NVDL wheel: cash-secured put & covered-call yields
GraniteShares ETF Trust GraniteShares 2x Long NVDA Daily ETF · ETFs · $36.90 close on Sep 28, 2026
What the Sep 28, 2026 close says about NVDL
At 49.1% implied volatility, the options market is pricing a one-standard-deviation move of about $5.36 (14.5%) in NVDL by Oct 30, 2026, 32 days out.
Selling the $34.50 put (−0.31Δ) for $1.49 means assignment would leave a cost basis of $33.01, 10.5% below the $36.90 close.
The 81-day 0.30Δ put pays 1.9× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.047 vs $0.034).
At 0.30Δ on the Oct 30 expiry the put yields 4.32% on its strike and the call 3.22% on spot: puts pay 1.3× what calls do on NVDL this session.
Moving down to the $31 put (−0.16Δ) buys 9.5% more room below spot and keeps 41% of the 0.30Δ premium.
Open interest in the stored window totals 26,200 contracts; the largest single line is the $45 call expiring Dec 18 with 4,423 (16.9% of the window).
By options volume NVDL ranks #136 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 NVDL
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $34.50 | −0.31 | $1.49 Sep 28 | $149.00 | $3,450 | 4.32% | 49.3% | $33.01 | 13 | 2 |
| 0.20Δ | $31 | −0.16 | $0.61 Sep 28 | $61.00 | $3,100 | 1.97% | 22.4% | $30.39 | 251 | 153 |
Snapshot #200 · session 2026-09-28 · captured 22:40 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 | $33 | −0.30 | $2.78 Sep 28 | $278.00 | $3,300 | 8.42% | 38.0% | $30.22 | 196 | 11 |
| 0.20Δ | $29 | −0.19 | $1.62 Sep 28 | $162.00 | $2,900 | 5.59% | 25.2% | $27.38 | 477 | 100 |
Snapshot #200 · session 2026-09-28 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on NVDL
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $41 | 0.30 | $1.19 Sep 28 | $119.00 | 3.22% | 36.8% | 14.34% | 163.5% | 5 | 103 |
| 0.20Δ | $43 | 0.22 | $0.73 Sep 28 | $73.00 | 1.98% | 22.6% | 18.51% | 211.1% | 76 | 4 |
Snapshot #200 · session 2026-09-28 · captured 22:40 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 | $46.67 | 0.30 | $2.05 Sep 28 | $205.00 | 5.56% | 25.0% | 32.03% | 144.3% | 1,671 | 12 |
| 0.20Δ | $50 | 0.22 | $1.45 Sep 28 | $145.00 | 3.93% | 17.7% | 39.43% | 177.7% | 1,922 | 335 |
Snapshot #200 · session 2026-09-28 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
NVDL volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 49.1%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 26,200 contractssession 2026-09-28
- Largest open-interest line
- $45 call · Dec 18 · 4,423
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #136 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.
- 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.