UPRO wheel: cash-secured put & covered-call yields
ProShares UltraPro S&P 500 · ETFs · $141.70 close on Nov 11, 2026
What the Nov 11, 2026 close says about UPRO
At 43.0% implied volatility, the options market is pricing a one-standard-deviation move of about $17.47 (12.3%) in UPRO by Dec 11, 2026, 30 days out.
Selling the $133 put (−0.30Δ) for $3.80 means assignment would leave a cost basis of $129.20, 8.8% below the $141.70 close.
At 0.30Δ on the Dec 11 expiry the put yields 2.86% on its strike and the call 1.60% on spot: puts pay 1.8× what calls do on UPRO this session.
Moving down to the $125 put (−0.19Δ) buys 5.6% more room below spot and keeps 57% of the 0.30Δ premium.
Open interest in the stored window totals 8,476 contracts; the largest single line is the $145 call expiring Jan 15 with 2,388 (28.2% of the window).
By options volume UPRO ranks #112 of 679 names in our universe.
Near-the-money options volume (91) is 83% 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 UPRO
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $133 | −0.30 | $3.80 Nov 11 | $380.00 | $13,300 | 2.86% | 34.8% | $129.20 | 0 | 3 |
| 0.20Δ | $125 | −0.19 | $2.18 Nov 11 | $218.00 | $12,500 | 1.74% | 21.2% | $122.82 | 5 | 16 |
Snapshot #9256 · session 2026-11-11 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 30
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $120 | −0.19 | $4.05 Nov 11 | $405.00 | $12,000 | 3.37% | 19.0% | $115.95 | 572 | 3 |
Snapshot #9256 · session 2026-11-11 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 65
Covered calls on UPRO
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $152 | 0.27 | $2.27 Nov 11 | $227.00 | 1.60% | 19.5% | 8.87% | 107.9% | 1 | 3 |
| 0.20Δ | $154 | 0.22 | $2.10 Nov 11 | $210.00 | 1.48% | 18.0% | 10.16% | 123.6% | 1 | 2 |
Snapshot #9256 · session 2026-11-11 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 30
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $155 | 0.32 | $4.30 Nov 11 | $430.00 | 3.03% | 17.0% | 12.42% | 69.7% | 412 | 40 |
| 0.20Δ | $165 | 0.17 | $1.90 Nov 11 | $190.00 | 1.34% | 7.5% | 17.78% | 99.9% | 418 | 3 |
Snapshot #9256 · session 2026-11-11 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 65
UPRO volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 43.0%session 2026-11-11
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 8,476 contractssession 2026-11-11
- Largest open-interest line
- $145 call · Jan 15 · 2,388
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #112 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 0.30Δ traded this session
- We are building our own daily implied-volatility history (19 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.