RSP wheel: cash-secured put & covered-call yields
Invesco S&P 500 Equal Weight ETF · ETFs · $213.40 close on Oct 19, 2026
What the Oct 19, 2026 close says about RSP
At 12.7% implied volatility, the options market is pricing a one-standard-deviation move of about $8.00 (3.8%) in RSP by Nov 20, 2026, 32 days out.
Selling the $207.50 put (−0.29Δ) for $1.50 means assignment would leave a cost basis of $206.00, 3.5% below the $213.40 close.
At 0.30Δ on the Nov 20 expiry the put yields 0.72% on its strike and the call 0.86% on spot: calls pay 1.2× what puts do on RSP this session.
Moving down to the $205 put (−0.19Δ) buys 1.2% more room below spot and keeps 77% of the 0.30Δ premium.
Open interest in the stored window totals 54,465 contracts; the largest single line is the $225 call expiring Dec 18 with 11,676 (21.4% of the window).
By options volume RSP ranks #101 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 RSP
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $207.50 | −0.29 | $1.50 Oct 19 | $150.00 | $20,750 | 0.72% | 8.2% | $206.00 | 0 | 1 |
| 0.20Δ | $205 | −0.19 | $1.15 Oct 19 | $115.00 | $20,500 | 0.56% | 6.4% | $203.85 | 2,422 | 353 |
Snapshot #4358 · 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 | Unavailable1 | |||||||||
| 0.20Δ | $205 | −0.24 | $1.90 Oct 19 | $190.00 | $20,500 | 0.93% | 5.6% | $203.10 | 1,920 | 162 |
Snapshot #4358 · session 2026-10-19 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 60
Covered calls on RSP
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $217.50 | 0.33 | $1.84 Oct 19 | $184.00 | 0.86% | 9.8% | 2.78% | 31.7% | 0 | 20 |
| 0.20Δ | $220 | 0.23 | $1.00 Oct 19 | $100.00 | 0.47% | 5.3% | 3.56% | 40.6% | 3,874 | 349 |
Snapshot #4358 · 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 | $220 | 0.32 | $2.25 Oct 19 | $225.00 | 1.05% | 6.4% | 4.15% | 25.2% | 1,575 | 76 |
| 0.20Δ | $225 | 0.17 | $0.95 Oct 19 | $95.00 | 0.45% | 2.7% | 5.88% | 35.8% | 11,676 | 43 |
Snapshot #4358 · session 2026-10-19 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 60
RSP volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 12.7%session 2026-10-19
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Oct 19, 2026
- Open interest, stored window
- 54,465 contractssession 2026-10-19
- Largest open-interest line
- $225 call · Dec 18 · 11,676
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #101 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 0.30Δ 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.