SPYG wheel: cash-secured put & covered-call yields
State Street SPDR Portfolio S&P 500 Growth ETF · ETFs · $115.20 close on Nov 9, 2026
What the Nov 9, 2026 close says about SPYG
At 23.2% implied volatility, the options market is pricing a one-standard-deviation move of about $8.75 (7.6%) in SPYG by Dec 18, 2026, 39 days out.
Selling the $112 put (−0.31Δ) for $1.90 means assignment would leave a cost basis of $110.10, 4.4% below the $115.20 close.
The 130-day 0.30Δ put pays 2.0× the premium of the 39-day one for 3.3× the time — more premium per day on the 39-day contract ($0.049 vs $0.030).
At 0.30Δ on the Dec 18 expiry the put yields 1.70% on its strike and the call 1.09% on spot: puts pay 1.6× what calls do on SPYG this session.
Open interest in the stored window totals 3,787 contracts; the largest single line is the $116 call expiring Mar 19 with 578 (15.3% of the window).
By options volume SPYG ranks #216 of 679 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 SPYG
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $112 | −0.31 | $1.90 Nov 9 | $190.00 | $11,200 | 1.70% | 15.9% | $110.10 | 34 | 37 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #8654 · session 2026-11-09 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 39
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $109 | −0.29 | $3.88 Nov 9 | $388.00 | $10,900 | 3.56% | 10.0% | $105.12 | 7 | 6 |
| 0.20Δ | $106 | −0.24 | $3.27 Nov 9 | $327.00 | $10,600 | 3.08% | 8.7% | $102.73 | 16 | 10 |
Snapshot #8654 · session 2026-11-09 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 130
Covered calls on SPYG
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $120 | 0.31 | $1.25 Nov 9 | $125.00 | 1.09% | 10.2% | 5.25% | 49.2% | 150 | 7 |
| 0.20Δ | $122 | 0.22 | $0.85 Nov 9 | $85.00 | 0.74% | 6.9% | 6.64% | 62.1% | 46 | 18 |
Snapshot #8654 · session 2026-11-09 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 39
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $125 | 0.31 | $2.44 Nov 9 | $244.00 | 2.12% | 5.9% | 10.62% | 29.8% | 70 | 3 |
| 0.20Δ | $127 | 0.25 | $1.70 Nov 9 | $170.00 | 1.48% | 4.1% | 11.72% | 32.9% | 55 | 1 |
Snapshot #8654 · session 2026-11-09 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 130
SPYG volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 23.2%session 2026-11-09
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 3,787 contractssession 2026-11-09
- Largest open-interest line
- $116 call · Mar 19 · 578
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #216 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 (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.