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XLV wheel strategy yields

Last price $184.60 · Expiry 2026-12-04 (32 DTE) · IV 26% · Next earnings n/a

Cash-secured put

14.4% annualized
Strike
$178.0
Premium (mid)
$2.25 (bid 1.62 / ask 2.88)
Yield
1.26% (premium ÷ strike)
Delta
-0.305
Option IV
26.0%
Open interest
7

Covered call

12.2% annualized
Strike
$192.5
Premium (mid)
$1.97 (bid 1.39 / ask 2.55)
Yield
1.07% (premium ÷ price)
Delta
0.301
Option IV
25.3%
Open interest
92

Selling one XLV put requires ~$17,800 cash collateral per contract. Figures are mid-prices from delayed data as of 2026-11-02.

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