TSM wheel: cash-secured put & covered-call yields
Taiwan Semiconductor Manufacturing Company Ltd. · $405.49 close on Nov 12, 2026
What the Nov 12, 2026 close says about TSM
At 41.0% implied volatility, the options market is pricing a one-standard-deviation move of about $52.20 (12.9%) in TSM by Dec 18, 2026, 36 days out.
Selling the $380 put (−0.27Δ) for $9.75 means assignment would leave a cost basis of $370.25, 8.7% below the $405.49 close.
The 64-day 0.30Δ put pays 1.5× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.271 vs $0.228).
At 0.30Δ on the Dec 18 expiry the put yields 2.57% on its strike and the call 1.91% on spot: puts pay 1.3× what calls do on TSM this session.
Moving down to the $370 put (−0.21Δ) buys 2.5% more room below spot and keeps 75% of the 0.30Δ premium.
Open interest in the stored window totals 275,180 contracts; the largest single line is the $500 call expiring Jan 15 with 24,018 (8.7% of the window).
TSM goes ex-dividend on Dec 10, 2026 ($1.09 declared), inside the Dec 18 covered-call window. A short call that is in the money before an ex-date can be assigned early.
By options volume TSM ranks #63 of 679 names in our universe.
Near-the-money options volume (4.3k) is 370% above 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 TSM
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $380 | −0.27 | $9.75 Nov 12 | $975.00 | $38,000 | 2.57% | 26.0% | $370.25 | 5,161 | 231 |
| 0.20Δ | $370 | −0.21 | $7.32 Nov 12 | $732.00 | $37,000 | 1.98% | 20.1% | $362.68 | 7,119 | 153 |
Snapshot #9528 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $380 | −0.30 | $14.60 Nov 12 | $1,460.00 | $38,000 | 3.84% | 21.9% | $365.40 | 6,794 | 46 |
| 0.20Δ | $360 | −0.21 | $9.30 Nov 12 | $930.00 | $36,000 | 2.58% | 14.7% | $350.70 | 7,666 | 99 |
Snapshot #9528 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on TSM
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $440 | 0.28 | $7.73 Nov 12 | $773.00 | 1.91% | 19.3% | 10.42% | 105.6% | 11,425 | 210 |
| 0.20Δ | $450 | 0.22 | $5.60 Nov 12 | $560.00 | 1.38% | 14.0% | 12.36% | 125.3% | 8,384 | 1,638 |
Snapshot #9528 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $450 | 0.30 | $11.44 Nov 12 | $1,144.00 | 2.82% | 16.1% | 13.80% | 78.7% | 17,212 | 275 |
| 0.20Δ | $470 | 0.21 | $7.10 Nov 12 | $710.00 | 1.75% | 10.0% | 17.66% | 100.7% | 3,578 | 58 |
Snapshot #9528 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
TSM volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 41.0%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- Ex-div Dec 10, 2026 · $1.09 declaredchecked Nov 9, 2026
- Open interest, stored window
- 275,180 contractssession 2026-11-12
- Largest open-interest line
- $500 call · Jan 15 · 24,018
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #63 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.
- We are building our own daily implied-volatility history (34 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.