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SMH wheel strategy yields
Last price $508.31 · Expiry 2026-12-04 (32 DTE) · IV 48% · Next earnings n/a
Cash-secured put
34.3% annualized
- Strike
- $475.0
- Premium (mid)
- $14.28 (bid 13.25 / ask 15.3)
- Yield
- 3.01% (premium ÷ strike)
- Delta
- -0.297
- Option IV
- 49.9%
- Open interest
- 67
Covered call
25.6% annualized
- Strike
- $550.0
- Premium (mid)
- $11.43 (bid 10.5 / ask 12.35)
- Yield
- 2.25% (premium ÷ price)
- Delta
- 0.303
- Option IV
- 45.6%
- Open interest
- 73
Selling one SMH put requires ~$47,500 cash collateral per contract. Figures are mid-prices from delayed data as of 2026-11-02.
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