VOO wheel: cash-secured put & covered-call yields
Vanguard S&P 500 ETF · ETFs · $696.00 close on Nov 12, 2026
What the Nov 12, 2026 close says about VOO
At 14.4% implied volatility, the options market is pricing a one-standard-deviation move of about $31.40 (4.5%) in VOO by Dec 18, 2026, 36 days out.
Selling the $680 put (−0.30Δ) for $6.71 means assignment would leave a cost basis of $673.29, 3.3% below the $696.00 close.
The 64-day 0.30Δ put pays 1.4× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.186 vs $0.145).
At 0.30Δ on the Dec 18 expiry the put yields 0.99% on its strike and the call 0.72% on spot: puts pay 1.4× what calls do on VOO this session.
Moving down to the $660 put (−0.17Δ) buys 2.9% more room below spot and keeps 63% of the 0.30Δ premium.
Open interest in the stored window totals 25,277 contracts; the largest single line is the $630 put expiring Dec 18 with 7,014 (27.7% of the window).
By options volume VOO ranks #33 of 679 names in our universe.
Near-the-money options volume (492) is 80% 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 VOO
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $680 | −0.30 | $6.71 Nov 12 | $671.00 | $68,000 | 0.99% | 10.0% | $673.29 | 170 | 5 |
| 0.20Δ | $660 | −0.17 | $4.25 Nov 12 | $425.00 | $66,000 | 0.64% | 6.5% | $655.75 | 299 | 3 |
Snapshot #9544 · 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 | $675 | −0.30 | $9.30 Nov 12 | $930.00 | $67,500 | 1.38% | 7.9% | $665.70 | 183 | 1 |
| 0.20Δ | $660 | −0.22 | $7.40 Nov 12 | $740.00 | $66,000 | 1.12% | 6.4% | $652.60 | 60 | 1 |
Snapshot #9544 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on VOO
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $715 | 0.29 | $5.00 Nov 12 | $500.00 | 0.72% | 7.3% | 3.45% | 35.0% | 307 | 12 |
| 0.20Δ | $720 | 0.22 | $3.50 Nov 12 | $350.00 | 0.50% | 5.1% | 3.95% | 40.1% | 321 | 30 |
Snapshot #9544 · 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 | $720 | 0.30 | $6.75 Nov 12 | $675.00 | 0.97% | 5.5% | 4.42% | 25.2% | 370 | 3 |
| 0.20Δ | $730 | 0.21 | $4.61 Nov 12 | $461.00 | 0.66% | 3.8% | 5.55% | 31.6% | 211 | 7 |
Snapshot #9544 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
VOO volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 14.4%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 25,277 contractssession 2026-11-12
- Largest open-interest line
- $630 put · Dec 18 · 7,014
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #33 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 (24 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.