SPYM wheel: cash-secured put & covered-call yields
State Street SPDR Portfolio S&P 500 ETF · ETFs · $90.08 close on Sep 28, 2026
What the Sep 28, 2026 close says about SPYM
At 13.8% implied volatility, the options market is pricing a one-standard-deviation move of about $4.75 (5.3%) in SPYM by Nov 20, 2026, 53 days out.
Selling the $88 put (−0.31Δ) for $1.03 means assignment would leave a cost basis of $86.97, 3.5% below the $90.08 close.
At 0.30Δ on the Nov 20 expiry the put yields 1.17% on its strike and the call 0.99% on spot: puts pay 1.2× what calls do on SPYM this session.
Moving down to the $86 put (−0.21Δ) buys 2.2% more room below spot and keeps 63% of the 0.30Δ premium.
Open interest in the stored window totals 4,379 contracts; the largest single line is the $85 put expiring Dec 18 with 712 (16.3% of the window).
By options volume SPYM ranks #219 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 SPYM
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $88 | −0.31 | $1.03 Sep 28 | $103.00 | $8,800 | 1.17% | 8.1% | $86.97 | 69 | 21 |
| 0.20Δ | $86 | −0.21 | $0.65 Sep 28 | $65.00 | $8,600 | 0.76% | 5.2% | $85.35 | 23 | 7 |
Snapshot #247 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 53
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $86 | −0.24 | $1.10 Sep 28 | $110.00 | $8,600 | 1.28% | 5.8% | $84.90 | 71 | 1 |
Snapshot #247 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on SPYM
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $93 | 0.30 | $0.89 Sep 28 | $89.00 | 0.99% | 6.8% | 4.23% | 29.1% | 54 | 4 |
| 0.20Δ | $94 | 0.22 | $0.55 Sep 28 | $55.00 | 0.61% | 4.2% | 4.96% | 34.2% | 114 | 6 |
Snapshot #247 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 53
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $93 | 0.34 | $1.30 Sep 28 | $130.00 | 1.44% | 6.5% | 4.68% | 21.1% | 83 | 9 |
| 0.20Δ | $95 | 0.22 | $0.55 Sep 28 | $55.00 | 0.61% | 2.8% | 6.07% | 27.4% | 313 | 13 |
Snapshot #247 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
SPYM volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 13.8%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 4,379 contractssession 2026-09-28
- Largest open-interest line
- $85 put · Dec 18 · 712
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #219 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.
- 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.