VOO wheel: cash-secured put & covered-call yields
Vanguard S&P 500 ETF · ETFs · $703.61 close on Sep 28, 2026
What the Sep 28, 2026 close says about VOO
At 13.4% implied volatility, the options market is pricing a one-standard-deviation move of about $28.02 (4.0%) in VOO by Oct 30, 2026, 32 days out.
Selling the $690 put (−0.30Δ) for $6.00 means assignment would leave a cost basis of $684.00, 2.8% below the $703.61 close.
The 81-day 0.30Δ put pays 1.6× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.188 vs $0.117).
At 0.30Δ on the Oct 30 expiry the put yields 0.87% on its strike and the call 0.62% on spot: puts pay 1.4× what calls do on VOO this session.
Moving down to the $675 put (−0.20Δ) buys 2.1% more room below spot and keeps 54% of the 0.30Δ premium.
Open interest in the stored window totals 14,039 contracts; the largest single line is the $640 put expiring Oct 30 with 6,914 (49.2% of the window).
By options volume VOO ranks #132 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 VOO
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $690 | −0.30 | $6.00 Sep 28 | $600.00 | $69,000 | 0.87% | 9.9% | $684.00 | 79 | 12 |
| 0.20Δ | $675 | −0.20 | $3.25 Sep 28 | $325.00 | $67,500 | 0.48% | 5.5% | $671.75 | 28 | 1 |
Snapshot #271 · 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 | $680 | −0.29 | $9.50 Sep 28 | $950.00 | $68,000 | 1.40% | 6.3% | $670.50 | 17 | 5 |
| 0.20Δ | $670 | −0.24 | $7.50 Sep 28 | $750.00 | $67,000 | 1.12% | 5.0% | $662.50 | 39 | 1 |
Snapshot #271 · session 2026-09-28 · captured 22:42 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on VOO
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $722.50 | 0.26 | $4.39 Sep 28 | $439.00 | 0.62% | 7.1% | 3.31% | 37.7% | 152 | 41 |
| 0.20Δ | $727.50 | 0.22 | $3.20 Sep 28 | $320.00 | 0.45% | 5.2% | 3.85% | 43.9% | 0 | 1 |
Snapshot #271 · 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 | $735 | 0.27 | $7.50 Sep 28 | $750.00 | 1.07% | 4.8% | 5.53% | 24.9% | 38 | 17 |
| 0.20Δ | $750 | 0.16 | $4.00 Sep 28 | $400.00 | 0.57% | 2.6% | 7.16% | 32.3% | 98 | 1 |
Snapshot #271 · session 2026-09-28 · captured 22:42 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
VOO volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 13.4%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 14,039 contractssession 2026-09-28
- Largest open-interest line
- $640 put · Oct 30 · 6,914
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #132 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.