UPS wheel: cash-secured put & covered-call yields
United Parcel Service, Inc. Class B · Industrials · $110.38 close on Nov 12, 2026
What the Nov 12, 2026 close says about UPS
At 26.9% implied volatility, the options market is pricing a one-standard-deviation move of about $9.33 (8.4%) in UPS by Dec 18, 2026, 36 days out.
Selling the $105 put (−0.27Δ) for $1.60 means assignment would leave a cost basis of $103.40, 6.3% below the $110.38 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 ($0.044 vs $0.038).
At 0.30Δ on the Dec 18 expiry the put yields 1.52% on its strike and the call 1.08% on spot: puts pay 1.4× what calls do on UPS this session.
Open interest in the stored window totals 60,281 contracts; the largest single line is the $125 call expiring Jan 15 with 9,401 (15.6% of the window).
UPS goes ex-dividend on Nov 16, 2026 ($1.64 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 UPS ranks #189 of 679 names in our universe.
Near-the-money options volume (1.4k) is 155% 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 UPS
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $105 | −0.27 | $1.60 Nov 12 | $160.00 | $10,500 | 1.52% | 15.4% | $103.40 | 2,574 | 215 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #9539 · 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 | $105 | −0.31 | $2.46 Nov 12 | $246.00 | $10,500 | 2.34% | 13.4% | $102.54 | 2,807 | 46 |
| 0.20Δ | $100 | −0.17 | $1.05 Nov 12 | $105.00 | $10,000 | 1.05% | 6.0% | $98.95 | 7,782 | 25 |
Snapshot #9539 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on UPS
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $115 | 0.29 | $1.19 Nov 12 | $119.00 | 1.08% | 10.9% | 5.26% | 53.4% | 3,372 | 278 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #9539 · 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 | $115 | 0.33 | $2.20 Nov 12 | $220.00 | 1.99% | 11.4% | 6.18% | 35.2% | 4,468 | 271 |
| 0.20Δ | $120 | 0.18 | $1.10 Nov 12 | $110.00 | 1.00% | 5.7% | 9.71% | 55.4% | 6,920 | 77 |
Snapshot #9539 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
UPS volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 26.9%session 2026-11-12
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- Ex-div Nov 16, 2026 · $1.64 declaredchecked Nov 9, 2026
- Open interest, stored window
- 60,281 contractssession 2026-11-12
- Largest open-interest line
- $125 call · Jan 15 · 9,401
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #189 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 (35 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.