XLI wheel: cash-secured put & covered-call yields
State Street Industrial Select Sector SPDR ETF · ETFs · $168.78 close on Sep 28, 2026
What the Sep 28, 2026 close says about XLI
At 13.6% implied volatility, the options market is pricing a one-standard-deviation move of about $6.78 (4.0%) in XLI by Oct 30, 2026, 32 days out.
Selling the $163 put (−0.29Δ) for $1.50 means assignment would leave a cost basis of $161.50, 4.3% below the $168.78 close.
At 0.30Δ on the Oct 30 expiry the put yields 0.92% on its strike and the call 0.95% on spot: puts and calls pay within 10% of each other on XLI this session.
Moving down to the $161 put (−0.21Δ) buys 1.2% more room below spot and keeps 80% of the 0.30Δ premium.
Open interest in the stored window totals 26,082 contracts; the largest single line is the $160 put expiring Dec 18 with 4,917 (18.9% of the window).
By options volume XLI ranks #176 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 XLI
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $163 | −0.29 | $1.50 Sep 28 | $150.00 | $16,300 | 0.92% | 10.5% | $161.50 | 5 | 6 |
| 0.20Δ | $161 | −0.21 | $1.20 Sep 28 | $120.00 | $16,100 | 0.75% | 8.5% | $159.80 | 7 | 2 |
Snapshot #287 · session 2026-09-28 · captured 22:51 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 | Unavailable1 | |||||||||
| 0.20Δ | $157 | −0.18 | $2.10 Sep 28 | $210.00 | $15,700 | 1.34% | 6.0% | $154.90 | 533 | 1 |
Snapshot #287 · session 2026-09-28 · captured 22:51 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on XLI
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $175 | 0.34 | $1.60 Sep 28 | $160.00 | 0.95% | 10.8% | 4.63% | 52.8% | 54 | 1 |
| 0.20Δ | $178 | 0.20 | $1.10 Sep 28 | $110.00 | 0.65% | 7.4% | 6.11% | 69.7% | 19 | 1 |
Snapshot #287 · session 2026-09-28 · captured 22:51 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 | Unavailable1 | |||||||||
| 0.20Δ | $184 | 0.20 | $1.79 Sep 28 | $179.00 | 1.06% | 4.8% | 10.08% | 45.4% | 144 | 2 |
Snapshot #287 · session 2026-09-28 · captured 22:51 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
XLI volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 13.6%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 26,082 contractssession 2026-09-28
- Largest open-interest line
- $160 put · Dec 18 · 4,917
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #176 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.
- No contract near 0.30Δ traded this session
- 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.