XRT wheel: cash-secured put & covered-call yields
State Street SPDR S&P Retail ETF · ETFs · $90.67 close on Nov 12, 2026
What the Nov 12, 2026 close says about XRT
At 23.5% implied volatility, the options market is pricing a one-standard-deviation move of about $6.70 (7.4%) in XRT by Dec 18, 2026, 36 days out.
Selling the $88 put (−0.29Δ) for $1.57 means assignment would leave a cost basis of $86.43, 4.7% below the $90.67 close.
The 64-day 0.30Δ put pays 1.0× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.044 vs $0.023).
At 0.30Δ on the Dec 18 expiry the put yields 1.78% on its strike and the call 1.96% on spot: calls pay 1.1× what puts do on XRT this session.
Moving down to the $84 put (−0.17Δ) buys 4.4% more room below spot and keeps 32% of the 0.30Δ premium.
Open interest in the stored window totals 60,015 contracts; the largest single line is the $85 put expiring Jan 15 with 29,048 (48.4% of the window).
By options volume XRT ranks #134 of 679 names in our universe.
Near-the-money options volume (3.6k) is 634% above its 3-session average.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on XRT
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $88 | −0.29 | $1.57 Nov 12 | $157.00 | $8,800 | 1.78% | 18.1% | $86.43 | 2,911 | 1,350 |
| 0.20Δ | $84 | −0.17 | $0.50 Nov 12 | $50.00 | $8,400 | 0.60% | 6.0% | $83.50 | 48 | 1 |
Snapshot #9563 · session 2026-11-12 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $85 | −0.26 | $1.50 Nov 12 | $150.00 | $8,500 | 1.76% | 10.1% | $83.50 | 29,048 | 39 |
| 0.20Δ | $84 | −0.22 | $1.15 Nov 12 | $115.00 | $8,400 | 1.37% | 7.8% | $82.85 | 102 | 3 |
Snapshot #9563 · session 2026-11-12 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on XRT
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $94 | 0.33 | $1.78 Nov 12 | $178.00 | 1.96% | 19.9% | 5.64% | 57.1% | 390 | 2 |
| 0.20Δ | $100 | 0.17 | $0.45 Nov 12 | $45.00 | 0.50% | 5.0% | 10.79% | 109.4% | 1,196 | 3 |
Snapshot #9563 · session 2026-11-12 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $100 | 0.17 | $0.96 Nov 12 | $96.00 | 1.06% | 6.0% | 11.35% | 64.7% | 1,504 | 28 |
Snapshot #9563 · session 2026-11-12 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
XRT volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 23.5%session 2026-11-12
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 60,015 contractssession 2026-11-12
- Largest open-interest line
- $85 put · Jan 15 · 29,048
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #134 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.
- No contract near 0.30Δ traded this session
- We are building our own daily implied-volatility history (4 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.