QLD wheel: cash-secured put & covered-call yields
ProShares Ultra QQQ · ETFs · $89.79 close on Oct 19, 2026
What the Oct 19, 2026 close says about QLD
At 41.2% implied volatility, the options market is pricing a one-standard-deviation move of about $10.94 (12.2%) in QLD by Nov 20, 2026, 32 days out.
Selling the $85 put (−0.30Δ) for $2.30 means assignment would leave a cost basis of $82.70, 7.9% below the $89.79 close.
The 60-day 0.30Δ put pays 1.5× the premium of the 32-day one for 1.9× the time — more premium per day on the 32-day contract ($0.072 vs $0.056).
At 0.30Δ on the Nov 20 expiry the put yields 2.71% on its strike and the call 2.12% on spot: puts pay 1.3× what calls do on QLD this session.
Moving down to the $80 put (−0.20Δ) buys 5.6% more room below spot and keeps 74% of the 0.30Δ premium.
Open interest in the stored window totals 4,374 contracts; the largest single line is the $85 put expiring Nov 20 with 1,881 (43.0% of the window).
By options volume QLD ranks #157 of 608 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 QLD
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $85 | −0.30 | $2.30 Oct 19 | $230.00 | $8,500 | 2.71% | 30.9% | $82.70 | 1,881 | 65 |
| 0.20Δ | $80 | −0.20 | $1.70 Oct 19 | $170.00 | $8,000 | 2.13% | 24.2% | $78.30 | 301 | 621 |
Snapshot #4347 · session 2026-10-19 · 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 | $83 | −0.29 | $3.38 Oct 19 | $338.00 | $8,300 | 4.07% | 24.8% | $79.62 | 20 | 14 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #4347 · session 2026-10-19 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 60
Covered calls on QLD
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $96 | 0.31 | $1.90 Oct 19 | $190.00 | 2.12% | 24.1% | 9.03% | 103.0% | 37 | 10 |
| 0.20Δ | $99 | 0.21 | $0.95 Oct 19 | $95.00 | 1.06% | 12.1% | 11.32% | 129.1% | 93 | 44 |
Snapshot #4347 · session 2026-10-19 · 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 | $99 | 0.30 | $2.22 Oct 19 | $222.00 | 2.47% | 15.0% | 12.73% | 77.4% | 0 | 1 |
| 0.20Δ | $100 | 0.25 | $2.10 Oct 19 | $210.00 | 2.34% | 14.2% | 13.71% | 83.4% | 3 | 44 |
Snapshot #4347 · session 2026-10-19 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 60
QLD volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 41.2%session 2026-10-19
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Oct 19, 2026
- Open interest, stored window
- 4,374 contractssession 2026-10-19
- Largest open-interest line
- $85 put · Nov 20 · 1,881
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #157 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
- 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.