Sunday, October 18
LEAPS
SPY at $763.25· calls 365+ days out· cash at 4.5%· margin benchmark 9.0%
Expiry
Selected: $50 call · Dec 17 '27 · $713.06 per share. Pick another from the ladder below.
Capital
$71,306
vs $76,325 for 100 shares
Frees up
$5,019
7% of the share cost
Exposure
100 sh
1.1× per dollar
Max loss
$71,306
the whole premium, below $50
What the leverage costs
Time value
$0.00
0.0% of spot, over 1.2y
Dividends forgone
—
no yield data
Implied borrow rate
0.0%
cash earns 4.5% · margin 9.0%
Net carry
-$262.98
time value + dividends − interest earned
Above $50 this call actually beats 100 shares by a flat $262.98 — the interest on the $5,019 it frees up more than covers its time value and forgone dividends. And it stays ahead all the way down: below the strike its loss stops at the premium while the shares keep falling. On these numbers there is no price at which owning the shares wins — which usually means the market is pricing very little time value into this strike, so check the spread before believing it.
At expiry · Dec 17 '27
breakeven $763.06 · −0.0% from spot
Both lines include what a payoff diagram usually drops: dividends credited to the shares, and interest on the cash the call doesn’t tie up.
Strikes · Dec 17 '27150 of 253
| Strike | Premium | Time value | Δ-shares | Borrow rate | Cost / exposure | Breakeven | P(ITM) |
|---|---|---|---|---|---|---|---|
| $50 | $713.06 | $0.00 | 100 | 0.0% | 0.0% | $763.06−0% | — |
| $55 | $708.08 | $0.00 | 100 | 0.0% | 0.0% | $763.08−0% | — |
| $60 | $703.10 | $0.00 | 100 | 0.0% | 0.0% | $763.10−0% | — |
| $65 | $698.12 | $0.00 | 100 | 0.0% | 0.0% | $763.12−0% | — |
| $70 | $693.14 | $0.00 | 100 | 0.0% | 0.0% | $763.14−0% | — |
| $75 | $688.25 | $0.00 | 100 | 0.0% | 0.0% | $763.25+0% | — |
| $80 | $683.43 | $0.18 | 100 | 0.2% | 0.0% | $763.43+0% | — |
| $85 | $678.45 | $0.20 | 100 | 0.2% | 0.0% | $763.45+0% | — |
| $90 | $673.48 | $0.23 | 100 | 0.2% | 0.0% | $763.48+0% | — |
| $95 | $668.50 | $0.25 | 100 | 0.2% | 0.0% | $763.50+0% | — |
| $100 | $663.52 | $0.27 | 100 | 0.2% | 0.0% | $763.52+0% | — |
| $105 | $658.55 | $0.30 | 100 | 0.2% | 0.0% | $763.55+0% | — |
| $110 | $653.57 | $0.32 | 100 | 0.2% | 0.0% | $763.57+0% | — |
| $115 | $648.59 | $0.34 | 100 | 0.3% | 0.0% | $763.59+0% | — |
| $120 | $643.61 | $0.36 | 100 | 0.3% | 0.0% | $763.61+0% | — |
| $125 | $638.63 | $0.38 | 100 | 0.3% | 0.0% | $763.63+0% | — |
| $130 | $633.64 | $0.39 | 100 | 0.3% | 0.0% | $763.64+0% | — |
| $135 | $628.65 | $0.40 | 100 | 0.3% | 0.0% | $763.65+0% | — |
| $140 | $623.75 | $0.50 | 100 | 0.3% | 0.1% | $763.75+0% | — |
| $145 | $618.95 | $0.70 | 100 | 0.4% | 0.1% | $763.95+0% | — |
| $150 | $614.08 | $0.83 | 100 | 0.5% | 0.1% | $764.08+0% | — |
| $155 | $609.48 | $1.23 | 100 | 0.7% | 0.1% | $764.48+0% | — |
| $160 | $604.75 | $1.50 | 100 | 0.8% | 0.2% | $764.75+0% | — |
| $165 | $600.03 | $1.78 | 100 | 0.9% | 0.2% | $765.03+0% | — |
| $170 | $595.44 | $2.18 | 100 | 1.1% | 0.2% | $765.44+0% | — |
| $175 | $590.75 | $2.50 | 100 | 1.2% | 0.3% | $765.75+0% | — |
| $180 | $586.00 | $2.75 | 100 | 1.3% | 0.3% | $766.00+0% | — |
| $185 | $581.41 | $3.15 | 100 | 1.5% | 0.4% | $766.41+0% | — |
| $190 | $576.56 | $3.31 | 100 | 1.5% | 0.4% | $766.56+0% | — |
| $195 | $571.97 | $3.72 | 100 | 1.7% | 0.4% | $766.97+0% | — |
| $200 | $567.25 | $4.00 | 100 | 1.8% | 0.5% | $767.25+1% | — |
| $205 | $562.54 | $4.29 | 100 | 1.8% | 0.5% | $767.54+1% | — |
| $210 | $557.94 | $4.69 | 100 | 2.0% | 0.5% | $767.94+1% | — |
| $215 | $553.25 | $5.00 | 100 | 2.0% | 0.6% | $768.25+1% | — |
| $220 | $548.52 | $5.27 | 100 | 2.1% | 0.6% | $768.52+1% | — |
| $225 | $543.93 | $5.68 | 100 | 2.2% | 0.6% | $768.93+1% | — |
| $230 | $539.25 | $6.00 | 100 | 2.3% | 0.7% | $769.25+1% | — |
| $235 | $534.51 | $6.25 | 100 | 2.3% | 0.7% | $769.51+1% | — |
| $240 | $529.92 | $6.67 | 100 | 2.5% | 0.8% | $769.92+1% | — |
| $245 | $525.25 | $7.00 | 100 | 2.5% | 0.8% | $770.25+1% | — |
| $250 | $520.50 | $7.25 | 100 | 2.6% | 0.8% | $770.50+1% | — |
| $255 | $515.92 | $7.66 | 100 | 2.7% | 0.9% | $770.92+1% | — |
| $260 | $511.08 | $7.83 | 100 | 2.7% | 0.9% | $771.08+1% | — |
| $265 | $506.50 | $8.25 | 100 | 2.8% | 0.9% | $771.50+1% | — |
| $270 | $501.91 | $8.66 | 99 | 2.8% | 1.0% | $771.92+1% | — |
| $275 | $497.25 | $9.00 | 99 | 2.9% | 1.0% | $772.25+1% | — |
| $280 | $492.51 | $9.25 | 99 | 2.9% | 1.0% | $772.51+1% | — |
| $285 | $487.93 | $9.68 | 99 | 3.0% | 1.1% | $772.93+1% | 49% |
| $290 | $483.25 | $10.00 | 99 | 3.1% | 1.1% | $773.25+1% | 48% |
| $295 | $478.52 | $10.27 | 99 | 3.1% | 1.2% | $773.52+1% | 48% |
| $300 | $473.94 | $10.69 | 99 | 3.2% | 1.2% | $773.94+1% | 47% |
| $305 | $469.25 | $11.00 | 99 | 3.2% | 1.2% | $774.25+1% | 47% |
| $310 | $464.54 | $11.29 | 99 | 3.2% | 1.3% | $774.54+1% | 47% |
| $315 | $459.97 | $11.72 | 99 | 3.3% | 1.3% | $774.97+2% | 46% |
| $320 | $455.40 | $12.14 | 99 | 3.4% | 1.4% | $775.40+2% | 46% |
| $325 | $450.57 | $12.32 | 99 | 3.4% | 1.4% | $775.57+2% | 46% |
| $330 | $446.00 | $12.75 | 99 | 3.5% | 1.5% | $776.00+2% | 46% |
| $335 | $441.43 | $13.18 | 99 | 3.5% | 1.5% | $776.43+2% | 46% |
| $340 | $436.75 | $13.50 | 99 | 3.6% | 1.5% | $776.75+2% | 46% |
| $345 | $432.04 | $13.79 | 99 | 3.6% | 1.6% | $777.05+2% | 46% |
| $350 | $427.48 | $14.23 | 99 | 3.6% | 1.6% | $777.48+2% | 46% |
| $355 | $422.91 | $14.66 | 99 | 3.7% | 1.7% | $777.92+2% | 46% |
| $360 | $418.25 | $15.00 | 98 | 3.7% | 1.7% | $778.25+2% | 46% |
| $365 | $413.54 | $15.29 | 98 | 3.8% | 1.7% | $778.54+2% | 46% |
| $370 | $408.98 | $15.73 | 98 | 3.8% | 1.8% | $778.98+2% | 46% |
| $375 | $404.42 | $16.17 | 98 | 3.9% | 1.9% | $779.42+2% | 46% |
| $380 | $399.86 | $16.61 | 98 | 3.9% | 1.9% | $779.86+2% | 46% |
| $385 | $395.06 | $16.81 | 98 | 3.9% | 1.9% | $780.06+2% | 46% |
| $390 | $390.50 | $17.25 | 98 | 4.0% | 2.0% | $780.50+2% | 46% |
| $395 | $385.95 | $17.69 | 98 | 4.0% | 2.0% | $780.94+2% | 46% |
| $400 | $381.39 | $18.14 | 98 | 4.1% | 2.1% | $781.39+2% | 46% |
| $405 | $376.59 | $18.34 | 98 | 4.1% | 2.1% | $781.59+2% | 46% |
| $410 | $372.04 | $18.79 | 98 | 4.1% | 2.2% | $782.04+2% | 46% |
| $415 | $367.50 | $19.25 | 97 | 4.2% | 2.2% | $782.50+3% | 46% |
| $420 | $362.95 | $19.70 | 97 | 4.2% | 2.3% | $782.95+3% | 46% |
| $425 | $358.41 | $20.16 | 97 | 4.3% | 2.3% | $783.41+3% | 46% |
| $430 | $353.87 | $20.62 | 97 | 4.3% | 2.4% | $783.87+3% | 46% |
| $435 | $349.08 | $20.83 | 97 | 4.3% | 2.4% | $784.08+3% | 46% |
| $440 | $344.54 | $21.29 | 97 | 4.4% | 2.5% | $784.54+3% | 46% |
| $445 | $340.01 | $21.76 | 97 | 4.4% | 2.5% | $785.01+3% | 46% |
| $450 | $335.48 | $22.23 | 96 | 4.5% | 2.6% | $785.48+3% | 46% |
| $455 | $330.95 | $22.70 | 96 | 4.5% | 2.7% | $785.95+3% | 46% |
| $460 | $326.43 | $23.18 | 96 | 4.6% | 2.7% | $786.43+3% | 46% |
| $465 | $321.90 | $23.65 | 96 | 4.6% | 2.8% | $786.90+3% | 46% |
| $470 | $317.38 | $24.13 | 96 | 4.6% | 2.8% | $787.38+3% | 46% |
| $475 | $312.87 | $24.62 | 96 | 4.7% | 2.9% | $787.87+3% | 46% |
| $480 | $308.11 | $24.86 | 96 | 4.7% | 2.9% | $788.11+3% | 46% |
| $485 | $303.60 | $25.35 | 95 | 4.7% | 3.0% | $788.60+3% | 46% |
| $490 | $299.09 | $25.84 | 95 | 4.8% | 3.1% | $789.09+3% | 46% |
| $495 | $294.59 | $26.34 | 95 | 4.8% | 3.1% | $789.59+3% | 46% |
| $500 | $290.09 | $26.84 | 95 | 4.9% | 3.2% | $790.09+4% | 46% |
| $505 | $285.60 | $27.35 | 95 | 4.9% | 3.3% | $790.60+4% | 46% |
| $510 | $281.11 | $27.86 | 94 | 5.0% | 3.3% | $791.11+4% | 46% |
| $515 | $276.88 | $28.63 | 94 | 5.1% | 3.4% | $791.88+4% | 46% |
| $520 | $272.40 | $29.14 | 94 | 5.1% | 3.5% | $792.40+4% | 46% |
| $525 | $267.92 | $29.67 | 94 | 5.1% | 3.6% | $792.92+4% | 46% |
| $530 | $263.45 | $30.20 | 93 | 5.2% | 3.6% | $793.45+4% | 46% |
| $535 | $258.99 | $30.74 | 93 | 5.2% | 3.7% | $793.99+4% | 46% |
| $540 | $254.53 | $31.28 | 93 | 5.3% | 3.8% | $794.53+4% | 46% |
| $545 | $250.08 | $31.82 | 93 | 5.3% | 3.9% | $795.08+4% | 46% |
| $550 | $245.63 | $32.38 | 92 | 5.4% | 4.0% | $795.63+4% | 46% |
| $555 | $241.44 | $33.19 | 92 | 5.5% | 4.1% | $796.44+4% | 46% |
| $560 | $237.00 | $33.75 | 92 | 5.5% | 4.1% | $797.00+4% | 46% |
| $565 | $232.57 | $34.32 | 91 | 5.6% | 4.2% | $797.57+4% | 46% |
| $570 | $228.40 | $35.15 | 91 | 5.6% | 4.4% | $798.40+5% | 45% |
| $575 | $223.99 | $35.74 | 91 | 5.7% | 4.4% | $798.99+5% | 45% |
| $580 | $219.58 | $36.32 | 90 | 5.7% | 4.5% | $799.58+5% | 45% |
| $585 | $215.43 | $37.18 | 90 | 5.8% | 4.7% | $800.43+5% | 45% |
| $590 | $211.03 | $37.78 | 89 | 5.9% | 4.8% | $801.03+5% | 45% |
| $595 | $206.65 | $38.40 | 89 | 5.9% | 4.9% | $801.65+5% | 45% |
| $600 | $202.52 | $39.27 | 89 | 6.0% | 5.0% | $802.52+5% | 45% |
| $605 | $198.16 | $39.91 | 88 | 6.1% | 5.1% | $803.16+5% | 45% |
| $610 | $194.05 | $40.80 | 88 | 6.2% | 5.2% | $804.05+5% | 45% |
| $615 | $189.95 | $41.69 | 87 | 6.2% | 5.4% | $804.94+5% | 45% |
| $620 | $185.61 | $42.36 | 87 | 6.3% | 5.5% | $805.61+6% | 45% |
| $625 | $181.53 | $43.28 | 86 | 6.4% | 5.6% | $806.53+6% | 44% |
| $630 | $177.45 | $44.20 | 86 | 6.5% | 5.8% | $807.45+6% | 44% |
| $635 | $173.14 | $44.89 | 85 | 6.5% | 5.9% | $808.15+6% | 44% |
| $640 | $169.10 | $45.85 | 85 | 6.6% | 6.1% | $809.10+6% | 44% |
| $645 | $165.06 | $46.81 | 84 | 6.7% | 6.3% | $810.06+6% | 44% |
| $650 | $161.04 | $47.79 | 83 | 6.8% | 6.4% | $811.04+6% | 44% |
| $655 | $157.02 | $48.77 | 83 | 6.9% | 6.6% | $812.02+6% | 44% |
| $660 | $153.02 | $49.77 | 82 | 7.0% | 6.8% | $813.02+7% | 43% |
| $665 | $149.03 | $50.78 | 82 | 7.1% | 7.0% | $814.03+7% | 43% |
| $670 | $145.06 | $51.81 | 81 | 7.2% | 7.2% | $815.06+7% | 43% |
| $675 | $141.10 | $52.85 | 80 | 7.3% | 7.4% | $816.10+7% | 43% |
| $680 | $137.14 | $53.89 | 79 | 7.4% | 7.6% | $817.15+7% | 43% |
| $685 | $133.21 | $54.96 | 79 | 7.5% | 7.9% | $818.21+7% | 42% |
| $690 | $129.54 | $56.29 | 78 | 7.6% | 8.1% | $819.54+7% | 42% |
| $695 | $125.64 | $57.39 | 77 | 7.7% | 8.4% | $820.64+8% | 42% |
| $700 | $123.00 | $59.75 | 76 | 8.0% | 8.8% | $823.00+8% | 41% |
| $705 | $118.13 | $59.88 | 76 | 8.0% | 8.9% | $823.13+8% | 41% |
| $710 | $114.52 | $61.27 | 75 | 8.1% | 9.2% | $824.52+8% | 41% |
| $715 | $110.68 | $62.43 | 74 | 8.2% | 9.5% | $825.68+8% | 41% |
| $720 | $107.10 | $63.85 | 73 | 8.4% | 9.9% | $827.11+8% | 41% |
| $725 | $103.55 | $65.30 | 72 | 8.5% | 10.2% | $828.55+9% | 40% |
| $730 | $100.65 | $67.40 | 71 | 8.7% | 10.7% | $830.65+9% | 40% |
| $735 | $96.25 | $68.00 | 70 | 8.8% | 10.9% | $831.25+9% | 40% |
| $740 | $93.00 | $69.75 | 69 | 8.9% | 11.4% | $833.00+9% | 39% |
| $745 | $89.41 | $71.16 | 68 | 9.1% | 11.8% | $834.41+9% | 39% |
| $750 | $86.28 | $73.03 | 67 | 9.3% | 12.3% | $836.28+10% | 38% |
| $755 | $82.66 | $74.41 | 66 | 9.4% | 12.8% | $837.66+10% | 38% |
| $760 | $79.35 | $76.10 | 64 | 9.6% | 13.3% | $839.36+10% | 38% |
| $765OTM | $76.82 | $76.82 | 63 | — | 13.7% | $841.82+10% | 37% |
| $770OTM | $73.07 | $73.07 | 62 | — | 13.2% | $843.07+10% | 37% |
| $775OTM | $69.82 | $69.82 | 61 | — | 12.9% | $844.82+11% | 36% |
| $780OTM | $66.68 | $66.68 | 60 | — | 12.6% | $846.68+11% | 36% |
| $785OTM | $63.68 | $63.68 | 58 | — | 12.3% | $848.68+11% | 35% |
| $790OTM | $60.72 | $60.72 | 57 | — | 12.0% | $850.72+11% | 35% |
| $795OTM | $57.82 | $57.82 | 56 | — | 11.7% | $852.82+12% | 34% |
Borrow rateis the annualised cost of controlling the shares through the option, quoted against the capital it frees. It’s blank out of the money, where the call isn’t standing in for the shares at all. Cost / exposuredivides the same cost by the delta-weighted exposure it actually buys, so every strike is comparable — that’s the column to rank by.