-09-25
- Largest open-interest line
- $300 put · Dec 18 · 3,035
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- Unavailable4
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.
- Not ranked yet — liquidity ranks are computed at the weekly re-rank of the whole universe.