XLK wheel: cash-secured put & covered-call yields
State Street Technology Select Sector SPDR ETF · ETFs · $194.53 close on Sep 28, 2026
What the Sep 28, 2026 close says about XLK
At 25.1% implied volatility, the options market is pricing a one-standard-deviation move of about $14.44 (7.4%) in XLK by Oct 30, 2026, 32 days out.
Selling the $187 put (−0.29Δ) for $2.80 means assignment would leave a cost basis of $184.20, 5.3% below the $194.53 close.
The 81-day 0.30Δ put pays 1.9× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.088 vs $0.065).
At 0.30Δ on the Oct 30 expiry the put yields 1.50% on its strike and the call 1.50% on spot: puts and calls pay within 10% of each other on XLK this session.
Moving down to the $180 put (−0.17Δ) buys 3.6% more room below spot and keeps 53% of the 0.30Δ premium.
Open interest in the stored window totals 40,461 contracts; the largest single line is the $175 put expiring Dec 18 with 5,159 (12.8% of the window).
By options volume XLK ranks #200 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 XLK
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $187 | −0.29 | $2.80 Sep 28 | $280.00 | $18,700 | 1.50% | 17.1% | $184.20 | 15 | 1 |
| 0.20Δ | $180 | −0.17 | $1.48 Sep 28 | $148.00 | $18,000 | 0.82% | 9.4% | $178.52 | 809 | 4 |
Snapshot #288 · 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 | $185 | −0.31 | $5.30 Sep 28 | $530.00 | $18,500 | 2.86% | 12.9% | $179.70 | 1,531 | 1 |
| 0.20Δ | $175 | −0.19 | $3.00 Sep 28 | $300.00 | $17,500 | 1.71% | 7.7% | $172.00 | 5,159 | 800 |
Snapshot #288 · session 2026-09-28 · captured 22:51 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on XLK
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $202.50 | 0.32 | $2.92 Sep 28 | $292.00 | 1.50% | 17.1% | 5.60% | 63.9% | 40 | 5 |
| 0.20Δ | $207.50 | 0.20 | $1.50 Sep 28 | $150.00 | 0.77% | 8.8% | 7.44% | 84.8% | 75 | 3 |
Snapshot #288 · 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 | $210 | 0.30 | $3.96 Sep 28 | $396.00 | 2.04% | 9.2% | 9.99% | 45.0% | 876 | 2 |
| 0.20Δ | $217.50 | 0.21 | $2.02 Sep 28 | $202.00 | 1.04% | 4.7% | 12.85% | 57.9% | 118 | 3 |
Snapshot #288 · session 2026-09-28 · captured 22:51 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
XLK volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 25.1%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 40,461 contractssession 2026-09-28
- Largest open-interest line
- $175 put · Dec 18 · 5,159
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #200 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.