KRE wheel: cash-secured put & covered-call yields
State Street SPDR S&P Regional Banking ETF · ETFs · $70.55 close on Sep 28, 2026
What the Sep 28, 2026 close says about KRE
At 30.6% implied volatility, the options market is pricing a one-standard-deviation move of about $6.39 (9.1%) in KRE by Oct 30, 2026, 32 days out.
Selling the $68 put (−0.31Δ) for $0.85 means assignment would leave a cost basis of $67.15, 4.8% below the $70.55 close.
The 81-day 0.30Δ put pays 1.6× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.027 vs $0.017).
At 0.30Δ on the Oct 30 expiry the put yields 1.25% on its strike and the call 1.35% on spot: puts and calls pay within 10% of each other on KRE this session.
Moving down to the $67 put (−0.24Δ) buys 1.4% more room below spot and keeps 80% of the 0.30Δ premium.
Open interest in the stored window totals 86,822 contracts; the largest single line is the $60 put expiring Dec 18 with 15,523 (17.9% of the window).
By options volume KRE ranks #133 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 KRE
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $68 | −0.31 | $0.85 Sep 28 | $85.00 | $6,800 | 1.25% | 14.3% | $67.15 | 25 | 10 |
| 0.20Δ | $67 | −0.24 | $0.68 Sep 28 | $68.00 | $6,700 | 1.01% | 11.6% | $66.32 | 12 | 330 |
Snapshot #162 · 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 | $67 | −0.30 | $1.35 Sep 28 | $135.00 | $6,700 | 2.01% | 9.1% | $65.65 | 331 | 4 |
| 0.20Δ | $66 | −0.24 | $1.10 Sep 28 | $110.00 | $6,600 | 1.67% | 7.5% | $64.90 | 2,708 | 20 |
Snapshot #162 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on KRE
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $73.50 | 0.31 | $0.95 Sep 28 | $95.00 | 1.35% | 15.4% | 5.53% | 63.1% | 7 | 111 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #162 · 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 | $75 | 0.30 | $1.63 Sep 28 | $163.00 | 2.31% | 10.4% | 8.62% | 38.8% | 4,238 | 2 |
| 0.20Δ | $80 | 0.18 | $0.67 Sep 28 | $67.00 | 0.95% | 4.3% | 14.34% | 64.6% | 2,694 | 2 |
Snapshot #162 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
KRE volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 30.6%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 86,822 contractssession 2026-09-28
- Largest open-interest line
- $60 put · Dec 18 · 15,523
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #133 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.