DRAM wheel: cash-secured put & covered-call yields
Roundhill Memory ETF · ETFs · $59.70 close on Sep 28, 2026
What the Sep 28, 2026 close says about DRAM
At 58.7% implied volatility, the options market is pricing a one-standard-deviation move of about $10.38 (17.4%) in DRAM by Oct 30, 2026, 32 days out.
Selling the $55.50 put (−0.29Δ) for $2.12 means assignment would leave a cost basis of $53.38, 10.6% below the $59.70 close.
The 81-day 0.30Δ put pays 1.8× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.066 vs $0.047).
At 0.30Δ on the Oct 30 expiry the put yields 3.82% on its strike and the call 3.12% on spot: puts pay 1.2× what calls do on DRAM this session.
Moving down to the $53 put (−0.21Δ) buys 4.2% more room below spot and keeps 66% of the 0.30Δ premium.
Open interest in the stored window totals 193,599 contracts; the largest single line is the $50 put expiring Dec 18 with 21,177 (10.9% of the window).
By options volume DRAM ranks #28 of 441 names in our universe.
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 | $55.50 | −0.29 | $2.12 Sep 28 | $212.00 | $5,550 | 3.82% | 43.6% | $53.38 | 101 | 111 |
| 0.20Δ | $53 | −0.21 | $1.39 Sep 28 | $139.00 | $5,300 | 2.62% | 29.9% | $51.61 | 658 | 326 |
Snapshot #111 · session 2026-09-28 · captured 22:30 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $54 | −0.30 | $3.80 Sep 28 | $380.00 | $5,400 | 7.04% | 31.7% | $50.20 | 851 | 32 |
| 0.20Δ | $50 | −0.21 | $2.28 Sep 28 | $228.00 | $5,000 | 4.56% | 20.5% | $47.72 | 21,177 | 82 |
Snapshot #111 · session 2026-09-28 · captured 22:30 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on DRAM
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $66.50 | 0.31 | $1.86 Sep 28 | $186.00 | 3.12% | 35.5% | 14.51% | 165.5% | 96 | 14 |
| 0.20Δ | $71 | 0.20 | $1.11 Sep 28 | $111.00 | 1.86% | 21.2% | 20.79% | 237.1% | 259 | 25 |
Snapshot #111 · session 2026-09-28 · captured 22:30 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $73 | 0.30 | $2.37 Sep 28 | $237.00 | 3.97% | 17.9% | 26.25% | 118.3% | 462 | 12 |
| 0.20Δ | $80 | 0.20 | $1.70 Sep 28 | $170.00 | 2.85% | 12.8% | 36.85% | 166.1% | 19,783 | 1,089 |
Snapshot #111 · session 2026-09-28 · captured 22:30 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
DRAM volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 58.7%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 193,599 contractssession 2026-09-28
- Largest open-interest line
- $50 put · Dec 18 · 21,177
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #28 of 441 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 (1 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.