XLF wheel: cash-secured put & covered-call yields
State Street Financial Select Sector SPDR ETF · ETFs · $58.63 close on Nov 11, 2026
What the Nov 11, 2026 close says about XLF
At 14.5% implied volatility, the options market is pricing a one-standard-deviation move of about $2.44 (4.2%) in XLF by Dec 11, 2026, 30 days out.
Selling the $57.50 put (−0.30Δ) for $0.53 means assignment would leave a cost basis of $56.97, 2.8% below the $58.63 close.
The 65-day 0.30Δ put pays 1.7× the premium of the 30-day one for 2.2× the time — more premium per day on the 30-day contract ($0.018 vs $0.014).
At 0.30Δ on the Dec 11 expiry the put yields 0.92% on its strike and the call 0.75% on spot: puts pay 1.2× what calls do on XLF this session.
Moving down to the $56.50 put (−0.20Δ) buys 1.7% more room below spot and keeps 62% of the 0.30Δ premium.
Open interest in the stored window totals 587,535 contracts; the largest single line is the $51 put expiring Jan 15 with 103,352 (17.6% of the window).
By options volume XLF ranks #28 of 679 names in our universe.
Near-the-money options volume (4.1k) is 42% 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 XLF
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $57.50 | −0.30 | $0.53 Nov 11 | $53.00 | $5,750 | 0.92% | 11.2% | $56.97 | 265 | 9 |
| 0.20Δ | $56.50 | −0.20 | $0.33 Nov 11 | $33.00 | $5,650 | 0.58% | 7.1% | $56.17 | 708 | 152 |
Snapshot #9275 · session 2026-11-11 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 30
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $57 | −0.30 | $0.91 Nov 11 | $91.00 | $5,700 | 1.60% | 9.0% | $56.09 | 16,149 | 185 |
| 0.20Δ | $56 | −0.23 | $0.64 Nov 11 | $64.00 | $5,600 | 1.14% | 6.4% | $55.36 | 53,637 | 127 |
Snapshot #9275 · session 2026-11-11 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 65
Covered calls on XLF
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $60 | 0.32 | $0.44 Nov 11 | $44.00 | 0.75% | 9.1% | 3.09% | 37.6% | 549 | 103 |
| 0.20Δ | $61 | 0.18 | $0.20 Nov 11 | $20.00 | 0.34% | 4.2% | 4.38% | 53.3% | 472 | 7 |
Snapshot #9275 · session 2026-11-11 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 30
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $61 | 0.25 | $0.60 Nov 11 | $60.00 | 1.02% | 5.7% | 5.07% | 28.4% | 8,922 | 51 |
| 0.20Δ | $62 | 0.21 | $0.38 Nov 11 | $38.00 | 0.65% | 3.6% | 6.40% | 35.9% | 10,735 | 574 |
Snapshot #9275 · session 2026-11-11 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 65
XLF volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 14.5%session 2026-11-11
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 587,535 contractssession 2026-11-11
- Largest open-interest line
- $51 put · Jan 15 · 103,352
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #28 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.