{"slug":"covered-call-closed-end-funds","qid":"overlay_premium_by_month","label":"Monthly cost of a near-the-money call, as a percent of share price","post_title":"Covered Call Closed-End Funds vs ETFs","post_url":"/blog/covered-call-closed-end-funds#q-overlay_premium_by_month","columns":["month","spy_call_premium_pct","aapl_call_premium_pct"],"rows":[{"month":"2025-02","spy_call_premium_pct":1.8,"aapl_call_premium_pct":2.94},{"month":"2025-03","spy_call_premium_pct":2.36,"aapl_call_premium_pct":3.62},{"month":"2025-04","spy_call_premium_pct":3.35,"aapl_call_premium_pct":5.5},{"month":"2025-05","spy_call_premium_pct":2.28,"aapl_call_premium_pct":3.68},{"month":"2025-06","spy_call_premium_pct":1.98,"aapl_call_premium_pct":3.39},{"month":"2025-07","spy_call_premium_pct":1.92,"aapl_call_premium_pct":3.66},{"month":"2025-08","spy_call_premium_pct":1.71,"aapl_call_premium_pct":2.96},{"month":"2025-09","spy_call_premium_pct":1.61,"aapl_call_premium_pct":3.03},{"month":"2025-10","spy_call_premium_pct":2,"aapl_call_premium_pct":3.31},{"month":"2025-11","spy_call_premium_pct":2.09,"aapl_call_premium_pct":2.99},{"month":"2025-12","spy_call_premium_pct":1.63,"aapl_call_premium_pct":2.69},{"month":"2026-01","spy_call_premium_pct":1.79,"aapl_call_premium_pct":3.34},{"month":"2026-02","spy_call_premium_pct":2.05,"aapl_call_premium_pct":3.29},{"month":"2026-03","spy_call_premium_pct":2.54,"aapl_call_premium_pct":3.64},{"month":"2026-04","spy_call_premium_pct":2.05,"aapl_call_premium_pct":3.42},{"month":"2026-05","spy_call_premium_pct":1.95,"aapl_call_premium_pct":2.92},{"month":"2026-06","spy_call_premium_pct":1.94,"aapl_call_premium_pct":3.18},{"month":"2026-07","spy_call_premium_pct":1.88,"aapl_call_premium_pct":3.74}],"shape":"series","sql":"SELECT\n    formatDateTime(toStartOfMonth(date), '%Y-%m')                       AS month,\n    round(avgIf(toFloat64(option_close) / toFloat64(underlying_close),\n                underlying_symbol = 'SPY') * 100, 2)                    AS spy_call_premium_pct,\n    round(avgIf(toFloat64(option_close) / toFloat64(underlying_close),\n                underlying_symbol = 'AAPL') * 100, 2)                   AS aapl_call_premium_pct\nFROM global_markets.options_greeks\nWHERE underlying_symbol IN ('SPY', 'AAPL')\n  AND lower(option_type) IN ('call', 'c')\n  AND iv_converged = 1\n  AND volume > 0\n  AND underlying_close > 0\n  AND days_to_expiry BETWEEN 20 AND 45\n  AND abs(toFloat64(strike_price) / toFloat64(underlying_close) - 1) < 0.02\n  AND date >= toStartOfMonth(today() - 550)\n  AND date <  toStartOfMonth(today())\nGROUP BY month\nHAVING countIf(underlying_symbol = 'SPY') > 0\n   AND countIf(underlying_symbol = 'AAPL') > 0\nORDER BY month","computed_at":"2026-08-22T04:04:15.733862+00:00","elapsed":1.798331122}