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SPY wheel strategy yields
Last price $752.10 · Expiry 2026-12-04 (32 DTE) · IV 17% · Next earnings n/a
Cash-secured put
11.8% annualized
- Strike
- $730.0
- Premium (mid)
- $7.53 (bid 7.49 / ask 7.57)
- Yield
- 1.03% (premium ÷ strike)
- Delta
- -0.285
- Option IV
- 18.6%
- Open interest
- 6197
Covered call
10.0% annualized
- Strike
- $772.0
- Premium (mid)
- $6.62 (bid 6.58 / ask 6.65)
- Yield
- 0.88% (premium ÷ price)
- Delta
- 0.3
- Option IV
- 16.1%
- Open interest
- 249
Selling one SPY put requires ~$73,000 cash collateral per contract. Figures are mid-prices from delayed data as of 2026-11-02.
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