XLRE wheel: cash-secured put & covered-call yields
State Street Real Estate Select Sector SPDR ETF · ETFs · $41.92 close on Oct 12, 2026
What the Oct 12, 2026 close says about XLRE
At 14.6% implied volatility, the options market is pricing a one-standard-deviation move of about $2.00 (4.8%) in XLRE by Nov 20, 2026, 39 days out.
Selling the $41 put (−0.30Δ) for $0.45 means assignment would leave a cost basis of $40.55, 3.3% below the $41.92 close.
The 95-day 0.30Δ put pays 1.5× the premium of the 39-day one for 2.4× the time — more premium per day on the 39-day contract ($0.012 vs $0.007).
At 0.30Δ on the Nov 20 expiry the put yields 1.10% on its strike and the call 1.03% on spot: puts and calls pay within 10% of each other on XLRE this session.
Moving down to the $40 put (−0.18Δ) buys 2.4% more room below spot and keeps 56% of the 0.30Δ premium.
Open interest in the stored window totals 11,683 contracts; the largest single line is the $37 put expiring Jan 15 with 2,902 (24.8% of the window).
By options volume XLRE ranks #201 of 572 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 XLRE
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $41 | −0.30 | $0.45 Oct 12 | $45.00 | $4,100 | 1.10% | 10.3% | $40.55 | 1,066 | 200 |
| 0.20Δ | $40 | −0.18 | $0.25 Oct 12 | $25.00 | $4,000 | 0.63% | 5.8% | $39.75 | 1,254 | 10 |
Snapshot #3001 · session 2026-10-12 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 39
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $40 | −0.26 | $0.66 Oct 12 | $66.00 | $4,000 | 1.65% | 6.3% | $39.34 | 233 | 10 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #3001 · session 2026-10-12 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 95
Covered calls on XLRE
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $43 | 0.33 | $0.43 Oct 12 | $43.00 | 1.03% | 9.6% | 3.60% | 33.7% | 141 | 19 |
| 0.20Δ | $44 | 0.15 | $0.22 Oct 12 | $22.00 | 0.52% | 4.9% | 5.49% | 51.3% | 129 | 11 |
Snapshot #3001 · session 2026-10-12 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 39
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $44 | 0.28 | $0.48 Oct 12 | $48.00 | 1.15% | 4.4% | 6.11% | 23.5% | 820 | 14 |
| 0.20Δ | $45 | 0.19 | $0.27 Oct 12 | $27.00 | 0.64% | 2.5% | 7.99% | 30.7% | 1,345 | 200 |
Snapshot #3001 · session 2026-10-12 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 95
XLRE volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 14.6%session 2026-10-12
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Oct 12, 2026
- Open interest, stored window
- 11,683 contractssession 2026-10-12
- Largest open-interest line
- $37 put · Jan 15 · 2,902
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #201 of 572 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 0.20Δ 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.