USB wheel: cash-secured put & covered-call yields
U.S. Bancorp · Financials · $57.85 close on Oct 19, 2026
What the Oct 19, 2026 close says about USB
At 24.5% implied volatility, the options market is pricing a one-standard-deviation move of about $4.20 (7.3%) in USB by Nov 20, 2026, 32 days out.
Selling the $56 put (−0.28Δ) for $0.79 means assignment would leave a cost basis of $55.21, 4.6% below the $57.85 close.
The 60-day 0.30Δ put pays 1.2× the premium of the 32-day one for 1.9× the time — more premium per day on the 32-day contract ($0.025 vs $0.016).
At 0.30Δ on the Nov 20 expiry the put yields 1.41% on its strike and the call 1.47% on spot: puts and calls pay within 10% of each other on USB this session.
Moving down to the $55 put (−0.22Δ) buys 1.7% more room below spot and keeps 71% of the 0.30Δ premium.
Open interest in the stored window totals 28,478 contracts; the largest single line is the $62.50 call expiring Dec 18 with 5,485 (19.3% of the window).
By options volume USB ranks #184 of 608 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 USB
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $56 | −0.28 | $0.79 Oct 19 | $79.00 | $5,600 | 1.41% | 16.1% | $55.21 | 0 | 185 |
| 0.20Δ | $55 | −0.22 | $0.56 Oct 19 | $56.00 | $5,500 | 1.02% | 11.6% | $54.44 | 1,063 | 66 |
Snapshot #4409 · session 2026-10-19 · captured 22:40 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 | $55 | −0.26 | $0.97 Oct 19 | $97.00 | $5,500 | 1.76% | 10.7% | $54.03 | 1,114 | 43 |
| 0.20Δ | $52.50 | −0.16 | $0.47 Oct 19 | $47.00 | $5,250 | 0.90% | 5.4% | $52.03 | 1,129 | 26 |
Snapshot #4409 · session 2026-10-19 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 60
Covered calls on USB
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $60 | 0.33 | $0.85 Oct 19 | $85.00 | 1.47% | 16.8% | 5.19% | 59.2% | 2,061 | 298 |
| 0.20Δ | $62 | 0.17 | $0.35 Oct 19 | $35.00 | 0.61% | 6.9% | 7.78% | 88.7% | 0 | 114 |
Snapshot #4409 · session 2026-10-19 · captured 22:40 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 | Unavailable1 | |||||||||
| 0.20Δ | $62.50 | 0.22 | $0.73 Oct 19 | $73.00 | 1.26% | 7.7% | 9.30% | 56.6% | 5,485 | 222 |
Snapshot #4409 · session 2026-10-19 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 60
USB volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 24.5%session 2026-10-19
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Oct 19, 2026
- Open interest, stored window
- 28,478 contractssession 2026-10-19
- Largest open-interest line
- $62.50 call · Dec 18 · 5,485
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #184 of 608 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.