SLV wheel: cash-secured put & covered-call yields
iShares Silver Trust · ETFs · $45.12 close on Nov 12, 2026
What the Nov 12, 2026 close says about SLV
At 40.1% implied volatility, the options market is pricing a one-standard-deviation move of about $5.68 (12.6%) in SLV by Dec 18, 2026, 36 days out.
Selling the $43 put (−0.32Δ) for $1.28 means assignment would leave a cost basis of $41.72, 7.5% below the $45.12 close.
The 64-day 0.30Δ put pays 1.2× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.036 vs $0.024).
At 0.30Δ on the Dec 18 expiry the put yields 2.98% on its strike and the call 2.02% on spot: puts pay 1.5× what calls do on SLV this session.
Moving down to the $41 put (−0.21Δ) buys 4.4% more room below spot and keeps 60% of the 0.30Δ premium.
Open interest in the stored window totals 388,497 contracts; the largest single line is the $50 call expiring Jan 15 with 48,118 (12.4% of the window).
By options volume SLV ranks #11 of 679 names in our universe.
Near-the-money options volume (28k) is 359% above 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 SLV
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $43 | −0.32 | $1.28 Nov 12 | $128.00 | $4,300 | 2.98% | 30.2% | $41.72 | 3,193 | 383 |
| 0.20Δ | $41 | −0.21 | $0.77 Nov 12 | $77.00 | $4,100 | 1.88% | 19.0% | $40.23 | 3,162 | 295 |
Snapshot #9501 · session 2026-11-12 · captured 22:21 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 | $42 | −0.29 | $1.53 Nov 12 | $153.00 | $4,200 | 3.64% | 20.8% | $40.47 | 6,689 | 314 |
| 0.20Δ | $40 | −0.21 | $1.00 Nov 12 | $100.00 | $4,000 | 2.50% | 14.3% | $39.00 | 14,799 | 144 |
Snapshot #9501 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on SLV
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $49 | 0.28 | $0.91 Nov 12 | $91.00 | 2.02% | 20.4% | 10.62% | 107.6% | 1,502 | 286 |
| 0.20Δ | $51 | 0.19 | $0.55 Nov 12 | $55.00 | 1.22% | 12.4% | 14.25% | 144.5% | 12,648 | 1,033 |
Snapshot #9501 · session 2026-11-12 · captured 22:21 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 | $50 | 0.31 | $1.33 Nov 12 | $133.00 | 2.95% | 16.8% | 13.76% | 78.5% | 48,118 | 1,982 |
| 0.20Δ | $53 | 0.20 | $0.80 Nov 12 | $80.00 | 1.77% | 10.1% | 19.24% | 109.7% | 4,008 | 49 |
Snapshot #9501 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
SLV volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 40.1%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 388,497 contractssession 2026-11-12
- Largest open-interest line
- $50 call · Jan 15 · 48,118
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #11 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.