CBRS wheel: cash-secured put & covered-call yields
Cerebras Systems Inc. Class A Common Stock · Technology · $97.75 close on Nov 12, 2026
What the Nov 12, 2026 close says about CBRS
At 146.2% implied volatility, the options market is pricing a one-standard-deviation move of about $44.89 (45.9%) in CBRS by Dec 18, 2026, 36 days out.
Selling the $95 put (−0.27Δ) for $11.00 means assignment would leave a cost basis of $84.00, 14.1% below the $97.75 close.
The 64-day 0.30Δ put pays 1.2× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.306 vs $0.213).
At 0.30Δ on the Dec 18 expiry the put yields 11.58% on its strike and the call 3.93% on spot: puts pay 2.9× what calls do on CBRS this session.
Moving down to the $85 put (−0.18Δ) buys 10.2% more room below spot and keeps 55% of the 0.30Δ premium.
Open interest in the stored window totals 42,032 contracts; the largest single line is the $75 put expiring Jan 15 with 10,750 (25.6% of the window).
By options volume CBRS ranks #231 of 679 names in our universe.
Near-the-money options volume (479) is 110% above its 5-session average.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on CBRS
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $95 | −0.27 | $11.00 Nov 12 | $1,100.00 | $9,500 | 11.58% | 117.4% | $84.00 | 687 | 27 |
| 0.20Δ | $85 | −0.18 | $6.00 Nov 12 | $600.00 | $8,500 | 7.06% | 71.6% | $79.00 | 643 | 44 |
Snapshot #9330 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $95 | −0.27 | $13.60 Nov 12 | $1,360.00 | $9,500 | 14.32% | 81.6% | $81.40 | 819 | 75 |
| 0.20Δ | $85 | −0.20 | $8.56 Nov 12 | $856.00 | $8,500 | 10.07% | 57.4% | $76.44 | 665 | 53 |
Snapshot #9330 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on CBRS
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $130 | 0.29 | $3.84 Nov 12 | $384.00 | 3.93% | 39.8% | 36.92% | 374.3% | 476 | 164 |
| 0.20Δ | $140 | 0.21 | $2.45 Nov 12 | $245.00 | 2.51% | 25.4% | 45.73% | 463.6% | 575 | 28 |
Snapshot #9330 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $135 | 0.31 | $5.23 Nov 12 | $523.00 | 5.35% | 30.5% | 43.46% | 247.8% | 206 | 3 |
| 0.20Δ | $145 | 0.24 | $3.82 Nov 12 | $382.00 | 3.91% | 22.3% | 52.25% | 298.0% | 233 | 9 |
Snapshot #9330 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
CBRS volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 146.2%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 42,032 contractssession 2026-11-12
- Largest open-interest line
- $75 put · Jan 15 · 10,750
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #231 of 679 optionable names by options volume
How these numbers are made
One end-of-day snapshot per session from a 15-minute-delayed feed. A premium is a contract’s last trade, used only if it printed that session, sits above intrinsic value and is in order with its neighbours; deltas are the feed’s own. Expiries are the first at least 30 and 60 days out, and nothing under 30 days is annualized. Not investment advice. Full methodology.
- We are building our own daily implied-volatility history (34 of 252 sessions so far); IV rank and percentile need a full year of it.
- Our data provider does not license announced earnings dates, and we do not publish estimates.
- Our data feed carries last trades, not live bid/ask quotes, so we cannot show a spread.