XLP wheel: cash-secured put & covered-call yields
State Street Consumer Staples Select Sector SPDR ETF · ETFs · $82.28 close on Sep 28, 2026
What the Sep 28, 2026 close says about XLP
At 24.6% implied volatility, the options market is pricing a one-standard-deviation move of about $5.99 (7.3%) in XLP by Oct 30, 2026, 32 days out.
Selling the $80.50 put (−0.31Δ) for $0.69 means assignment would leave a cost basis of $79.81, 3.0% below the $82.28 close.
The 81-day 0.30Δ put pays 0.6× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.022 vs $0.005).
At 0.30Δ on the Oct 30 expiry the put yields 0.86% on its strike and the call 0.81% on spot: puts and calls pay within 10% of each other on XLP this session.
Moving down to the $79.50 put (−0.19Δ) buys 1.2% more room below spot and keeps 67% of the 0.30Δ premium.
Open interest in the stored window totals 145,452 contracts; the largest single line is the $78 put expiring Dec 18 with 107,187 (73.7% of the window).
By options volume XLP ranks #138 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 XLP
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $80.50 | −0.31 | $0.69 Sep 28 | $69.00 | $8,050 | 0.86% | 9.8% | $79.81 | 8 | 5 |
| 0.20Δ | $79.50 | −0.19 | $0.46 Sep 28 | $46.00 | $7,950 | 0.58% | 6.6% | $79.04 | 15 | 2 |
Snapshot #289 · 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 | $76 | −0.28 | $0.42 Sep 28 | $42.00 | $7,600 | 0.55% | 2.5% | $75.58 | 188 | 10 |
| 0.20Δ | $73 | −0.19 | $0.26 Sep 28 | $26.00 | $7,300 | 0.36% | 1.6% | $72.74 | 289 | 3 |
Snapshot #289 · session 2026-09-28 · captured 22:51 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on XLP
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $84.50 | 0.33 | $0.67 Sep 28 | $67.00 | 0.81% | 9.3% | 3.51% | 40.1% | 16 | 2 |
| 0.20Δ | $85.50 | 0.19 | $0.41 Sep 28 | $41.00 | 0.50% | 5.7% | 4.41% | 50.3% | 35 | 15 |
Snapshot #289 · 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 | $88 | 0.23 | $0.66 Sep 28 | $66.00 | 0.80% | 3.6% | 7.75% | 34.9% | 2,719 | 8 |
Snapshot #289 · session 2026-09-28 · captured 22:51 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
XLP volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 24.6%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 145,452 contractssession 2026-09-28
- Largest open-interest line
- $78 put · Dec 18 · 107,187
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #138 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.