SPXS wheel: cash-secured put & covered-call yields
Direxion Daily S&P 500 Bear 3x ETF · ETFs · $25.62 close on Nov 9, 2026
What the Nov 9, 2026 close says about SPXS
At 45.2% implied volatility, the options market is pricing a one-standard-deviation move of about $3.43 (13.4%) in SPXS by Dec 11, 2026, 32 days out.
Selling the $24 put (−0.29Δ) for $0.74 means assignment would leave a cost basis of $23.26, 9.2% below the $25.62 close.
The 67-day 0.30Δ put pays 1.1× the premium of the 32-day one for 2.1× the time — more premium per day on the 32-day contract ($0.023 vs $0.012).
At 0.30Δ on the Dec 11 expiry the put yields 3.08% on its strike and the call 4.33% on spot: calls pay 1.4× what puts do on SPXS this session.
Open interest in the stored window totals 126,060 contracts; the largest single line is the $24 put expiring Jan 15 with 63,953 (50.7% of the window).
By options volume SPXS ranks #129 of 679 names in our universe.
Near-the-money options volume (514) is 84% below 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 SPXS
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $24 | −0.29 | $0.74 Nov 9 | $74.00 | $2,400 | 3.08% | 35.2% | $23.26 | 35 | 113 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #8652 · session 2026-11-09 · captured 22:31 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 | $23 | −0.27 | $0.80 Nov 9 | $80.00 | $2,300 | 3.48% | 18.9% | $22.20 | 4,293 | 158 |
| 0.20Δ | $22 | −0.17 | $0.46 Nov 9 | $46.00 | $2,200 | 2.09% | 11.4% | $21.54 | 525 | 2 |
Snapshot #8652 · session 2026-11-09 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 67
Covered calls on SPXS
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $29 | 0.28 | $1.11 Nov 9 | $111.00 | 4.33% | 49.4% | 17.53% | 199.9% | 0 | 1 |
| 0.20Δ | $30 | 0.24 | $0.80 Nov 9 | $80.00 | 3.12% | 35.6% | 20.22% | 230.6% | 202 | 50 |
Snapshot #8652 · session 2026-11-09 · captured 22:31 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 | $30 | 0.30 | $1.14 Nov 9 | $114.00 | 4.45% | 24.2% | 21.55% | 117.4% | 5,016 | 12 |
| 0.20Δ | $33 | 0.23 | $0.89 Nov 9 | $89.00 | 3.47% | 18.9% | 32.28% | 175.9% | 213 | 9 |
Snapshot #8652 · session 2026-11-09 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 67
SPXS volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 45.2%session 2026-11-09
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 126,060 contractssession 2026-11-09
- Largest open-interest line
- $24 put · Jan 15 · 63,953
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #129 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.
- No contract near 0.20Δ traded this session
- We are building our own daily implied-volatility history (6 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.