KRE wheel: cash-secured put & covered-call yields
State Street SPDR S&P Regional Banking ETF · ETFs · $72.52 close on Nov 12, 2026
What the Nov 12, 2026 close says about KRE
At 19.4% implied volatility, the options market is pricing a one-standard-deviation move of about $4.43 (6.1%) in KRE by Dec 18, 2026, 36 days out.
Selling the $70 put (−0.29Δ) for $1.00 means assignment would leave a cost basis of $69.00, 4.9% below the $72.52 close.
The 64-day 0.30Δ put pays 1.7× the premium of the 36-day one for 1.8× the time — about the same premium per day either way.
At 0.30Δ on the Dec 18 expiry the put yields 1.43% on its strike and the call 1.03% on spot: puts pay 1.4× what calls do on KRE this session.
Moving down to the $68 put (−0.22Δ) buys 2.8% more room below spot and keeps 61% of the 0.30Δ premium.
Open interest in the stored window totals 498,141 contracts; the largest single line is the $62 put expiring Jan 15 with 78,742 (15.8% of the window).
By options volume KRE ranks #145 of 679 names in our universe.
Near-the-money options volume (19k) is 3441% above its 5-session average.
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 | $70 | −0.29 | $1.00 Nov 12 | $100.00 | $7,000 | 1.43% | 14.5% | $69.00 | 15,301 | 5,787 |
| 0.20Δ | $68 | −0.22 | $0.61 Nov 12 | $61.00 | $6,800 | 0.90% | 9.1% | $67.39 | 42,805 | 2,975 |
Snapshot #9413 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $70 | −0.32 | $1.71 Nov 12 | $171.00 | $7,000 | 2.44% | 13.9% | $68.29 | 6,461 | 31 |
| 0.20Δ | $66 | −0.19 | $0.87 Nov 12 | $87.00 | $6,600 | 1.32% | 7.5% | $65.13 | 11,256 | 1 |
Snapshot #9413 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on KRE
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $76 | 0.28 | $0.75 Nov 12 | $75.00 | 1.03% | 10.5% | 5.83% | 59.1% | 9,215 | 52 |
| 0.20Δ | $77 | 0.25 | $0.49 Nov 12 | $49.00 | 0.68% | 6.9% | 6.85% | 69.5% | 1,864 | 236 |
Snapshot #9413 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $76 | 0.33 | $1.32 Nov 12 | $132.00 | 1.82% | 10.4% | 6.62% | 37.7% | 662 | 4 |
| 0.20Δ | $80 | 0.15 | $0.44 Nov 12 | $44.00 | 0.61% | 3.5% | 10.92% | 62.3% | 44,137 | 2 |
Snapshot #9413 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
KRE volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 19.4%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 498,141 contractssession 2026-11-12
- Largest open-interest line
- $62 put · Jan 15 · 78,742
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #145 of 679 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 (26 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.