LQD wheel: cash-secured put & covered-call yields
iShares iBoxx $ Investment Grade Corporate Bond ETF · ETFs · $102.88 close on Oct 19, 2026
What the Oct 19, 2026 close says about LQD
At 8.7% implied volatility, the options market is pricing a one-standard-deviation move of about $2.64 (2.6%) in LQD by Nov 20, 2026, 32 days out.
Selling the $101 put (−0.29Δ) for $0.50 means assignment would leave a cost basis of $100.50, 2.3% below the $102.88 close.
The 60-day 0.30Δ put pays 2.0× the premium of the 32-day one for 1.9× the time — more premium per day on the 60-day contract ($0.017 vs $0.016).
At 0.30Δ on the Nov 20 expiry the put yields 0.50% on its strike and the call 0.37% on spot: puts pay 1.3× what calls do on LQD this session.
Moving down to the $100 put (−0.19Δ) buys 1.0% more room below spot and keeps 54% of the 0.30Δ premium.
Open interest in the stored window totals 1,210,267 contracts; the largest single line is the $105 call expiring Nov 20 with 149,376 (12.3% of the window).
By options volume LQD ranks #4 of 608 names in our universe.
Near-the-money options volume (107k) is 4523% 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 LQD
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $101 | −0.29 | $0.50 Oct 19 | $50.00 | $10,100 | 0.50% | 5.6% | $100.50 | 38,312 | 96 |
| 0.20Δ | $100 | −0.19 | $0.27 Oct 19 | $27.00 | $10,000 | 0.27% | 3.1% | $99.73 | 33,173 | 5,925 |
Snapshot #4291 · session 2026-10-19 · captured 22:21 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 | $101 | −0.30 | $1.00 Oct 19 | $100.00 | $10,100 | 0.99% | 6.0% | $100.00 | 50,204 | 2 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #4291 · session 2026-10-19 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 60
Covered calls on LQD
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $104.50 | 0.28 | $0.38 Oct 19 | $38.00 | 0.37% | 4.2% | 1.94% | 22.2% | 0 | 1 |
| 0.20Δ | $105 | 0.23 | $0.26 Oct 19 | $26.00 | 0.25% | 2.9% | 2.31% | 26.4% | 149,376 | 45 |
Snapshot #4291 · session 2026-10-19 · captured 22:21 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 | Unavailable2 | |||||||||
| 0.20Δ | $105 | 0.24 | $0.55 Oct 19 | $55.00 | 0.53% | 3.3% | 2.60% | 15.8% | 15,134 | 505 |
Snapshot #4291 · session 2026-10-19 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 60
LQD volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 8.7%session 2026-10-19
- IV rank / IV percentile
- Unavailable3
- Next earnings
- Unavailable4
- Next ex-dividend
- None announcedchecked Oct 19, 2026
- Open interest, stored window
- 1,210,267 contractssession 2026-10-19
- Largest open-interest line
- $105 call · Nov 20 · 149,376
- Bid/ask spread
- Unavailable5
- Options liquidity rank
- #4 of 608 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
- No contract near 0.30Δ traded this session
- We are building our own daily implied-volatility history (7 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.