XLE wheel: cash-secured put & covered-call yields
State Street Energy Select Sector SPDR ETF · ETFs · $64.33 close on Nov 12, 2026
What the Nov 12, 2026 close says about XLE
At 25.1% implied volatility, the options market is pricing a one-standard-deviation move of about $5.07 (7.9%) in XLE by Dec 18, 2026, 36 days out.
Selling the $62.50 put (−0.33Δ) for $1.15 means assignment would leave a cost basis of $61.35, 4.6% below the $64.33 close.
At 0.30Δ on the Dec 18 expiry the put yields 1.84% on its strike and the call 1.41% on spot: puts pay 1.3× what calls do on XLE this session.
Moving down to the $60 put (−0.18Δ) buys 3.9% more room below spot and keeps 45% of the 0.30Δ premium.
Open interest in the stored window totals 690,555 contracts; the largest single line is the $60 put expiring Dec 18 with 85,597 (12.4% of the window).
By options volume XLE ranks #20 of 679 names in our universe.
Near-the-money options volume (52k) is 1467% 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 XLE
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $62.50 | −0.33 | $1.15 Nov 12 | $115.00 | $6,250 | 1.84% | 18.7% | $61.35 | 73,802 | 547 |
| 0.20Δ | $60 | −0.18 | $0.52 Nov 12 | $52.00 | $6,000 | 0.87% | 8.8% | $59.48 | 85,597 | 457 |
Snapshot #9556 · 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 | Unavailable1 | |||||||||
| 0.20Δ | $60 | −0.23 | $1.05 Nov 12 | $105.00 | $6,000 | 1.75% | 10.0% | $58.95 | 44,342 | 1,280 |
Snapshot #9556 · session 2026-11-12 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on XLE
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $67.50 | 0.29 | $0.91 Nov 12 | $91.00 | 1.41% | 14.3% | 6.34% | 64.3% | 31,985 | 18,705 |
| 0.20Δ | $69 | 0.21 | $0.59 Nov 12 | $59.00 | 0.92% | 9.3% | 8.18% | 82.9% | 13,873 | 984 |
Snapshot #9556 · 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 | Unavailable1 | |||||||||
| 0.20Δ | $70 | 0.23 | $0.87 Nov 12 | $87.00 | 1.35% | 7.7% | 10.17% | 58.0% | 22,308 | 15,747 |
Snapshot #9556 · session 2026-11-12 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
XLE volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 25.1%session 2026-11-12
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 690,555 contractssession 2026-11-12
- Largest open-interest line
- $60 put · Dec 18 · 85,597
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #20 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.
- No contract near 0.30Δ traded this session
- 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.