QQQ wheel: cash-secured put & covered-call yields
Invesco QQQ Trust, Series 1 · ETFs · $690.38 close on Nov 11, 2026
What the Nov 11, 2026 close says about QQQ
At 22.6% implied volatility, the options market is pricing a one-standard-deviation move of about $44.64 (6.5%) in QQQ by Dec 11, 2026, 30 days out.
Selling the $662 put (−0.27Δ) for $8.30 means assignment would leave a cost basis of $653.70, 5.3% below the $690.38 close.
The 65-day 0.30Δ put pays 1.8× the premium of the 30-day one for 2.2× the time — more premium per day on the 30-day contract ($0.277 vs $0.227).
At 0.30Δ on the Dec 11 expiry the put yields 1.25% on its strike and the call 1.18% on spot: puts and calls pay within 10% of each other on QQQ this session.
Moving down to the $647 put (−0.19Δ) buys 2.2% more room below spot and keeps 75% of the 0.30Δ premium.
Open interest in the stored window totals 676,034 contracts; the largest single line is the $650 put expiring Jan 15 with 59,077 (8.7% of the window).
By options volume QQQ ranks #2 of 679 names in our universe.
Near-the-money options volume (19k) is 26% below 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 QQQ
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $662 | −0.27 | $8.30 Nov 11 | $830.00 | $66,200 | 1.25% | 15.3% | $653.70 | 20 | 22 |
| 0.20Δ | $647 | −0.19 | $6.20 Nov 11 | $620.00 | $64,700 | 0.96% | 11.7% | $640.80 | 45 | 112 |
Snapshot #9204 · session 2026-11-11 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 30
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $660 | −0.30 | $14.75 Nov 11 | $1,475.00 | $66,000 | 2.23% | 12.5% | $645.25 | 15,858 | 2,840 |
| 0.20Δ | $635 | −0.21 | $9.57 Nov 11 | $957.00 | $63,500 | 1.51% | 8.5% | $625.43 | 14,418 | 992 |
Snapshot #9204 · session 2026-11-11 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 65
Covered calls on QQQ
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $715 | 0.30 | $8.12 Nov 11 | $812.00 | 1.18% | 14.3% | 4.74% | 57.7% | 388 | 330 |
| 0.20Δ | $730 | 0.19 | $4.13 Nov 11 | $413.00 | 0.60% | 7.3% | 6.34% | 77.1% | 642 | 386 |
Snapshot #9204 · session 2026-11-11 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 30
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $730 | 0.29 | $10.35 Nov 11 | $1,035.00 | 1.50% | 8.4% | 7.24% | 40.6% | 13,030 | 2,186 |
| 0.20Δ | $745 | 0.21 | $7.02 Nov 11 | $702.00 | 1.02% | 5.7% | 8.93% | 50.1% | 3,339 | 193 |
Snapshot #9204 · session 2026-11-11 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 65
QQQ volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 22.6%session 2026-11-11
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 676,034 contractssession 2026-11-11
- Largest open-interest line
- $650 put · Jan 15 · 59,077
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #2 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 (34 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.