QQQM wheel: cash-secured put & covered-call yields
Invesco NASDAQ 100 ETF · ETFs · $283.39 close on Nov 12, 2026
What the Nov 12, 2026 close says about QQQM
At 25.1% implied volatility, the options market is pricing a one-standard-deviation move of about $22.34 (7.9%) in QQQM by Dec 18, 2026, 36 days out.
Selling the $275 put (−0.33Δ) for $5.36 means assignment would leave a cost basis of $269.64, 4.9% below the $283.39 close.
The 64-day 0.30Δ put pays 1.1× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.149 vs $0.094).
At 0.30Δ on the Dec 18 expiry the put yields 1.95% on its strike and the call 1.28% on spot: puts pay 1.5× what calls do on QQQM this session.
Moving down to the $265 put (−0.21Δ) buys 3.5% more room below spot and keeps 60% of the 0.30Δ premium.
Open interest in the stored window totals 18,675 contracts; the largest single line is the $260 put expiring Dec 18 with 11,123 (59.6% of the window).
By options volume QQQM ranks #80 of 679 names in our universe.
Near-the-money options volume (340) is 64% 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 QQQM
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $275 | −0.33 | $5.36 Nov 12 | $536.00 | $27,500 | 1.95% | 19.8% | $269.64 | 470 | 21 |
| 0.20Δ | $265 | −0.21 | $3.20 Nov 12 | $320.00 | $26,500 | 1.21% | 12.2% | $261.80 | 230 | 27 |
Snapshot #9487 · session 2026-11-12 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $270 | −0.29 | $6.00 Nov 12 | $600.00 | $27,000 | 2.22% | 12.7% | $264.00 | 495 | 4 |
| 0.20Δ | $260 | −0.20 | $3.99 Nov 12 | $399.00 | $26,000 | 1.53% | 8.8% | $256.01 | 89 | 1 |
Snapshot #9487 · session 2026-11-12 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on QQQM
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $295 | 0.30 | $3.64 Nov 12 | $364.00 | 1.28% | 13.0% | 5.38% | 54.6% | 370 | 29 |
| 0.20Δ | $300 | 0.21 | $2.20 Nov 12 | $220.00 | 0.78% | 7.9% | 6.64% | 67.3% | 430 | 37 |
Snapshot #9487 · session 2026-11-12 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $300 | 0.29 | $4.36 Nov 12 | $436.00 | 1.54% | 8.8% | 7.40% | 42.2% | 416 | 22 |
| 0.20Δ | $305 | 0.22 | $2.90 Nov 12 | $290.00 | 1.02% | 5.8% | 8.65% | 49.3% | 96 | 4 |
Snapshot #9487 · session 2026-11-12 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
QQQM volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 25.1%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 18,675 contractssession 2026-11-12
- Largest open-interest line
- $260 put · Dec 18 · 11,123
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #80 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.