QQQM wheel: cash-secured put & covered-call yields
Invesco NASDAQ 100 ETF · ETFs · $303.29 close on Sep 28, 2026
What the Sep 28, 2026 close says about QQQM
At 20.6% implied volatility, the options market is pricing a one-standard-deviation move of about $23.82 (7.9%) in QQQM by Nov 20, 2026, 53 days out.
Selling the $295 put (−0.33Δ) for $5.59 means assignment would leave a cost basis of $289.41, 4.6% below the $303.29 close.
The 81-day 0.30Δ put pays 1.1× the premium of the 53-day one for 1.5× the time — more premium per day on the 53-day contract ($0.105 vs $0.076).
At 0.30Δ on the Nov 20 expiry the put yields 1.89% on its strike and the call 1.09% on spot: puts pay 1.7× what calls do on QQQM this session.
Moving down to the $285 put (−0.21Δ) buys 3.3% more room below spot and keeps 63% of the 0.30Δ premium.
Open interest in the stored window totals 3,621 contracts; the largest single line is the $260 put expiring Dec 18 with 457 (12.6% of the window).
By options volume QQQM ranks #180 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 QQQM
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $295 | −0.33 | $5.59 Sep 28 | $559.00 | $29,500 | 1.89% | 13.0% | $289.41 | 26 | 13 |
| 0.20Δ | $285 | −0.21 | $3.50 Sep 28 | $350.00 | $28,500 | 1.23% | 8.5% | $281.50 | 239 | 22 |
Snapshot #220 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 53
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $290 | −0.29 | $6.17 Sep 28 | $617.00 | $29,000 | 2.13% | 9.6% | $283.83 | 65 | 2 |
| 0.20Δ | $280 | −0.21 | $4.30 Sep 28 | $430.00 | $28,000 | 1.54% | 6.9% | $275.70 | 58 | 7 |
Snapshot #220 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on QQQM
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $320 | 0.26 | $3.30 Sep 28 | $330.00 | 1.09% | 7.5% | 6.60% | 45.4% | 127 | 16 |
| 0.20Δ | $325 | 0.19 | $1.89 Sep 28 | $189.00 | 0.62% | 4.3% | 7.78% | 53.6% | 42 | 8 |
Snapshot #220 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 53
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $320 | 0.32 | $5.70 Sep 28 | $570.00 | 1.88% | 8.5% | 7.39% | 33.3% | 128 | 2 |
| 0.20Δ | $330 | 0.20 | $2.83 Sep 28 | $283.00 | 0.93% | 4.2% | 9.74% | 43.9% | 123 | 6 |
Snapshot #220 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
QQQM volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 20.6%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 3,621 contractssession 2026-09-28
- Largest open-interest line
- $260 put · Dec 18 · 457
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #180 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.