META Options Hit the June 2028 Stage: Two Contracts Worth Your Attention

Meta Platforms Inc (META) just launched fresh options contracts expiring in June 2028, and traders are already eyeing some compelling setups. With nearly 900 days until expiration, this extended timeframe opens the door to premium-rich opportunities that shorter-dated contracts simply can’t match.

The Put Play: $650 Strike Takes Center Stage

Let’s kick off with the put side. The $650 strike is currently bid at $120, and here’s what catches attention: if you sell-to-open at this level, you’re committing to buy META shares at $650, but pocketing that $120 premium in the process. The math works out cleanly—your effective entry price drops to $530 before commissions, a meaningful discount to today’s $656.02 price tag.

What’s the catch? The $650 strike sits roughly 1% below current levels (out-of-the-money territory), meaning there’s a solid chance it expires worthless. According to current analytics, the probability sits around 67%. If that happens, you’re looking at an 18.46% return on your cash commitment, or 7.55% annualized. Not bad for parking capital in META for two years.

The trailing twelve-month price action for META provides helpful context here. That $650 level isn’t random—it’s positioned within the stock’s historical trading range, giving you a sense of where mean reversion might kick in.

The Call Strategy: $770 Strike for Income Builders

Now pivot to the call side. The $770 strike is bid at $130, and this is where covered call enthusiasts perk up. Picture this: you grab META shares at $656.02 today, then immediately sell-to-open a $770 call. You’re obligated to hand over the stock if it rallies to $770 by June 2028, but you keep that $130 premium either way.

Run the numbers: if META gets called away, you’re banking a 37.19% total return over roughly two years. That’s compelling for income-focused traders who are neutral to modestly bullish on the stock.

The flip side? If META absolutely explodes and blows past $770, you’ll miss the gains beyond that strike. That’s where studying META’s fundamental story becomes critical. But here’s the silver lining: the $770 level represents a 17% cushion above today’s price, and there’s a 44% probability it expires worthless. If that occurs, you keep your shares AND pocket the $130 premium—a 19.82% return boost, or 8.11% annually.

The Volatility Snapshot

Both contracts are priced against an implied volatility backdrop of 38-39%, which sits slightly elevated compared to META’s actual trailing twelve-month volatility of 37%. This minor divergence suggests the market is baking in a bit of premium for the long-dated nature of these June 2028 contracts.

The Bottom Line

Whether you’re looking to create a lower entry point with puts or generate steady income with covered calls, META’s 2028 options chain just delivered some interesting risk/reward opportunities. The extended time value is real, and the analytics back up both strategies—but as always, these setups demand conviction about META’s business fundamentals over the next two years.