SLV wheel: cash-secured put & covered-call yields
iShares Silver Trust · ETFs · $54.95 close on Sep 28, 2026
What the Sep 28, 2026 close says about SLV
At 36.2% implied volatility, the options market is pricing a one-standard-deviation move of about $5.89 (10.7%) in SLV by Oct 30, 2026, 32 days out.
Selling the $52 put (−0.28Δ) for $1.08 means assignment would leave a cost basis of $50.92, 7.3% below the $54.95 close.
The 81-day 0.30Δ put pays 1.7× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.034 vs $0.022).
At 0.30Δ on the Oct 30 expiry the put yields 2.08% on its strike and the call 2.11% on spot: puts and calls pay within 10% of each other on SLV this session.
Moving down to the $50 put (−0.17Δ) buys 3.6% more room below spot and keeps 55% of the 0.30Δ premium.
Open interest in the stored window totals 204,699 contracts; the largest single line is the $60 call expiring Dec 18 with 38,808 (19.0% of the window).
By options volume SLV ranks #8 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 SLV
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $52 | −0.28 | $1.08 Sep 28 | $108.00 | $5,200 | 2.08% | 23.7% | $50.92 | 734 | 370 |
| 0.20Δ | $50 | −0.17 | $0.59 Sep 28 | $59.00 | $5,000 | 1.18% | 13.5% | $49.41 | 1,311 | 633 |
Snapshot #231 · session 2026-09-28 · captured 22:41 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 | $51 | −0.29 | $1.79 Sep 28 | $179.00 | $5,100 | 3.51% | 15.8% | $49.21 | 622 | 41 |
| 0.20Δ | $49 | −0.22 | $1.27 Sep 28 | $127.00 | $4,900 | 2.59% | 11.7% | $47.73 | 252 | 2,102 |
Snapshot #231 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on SLV
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $58.50 | 0.31 | $1.16 Sep 28 | $116.00 | 2.11% | 24.1% | 8.57% | 97.8% | 137 | 191 |
| 0.20Δ | $61 | 0.20 | $0.70 Sep 28 | $70.00 | 1.27% | 14.5% | 12.28% | 140.1% | 543 | 421 |
Snapshot #231 · session 2026-09-28 · captured 22:41 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 | $62 | 0.30 | $1.81 Sep 28 | $181.00 | 3.29% | 14.8% | 16.12% | 72.7% | 2,850 | 62 |
| 0.20Δ | $65 | 0.23 | $1.25 Sep 28 | $125.00 | 2.27% | 10.3% | 20.56% | 92.7% | 14,022 | 422 |
Snapshot #231 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
SLV volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 36.2%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 204,699 contractssession 2026-09-28
- Largest open-interest line
- $60 call · Dec 18 · 38,808
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #8 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.