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UNH wheel strategy yields

Last price $400.44 · Expiry 2026-12-04 (32 DTE) · IV 37% · Next earnings 2027-01-12

Cash-secured put

22.9% annualized
Strike
$380.0
Premium (mid)
$7.62 (bid 7.05 / ask 8.2)
Yield
2.01% (premium ÷ strike)
Delta
-0.292
Option IV
35.7%
Open interest
40

Covered call

22.4% annualized
Strike
$425.0
Premium (mid)
$7.88 (bid 6.7 / ask 9.05)
Yield
1.97% (premium ÷ price)
Delta
0.322
Option IV
38.7%
Open interest
31

Selling one UNH put requires ~$38,000 cash collateral per contract. Figures are mid-prices from delayed data as of 2026-11-02.

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