SCHD wheel: cash-secured put & covered-call yields
Schwab US Dividend Equity ETF · ETFs · $32.85 close on Sep 29, 2026
What the Sep 29, 2026 close says about SCHD
At 12.5% implied volatility, the options market is pricing a one-standard-deviation move of about $1.19 (3.6%) in SCHD by Oct 30, 2026, 31 days out.
Open interest in the stored window totals 27,233 contracts; the largest single line is the $35 call expiring Jan 15 with 5,077 (18.6% of the window).
By options volume SCHD ranks #160 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 SCHD
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $32 | −0.24 | $0.21 Sep 29 | $21.00 | $3,200 | 0.66% | 7.7% | $31.79 | 150 | 32 |
Snapshot #486 · session 2026-09-29 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 31
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $31.67 | −0.30 | $0.55 Sep 29 | $55.00 | $3,167 | 1.74% | 5.9% | $31.12 | 3,749 | 32 |
| 0.20Δ | $30.67 | −0.20 | $0.30 Sep 29 | $30.00 | $3,067 | 0.98% | 3.3% | $30.37 | 32 | 1 |
Snapshot #486 · session 2026-09-29 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 108
Covered calls on SCHD
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $33.50 | 0.32 | $0.24 Sep 29 | $24.00 | 0.73% | 8.6% | 2.71% | 31.9% | 184 | 110 |
| 0.20Δ | $34 | 0.19 | $0.11 Sep 29 | $11.00 | 0.33% | 3.9% | 3.84% | 45.2% | 434 | 42 |
Snapshot #486 · session 2026-09-29 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 31
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $35 | 0.21 | $0.27 Sep 29 | $27.00 | 0.82% | 2.8% | 7.37% | 24.9% | 5,077 | 140 |
Snapshot #486 · session 2026-09-29 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 108
SCHD volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 12.5%session 2026-09-29
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 27,233 contractssession 2026-09-29
- Largest open-interest line
- $35 call · Jan 15 · 5,077
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #160 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.
- No contract near 0.30Δ traded this session
- We are building our own daily implied-volatility history (2 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.