Selling naked put. Strike sits ~9% below spot ($346.04), right at late-July post-earnings lows near $315-$317 and below the September floor around $328. Earnings not until Nov 4, after expiry. Premium collected ~$72/contract. Buying power used ~$3,814/contract. Return on BP: 1.9% in 16 days. Effective cost if assigned: $314.28.