EEM wheel: cash-secured put & covered-call yields
iShares MSCI Emerging Markets ETF · ETFs · $67.20 close on Sep 28, 2026
What the Sep 28, 2026 close says about EEM
At 22.1% implied volatility, the options market is pricing a one-standard-deviation move of about $4.39 (6.5%) in EEM by Oct 30, 2026, 32 days out.
Selling the $65 put (−0.31Δ) for $1.00 means assignment would leave a cost basis of $64.00, 4.8% below the $67.20 close.
The 81-day 0.30Δ put pays 1.9× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.031 vs $0.023).
At 0.30Δ on the Oct 30 expiry the put yields 1.54% on its strike and the call 1.12% on spot: puts pay 1.4× what calls do on EEM this session.
Moving down to the $63 put (−0.19Δ) buys 3.0% more room below spot and keeps 60% of the 0.30Δ premium.
Open interest in the stored window totals 611,178 contracts; the largest single line is the $70 call expiring Dec 18 with 80,245 (13.1% of the window).
By options volume EEM ranks #127 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 EEM
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $65 | −0.31 | $1.00 Sep 28 | $100.00 | $6,500 | 1.54% | 17.5% | $64.00 | 777 | 67 |
| 0.20Δ | $63 | −0.19 | $0.60 Sep 28 | $60.00 | $6,300 | 0.95% | 10.9% | $62.40 | 21 | 88 |
Snapshot #113 · 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 | $63.50 | −0.29 | $1.87 Sep 28 | $187.00 | $6,350 | 2.94% | 13.3% | $61.63 | 0 | 63 |
| 0.20Δ | $60.50 | −0.20 | $1.17 Sep 28 | $117.00 | $6,050 | 1.93% | 8.7% | $59.33 | 0 | 33 |
Snapshot #113 · session 2026-09-28 · captured 22:30 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on EEM
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $70 | 0.28 | $0.75 Sep 28 | $75.00 | 1.12% | 12.7% | 5.28% | 60.3% | 531 | 3 |
| 0.20Δ | $71.50 | 0.19 | $0.47 Sep 28 | $47.00 | 0.70% | 8.0% | 7.10% | 81.0% | 22 | 80 |
Snapshot #113 · 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 | $71 | 0.34 | $1.56 Sep 28 | $156.00 | 2.32% | 10.5% | 7.98% | 35.9% | 597 | 2 |
| 0.20Δ | $75 | 0.18 | $0.61 Sep 28 | $61.00 | 0.91% | 4.1% | 12.51% | 56.4% | 77,783 | 5 |
Snapshot #113 · session 2026-09-28 · captured 22:30 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
EEM volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 22.1%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 611,178 contractssession 2026-09-28
- Largest open-interest line
- $70 call · Dec 18 · 80,245
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #127 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.