XLE wheel: cash-secured put & covered-call yields
State Street Energy Select Sector SPDR ETF · ETFs · $62.10 close on Sep 28, 2026
What the Sep 28, 2026 close says about XLE
At 28.4% implied volatility, the options market is pricing a one-standard-deviation move of about $5.22 (8.4%) in XLE by Oct 30, 2026, 32 days out.
Selling the $60 put (−0.32Δ) for $1.16 means assignment would leave a cost basis of $58.84, 5.2% below the $62.10 close.
The 81-day 0.30Δ put pays 1.3× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.036 vs $0.019).
At 0.30Δ on the Oct 30 expiry the put yields 1.93% on its strike and the call 1.56% on spot: puts pay 1.2× what calls do on XLE this session.
Moving down to the $58 put (−0.19Δ) buys 3.2% more room below spot and keeps 52% of the 0.30Δ premium.
Open interest in the stored window totals 307,558 contracts; the largest single line is the $60 put expiring Dec 18 with 55,177 (17.9% of the window).
By options volume XLE ranks #47 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 XLE
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $60 | −0.32 | $1.16 Sep 28 | $116.00 | $6,000 | 1.93% | 22.1% | $58.84 | 289 | 24 |
| 0.20Δ | $58 | −0.19 | $0.60 Sep 28 | $60.00 | $5,800 | 1.03% | 11.8% | $57.40 | 330 | 8 |
Snapshot #285 · 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 | $59 | −0.31 | $1.53 Sep 28 | $153.00 | $5,900 | 2.59% | 11.7% | $57.47 | 4,682 | 10,026 |
| 0.20Δ | $56 | −0.20 | $0.80 Sep 28 | $80.00 | $5,600 | 1.43% | 6.4% | $55.20 | 954 | 1 |
Snapshot #285 · session 2026-09-28 · captured 22:50 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on XLE
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $65 | 0.31 | $0.97 Sep 28 | $97.00 | 1.56% | 17.8% | 6.23% | 71.1% | 1,815 | 57 |
| 0.20Δ | $67 | 0.23 | $0.52 Sep 28 | $52.00 | 0.84% | 9.6% | 8.73% | 99.6% | 188 | 55 |
Snapshot #285 · 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 | $67.50 | 0.28 | $1.40 Sep 28 | $140.00 | 2.25% | 10.2% | 10.95% | 49.3% | 6,739 | 64 |
| 0.20Δ | $71 | 0.20 | $0.77 Sep 28 | $77.00 | 1.24% | 5.6% | 15.57% | 70.2% | 1,748 | 2 |
Snapshot #285 · session 2026-09-28 · captured 22:50 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
XLE volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 28.4%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 307,558 contractssession 2026-09-28
- Largest open-interest line
- $60 put · Dec 18 · 55,177
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #47 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.