June 29, 2026
Monthly UpdateJune 2026: The Wheel Keeps Turning — A Near-Perfect Expiration and a Big Dividend Month
VTI pinned within a penny of the strike. SCHD assigned back into my hands. And a $12,246 dividend to close out the month.
Some months the wheel quietly does its job. June was one of those months — and then some.
After May's drama of getting fully assigned on both positions, June was about rebuilding. I came into the month owning SCHD again (via assignment) and holding cash-secured puts on VTI. By the end of June 18, I had $10,130 in options income locked in. And then on June 29, SCHD's quarterly dividend hit the account: $12,246.25.
Not bad for a "quiet" month.
The Numbers
June Expiration (June 18): A Near-Perfect Result
Going into June 18, I had two positions expiring:
- SCHD covered calls — 485 contracts at a $32.00 strike
- VTI cash-secured puts — 11 contracts at a $370.00 strike
Here's how they settled:
SCHD closed at $31.86 — just below my $32 put strike — so I was assigned. Exactly what I wanted. I paid $32 per share for 48,500 shares, collecting $1,552,000 in proceeds (from the puts I'd sold). I'm back to full position size on SCHD, and I collected $4,850 in premium for the privilege of waiting.
VTI closed at $369.99. One penny below my $370.00 put strike.
The puts expired worthless. I kept the full $5,280 premium and wasn't assigned any shares. I stayed in cash on VTI and immediately started planning my next position.
About that VTI pin: When an option expires within a few cents of the strike, traders call it "pinning." Market makers manage their delta exposure throughout the day and it can create self-reinforcing price action near popular strikes. Whether that's what happened here or pure coincidence, I'll take it. $5,280 collected, zero shares acquired, full flexibility going into July.
New Trades (June 25)
One week after expiration, I put new positions on for July.
485 contracts at $0.20 premium. The $32.50 strike gives SCHD about 2% room to run before I get called away again. At current prices, I'm comfortable with that tradeoff.
11 contracts at $4.60 premium. Same strike as last month — if VTI pulls back to $370, I'd be happy owning it there. If it stays above, I keep the premium and roll again.
The June 29 Dividend
Being back in SCHD paid off immediately. On June 29, SCHD paid its Q2 2026 dividend.
48,500 shares × $0.2525 = $12,246.25 in qualified dividends
This is one of the reasons I keep coming back to SCHD specifically. The dividend is reliable, it's qualified (taxed at favorable long-term rates), and it compounds the wheel strategy nicely. Every quarter I own these shares, I collect this check.
The timing worked out well: I got assigned back into SCHD on June 18, and 11 days later the dividend hit. That's one of the pleasant side effects of the put strategy — even when you're "waiting to get in," you get back in right before the dividend if the timing aligns.
Portfolio State (End of June)
Year-to-Date Summary
| Month | Options | Dividends | Total |
|---|---|---|---|
| January | $31,930 | $2,286 | $34,216 |
| February | $12,197 | $0 | $12,197 |
| March | $3,525 | $16,663 | $20,188 |
| April | $7,600 | $0 | $7,600 |
| May | $6,600 | $0 | $6,600 |
| June | $10,130 | $12,246 | $22,376 |
| YTD Total | $71,982 | $31,195 | ~$96,131 |
Roughly $96K in income through six months. We're past the halfway point of the year and well on pace for another strong annual total.
Looking Ahead: July
July's projected cash flow is shaping up nicely:
- SCHD covered calls (Jul 24): $9,700 in hand
- VTI cash-secured puts (Jul 17): $5,060 in hand
- SCHD Q3 dividend: Not until September — but it's coming
- VMFXX interest on ~$411K @ 3.2%: ~$1,100/month
Projected July total: ~$28,103 (if all positions play out as opened). That assumes the SCHD calls either expire worthless or get assigned at $32.50, and VTI stays above $370.
The strategy is the same as it's been for five years: sell premium, collect dividends, reinvest, repeat. Patience and discipline. Let time decay work for you, not against you.
One thing I keep coming back to: VTI closed at $369.99 this month — one penny from my strike — and I walked away fine. That's not luck, that's the structure of the strategy. Even in the worst case (getting assigned at $370), I would have owned VTI at a price I was comfortable with. The "near miss" framing misses the point. There are no bad outcomes when you've set up the trade correctly.
Lessons This Month
1. Pins happen — and the strategy handles them fine. VTI at $369.99 is a great story, but the real lesson is that it didn't matter whether it expired at $369 or $371. I was prepared for both outcomes. Build trades where both sides of the coin are acceptable, and you never have to sweat expiration day.
2. Dividend timing rewards patience. I sold puts on SCHD, got assigned back into my position on June 18, and collected $12,246 in dividends eleven days later. The wheel keeps you in the right assets at the right times — not because you time the market, but because you're always positioned to benefit from owning great dividend payers.
3. Quiet months are good months. No drama. No big decisions. Just the system running as designed. After May's double assignment, June felt almost boring. That's exactly how it should feel.
The wheel keeps turning.
— Russell