XBI wheel: cash-secured put & covered-call yields
State Street SPDR S&P Biotech ETF · ETFs · $156.61 close on Sep 28, 2026
What the Sep 28, 2026 close says about XBI
At 35.1% implied volatility, the options market is pricing a one-standard-deviation move of about $16.28 (10.4%) in XBI by Oct 30, 2026, 32 days out.
Selling the $149 put (−0.28Δ) for $2.81 means assignment would leave a cost basis of $146.19, 6.7% below the $156.61 close.
The 81-day 0.30Δ put pays 2.0× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.088 vs $0.071).
At 0.30Δ on the Oct 30 expiry the put yields 1.89% on its strike and the call 1.64% on spot: puts pay 1.1× what calls do on XBI this session.
Moving down to the $145 put (−0.19Δ) buys 2.6% more room below spot and keeps 74% of the 0.30Δ premium.
Open interest in the stored window totals 38,379 contracts; the largest single line is the $170 call expiring Dec 18 with 6,096 (15.9% of the window).
By options volume XBI ranks #48 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 XBI
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $149 | −0.28 | $2.81 Sep 28 | $281.00 | $14,900 | 1.89% | 21.5% | $146.19 | 4 | 17 |
| 0.20Δ | $145 | −0.19 | $2.08 Sep 28 | $208.00 | $14,500 | 1.43% | 16.4% | $142.92 | 29 | 2 |
Snapshot #284 · session 2026-09-28 · captured 22:50 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 | $150 | −0.34 | $5.76 Sep 28 | $576.00 | $15,000 | 3.84% | 17.3% | $144.24 | 2,149 | 40 |
| 0.20Δ | $140 | −0.20 | $3.24 Sep 28 | $324.00 | $14,000 | 2.31% | 10.4% | $136.76 | 697 | 2 |
Snapshot #284 · session 2026-09-28 · captured 22:50 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on XBI
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $166 | 0.29 | $2.57 Sep 28 | $257.00 | 1.64% | 18.7% | 7.64% | 87.1% | 1 | 2 |
| 0.20Δ | $172 | 0.17 | $1.38 Sep 28 | $138.00 | 0.88% | 10.1% | 10.71% | 122.1% | 4 | 1 |
Snapshot #284 · session 2026-09-28 · captured 22:50 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 | $170 | 0.33 | $4.94 Sep 28 | $494.00 | 3.15% | 14.2% | 11.70% | 52.7% | 6,096 | 6 |
| 0.20Δ | $178 | 0.23 | $3.03 Sep 28 | $303.00 | 1.93% | 8.7% | 15.59% | 70.3% | 441 | 5 |
Snapshot #284 · session 2026-09-28 · captured 22:50 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
XBI volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 35.1%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 38,379 contractssession 2026-09-28
- Largest open-interest line
- $170 call · Dec 18 · 6,096
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #48 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.