SOXX wheel: cash-secured put & covered-call yields
iShares Semiconductor ETF · ETFs · $560.79 close on Sep 28, 2026
What the Sep 28, 2026 close says about SOXX
At 38.8% implied volatility, the options market is pricing a one-standard-deviation move of about $64.48 (11.5%) in SOXX by Oct 30, 2026, 32 days out.
Selling the $530 put (−0.29Δ) for $13.50 means assignment would leave a cost basis of $516.50, 7.9% below the $560.79 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 ($0.422 vs $0.283).
At 0.30Δ on the Oct 30 expiry the put yields 2.55% on its strike and the call 2.34% on spot: puts and calls pay within 10% of each other on SOXX this session.
Moving down to the $510 put (−0.19Δ) buys 3.6% more room below spot and keeps 61% of the 0.30Δ premium.
Open interest in the stored window totals 54,281 contracts; the largest single line is the $500 put expiring Oct 30 with 10,493 (19.3% of the window).
By options volume SOXX ranks #139 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 SOXX
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $530 | −0.29 | $13.50 Sep 28 | $1,350.00 | $53,000 | 2.55% | 29.1% | $516.50 | 6 | 5 |
| 0.20Δ | $510 | −0.19 | $8.20 Sep 28 | $820.00 | $51,000 | 1.61% | 18.3% | $501.80 | 280 | 5 |
Snapshot #241 · 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 | $520 | −0.31 | $22.90 Sep 28 | $2,290.00 | $52,000 | 4.40% | 19.8% | $497.10 | 79 | 1 |
| 0.20Δ | $485 | −0.20 | $14.75 Sep 28 | $1,475.00 | $48,500 | 3.04% | 13.7% | $470.25 | 58 | 2 |
Snapshot #241 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on SOXX
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $595 | 0.33 | $13.10 Sep 28 | $1,310.00 | 2.34% | 26.6% | 8.44% | 96.2% | 10 | 2 |
| 0.20Δ | $615 | 0.23 | $8.10 Sep 28 | $810.00 | 1.44% | 16.5% | 11.11% | 126.7% | 8 | 2 |
Snapshot #241 · 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 | $630 | 0.31 | $18.75 Sep 28 | $1,875.00 | 3.34% | 15.1% | 15.69% | 70.7% | 173 | 112 |
| 0.20Δ | $675 | 0.19 | $9.32 Sep 28 | $932.00 | 1.66% | 7.5% | 22.03% | 99.3% | 79 | 1 |
Snapshot #241 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
SOXX volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 38.8%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 54,281 contractssession 2026-09-28
- Largest open-interest line
- $500 put · Oct 30 · 10,493
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #139 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.