SPMO wheel: cash-secured put & covered-call yields
Invesco S&P 500 Momentum ETF · ETFs · $132.45 close on Nov 2, 2026
What the Nov 2, 2026 close says about SPMO
At 32.9% implied volatility, the options market is pricing a one-standard-deviation move of about $15.47 (11.7%) in SPMO by Dec 18, 2026, 46 days out.
Selling the $127 put (−0.31Δ) for $3.44 means assignment would leave a cost basis of $123.56, 6.7% below the $132.45 close.
The 74-day 0.30Δ put pays 1.2× the premium of the 46-day one for 1.6× the time — more premium per day on the 46-day contract ($0.075 vs $0.054).
At 0.30Δ on the Dec 18 expiry the put yields 2.71% on its strike and the call 1.95% on spot: puts pay 1.4× what calls do on SPMO this session.
Moving down to the $120 put (−0.18Δ) buys 5.3% more room below spot and keeps 51% of the 0.30Δ premium.
Open interest in the stored window totals 6,062 contracts; the largest single line is the $150 call expiring Dec 18 with 1,138 (18.8% of the window).
By options volume SPMO ranks #137 of 661 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 SPMO
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $127 | −0.31 | $3.44 Nov 2 | $344.00 | $12,700 | 2.71% | 21.5% | $123.56 | 44 | 81 |
| 0.20Δ | $120 | −0.18 | $1.75 Nov 2 | $175.00 | $12,000 | 1.46% | 11.6% | $118.25 | 167 | 2 |
Snapshot #7199 · session 2026-11-02 · captured 22:32 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 46
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $125 | −0.29 | $3.98 Nov 2 | $398.00 | $12,500 | 3.18% | 15.7% | $121.02 | 118 | 151 |
| 0.20Δ | $120 | −0.22 | $3.30 Nov 2 | $330.00 | $12,000 | 2.75% | 13.6% | $116.70 | 31 | 8 |
Snapshot #7199 · session 2026-11-02 · captured 22:32 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 74
Covered calls on SPMO
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $143 | 0.27 | $2.58 Nov 2 | $258.00 | 1.95% | 15.5% | 9.91% | 78.7% | 28 | 2 |
| 0.20Δ | $146 | 0.19 | $1.47 Nov 2 | $147.00 | 1.11% | 8.8% | 11.34% | 90.0% | 9 | 3 |
Snapshot #7199 · session 2026-11-02 · captured 22:32 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 46
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $150 | 0.19 | $1.65 Nov 2 | $165.00 | 1.25% | 6.1% | 14.50% | 71.5% | 638 | 5 |
Snapshot #7199 · session 2026-11-02 · captured 22:32 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 74
SPMO volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 32.9%session 2026-11-02
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Nov 2, 2026
- Open interest, stored window
- 6,062 contractssession 2026-11-02
- Largest open-interest line
- $150 call · Dec 18 · 1,138
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #137 of 661 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.