EEM wheel: cash-secured put & covered-call yields
iShares MSCI Emerging Markets ETF · ETFs · $61.14 close on Nov 12, 2026
What the Nov 12, 2026 close says about EEM
At 31.3% implied volatility, the options market is pricing a one-standard-deviation move of about $6.00 (9.8%) in EEM by Dec 18, 2026, 36 days out.
Selling the $58 put (−0.29Δ) for $1.22 means assignment would leave a cost basis of $56.78, 7.1% below the $61.14 close.
The 64-day 0.30Δ put pays 1.4× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.034 vs $0.027).
At 0.30Δ on the Dec 18 expiry the put yields 2.10% on its strike and the call 1.64% on spot: puts pay 1.3× what calls do on EEM this session.
Moving down to the $56 put (−0.19Δ) buys 3.3% more room below spot and keeps 61% of the 0.30Δ premium.
Open interest in the stored window totals 1,324,063 contracts; the largest single line is the $70 call expiring Dec 18 with 92,589 (7.0% of the window).
By options volume EEM ranks #105 of 679 names in our universe.
Near-the-money options volume (18k) is 4578% 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 EEM
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $58 | −0.29 | $1.22 Nov 12 | $122.00 | $5,800 | 2.10% | 21.3% | $56.78 | 40,347 | 4 |
| 0.20Δ | $56 | −0.19 | $0.74 Nov 12 | $74.00 | $5,600 | 1.32% | 13.4% | $55.26 | 42,037 | 7,514 |
Snapshot #9361 · session 2026-11-12 · captured 22:02 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 | $58 | −0.31 | $1.73 Nov 12 | $173.00 | $5,800 | 2.98% | 17.0% | $56.27 | 14,516 | 5,750 |
| 0.20Δ | $55 | −0.20 | $0.74 Nov 12 | $74.00 | $5,500 | 1.35% | 7.7% | $54.26 | 38,490 | 2 |
Snapshot #9361 · session 2026-11-12 · captured 22:02 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on EEM
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $64 | 0.30 | $1.00 Nov 12 | $100.00 | 1.64% | 16.6% | 6.31% | 64.0% | 32,081 | 3 |
| 0.20Δ | $66.50 | 0.18 | $0.45 Nov 12 | $45.00 | 0.74% | 7.5% | 9.50% | 96.3% | 1,169 | 1 |
Snapshot #9361 · session 2026-11-12 · captured 22:02 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 | $65 | 0.30 | $1.10 Nov 12 | $110.00 | 1.80% | 10.3% | 8.11% | 46.3% | 8,400 | 92 |
| 0.20Δ | $67 | 0.21 | $0.66 Nov 12 | $66.00 | 1.08% | 6.2% | 10.66% | 60.8% | 18,221 | 138 |
Snapshot #9361 · session 2026-11-12 · captured 22:02 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
EEM volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 31.3%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 1,324,063 contractssession 2026-11-12
- Largest open-interest line
- $70 call · Dec 18 · 92,589
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #105 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 (33 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.