DRAM wheel: cash-secured put & covered-call yields
Roundhill Memory ETF · ETFs · $43.66 close on Nov 12, 2026
What the Nov 12, 2026 close says about DRAM
At 69.1% implied volatility, the options market is pricing a one-standard-deviation move of about $9.48 (21.7%) in DRAM by Dec 18, 2026, 36 days out.
Selling the $40 put (−0.30Δ) for $2.17 means assignment would leave a cost basis of $37.83, 13.4% below the $43.66 close.
The 64-day 0.30Δ put pays 1.3× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.060 vs $0.043).
At 0.30Δ on the Dec 18 expiry the put yields 5.42% on its strike and the call 3.69% on spot: puts pay 1.5× what calls do on DRAM this session.
Moving down to the $37 put (−0.19Δ) buys 6.9% more room below spot and keeps 58% of the 0.30Δ premium.
Open interest in the stored window totals 630,005 contracts; the largest single line is the $60 call expiring Jan 15 with 129,981 (20.6% of the window).
By options volume DRAM ranks #49 of 679 names in our universe.
Near-the-money options volume (8.8k) is 844% 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 DRAM
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $40 | −0.30 | $2.17 Nov 12 | $217.00 | $4,000 | 5.42% | 55.0% | $37.83 | 49,658 | 317 |
| 0.20Δ | $37 | −0.19 | $1.26 Nov 12 | $126.00 | $3,700 | 3.41% | 34.5% | $35.74 | 2,302 | 56 |
Snapshot #9358 · 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 | $39 | −0.29 | $2.75 Nov 12 | $275.00 | $3,900 | 7.05% | 40.2% | $36.25 | 2,071 | 5 |
| 0.20Δ | $36 | −0.20 | $2.00 Nov 12 | $200.00 | $3,600 | 5.56% | 31.7% | $34.00 | 776 | 2 |
Snapshot #9358 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on DRAM
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $50 | 0.30 | $1.61 Nov 12 | $161.00 | 3.69% | 37.4% | 18.21% | 184.6% | 14,443 | 3,621 |
| 0.20Δ | $54 | 0.19 | $0.82 Nov 12 | $82.00 | 1.88% | 19.0% | 25.56% | 259.2% | 3,815 | 35 |
Snapshot #9358 · 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 | $52 | 0.31 | $1.92 Nov 12 | $192.00 | 4.40% | 25.1% | 23.50% | 134.0% | 4,282 | 18 |
| 0.20Δ | $56 | 0.20 | $1.25 Nov 12 | $125.00 | 2.86% | 16.3% | 31.13% | 177.5% | 972 | 3 |
Snapshot #9358 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
DRAM volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 69.1%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 630,005 contractssession 2026-11-12
- Largest open-interest line
- $60 call · Jan 15 · 129,981
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #49 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.