XBI wheel: cash-secured put & covered-call yields
State Street SPDR S&P Biotech ETF · ETFs · $151.20 close on Nov 12, 2026
What the Nov 12, 2026 close says about XBI
At 32.6% implied volatility, the options market is pricing a one-standard-deviation move of about $15.48 (10.2%) in XBI by Dec 18, 2026, 36 days out.
Selling the $144 put (−0.29Δ) for $2.71 means assignment would leave a cost basis of $141.29, 6.6% below the $151.20 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 ($0.075 vs $0.063).
At 0.30Δ on the Dec 18 expiry the put yields 1.88% on its strike and the call 1.82% on spot: puts and calls pay within 10% of each other on XBI this session.
Moving down to the $140 put (−0.21Δ) buys 2.6% more room below spot and keeps 70% of the 0.30Δ premium.
Open interest in the stored window totals 111,740 contracts; the largest single line is the $148 put expiring Dec 18 with 6,766 (6.1% of the window).
By options volume XBI ranks #115 of 679 names in our universe.
Near-the-money options volume (3.3k) is 715% 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 XBI
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $144 | −0.29 | $2.71 Nov 12 | $271.00 | $14,400 | 1.88% | 19.1% | $141.29 | 1,379 | 245 |
| 0.20Δ | $140 | −0.21 | $1.90 Nov 12 | $190.00 | $14,000 | 1.36% | 13.8% | $138.10 | 915 | 42 |
Snapshot #9555 · session 2026-11-12 · captured 22:22 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 | $143 | −0.30 | $4.00 Nov 12 | $400.00 | $14,300 | 2.80% | 16.0% | $139.00 | 53 | 25 |
| 0.20Δ | $138 | −0.22 | $2.74 Nov 12 | $274.00 | $13,800 | 1.99% | 11.3% | $135.26 | 354 | 36 |
Snapshot #9555 · session 2026-11-12 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on XBI
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $161 | 0.30 | $2.75 Nov 12 | $275.00 | 1.82% | 18.4% | 8.30% | 84.2% | 415 | 714 |
| 0.20Δ | $167 | 0.19 | $1.52 Nov 12 | $152.00 | 1.01% | 10.2% | 11.46% | 116.1% | 543 | 9 |
Snapshot #9555 · session 2026-11-12 · captured 22:22 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 | $165 | 0.30 | $4.05 Nov 12 | $405.00 | 2.68% | 15.3% | 11.81% | 67.3% | 4,917 | 7 |
| 0.20Δ | $170 | 0.22 | $2.36 Nov 12 | $236.00 | 1.56% | 8.9% | 13.99% | 79.8% | 6,170 | 454 |
Snapshot #9555 · session 2026-11-12 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
XBI volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 32.6%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 111,740 contractssession 2026-11-12
- Largest open-interest line
- $148 put · Dec 18 · 6,766
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #115 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 (34 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.