TSM wheel: cash-secured put & covered-call yields
Taiwan Semiconductor Manufacturing Company Ltd. · $452.88 close on Sep 28, 2026
What the Sep 28, 2026 close says about TSM
At 32.0% implied volatility, the options market is pricing a one-standard-deviation move of about $42.96 (9.5%) in TSM by Oct 30, 2026, 32 days out.
Selling the $435 put (−0.32Δ) for $9.50 means assignment would leave a cost basis of $425.50, 6.0% below the $452.88 close.
The 81-day 0.30Δ put pays 1.4× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.297 vs $0.166).
At 0.30Δ on the Oct 30 expiry the put yields 2.18% on its strike and the call 1.93% on spot: puts pay 1.1× what calls do on TSM this session.
Moving down to the $420 put (−0.21Δ) buys 3.3% more room below spot and keeps 57% of the 0.30Δ premium.
Open interest in the stored window totals 133,453 contracts; the largest single line is the $500 call expiring Dec 18 with 26,817 (20.1% of the window).
By options volume TSM ranks #43 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 TSM
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $435 | −0.32 | $9.50 Sep 28 | $950.00 | $43,500 | 2.18% | 24.9% | $425.50 | 63 | 29 |
| 0.20Δ | $420 | −0.21 | $5.45 Sep 28 | $545.00 | $42,000 | 1.30% | 14.8% | $414.55 | 239 | 90 |
Snapshot #258 · session 2026-09-28 · captured 22:42 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 | $420 | −0.28 | $13.45 Sep 28 | $1,345.00 | $42,000 | 3.20% | 14.4% | $406.55 | 3,550 | 18 |
| 0.20Δ | $400 | −0.19 | $8.09 Sep 28 | $809.00 | $40,000 | 2.02% | 9.1% | $391.91 | 20,991 | 166 |
Snapshot #258 · session 2026-09-28 · captured 22:42 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on TSM
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $480 | 0.30 | $8.75 Sep 28 | $875.00 | 1.93% | 22.0% | 7.92% | 90.3% | 318 | 140 |
| 0.20Δ | $495 | 0.20 | $5.42 Sep 28 | $542.00 | 1.20% | 13.7% | 10.50% | 119.7% | 174 | 73 |
Snapshot #258 · session 2026-09-28 · captured 22:42 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 | $500 | 0.31 | $13.95 Sep 28 | $1,395.00 | 3.08% | 13.9% | 13.48% | 60.8% | 26,817 | 162 |
| 0.20Δ | $530 | 0.20 | $7.70 Sep 28 | $770.00 | 1.70% | 7.7% | 18.73% | 84.4% | 5,396 | 1 |
Snapshot #258 · session 2026-09-28 · captured 22:42 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
TSM volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 32.0%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- Ex-div Dec 10, 2026 · $1.09 declaredchecked Sep 28, 2026
- Open interest, stored window
- 133,453 contractssession 2026-09-28
- Largest open-interest line
- $500 call · Dec 18 · 26,817
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #43 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.