ETHA wheel: cash-secured put & covered-call yields
iShares Ethereum Trust ETF · ETFs · $20.15 close on Sep 28, 2026
What the Sep 28, 2026 close says about ETHA
At 46.6% implied volatility, the options market is pricing a one-standard-deviation move of about $2.78 (13.8%) in ETHA by Oct 30, 2026, 32 days out.
Selling the $19 put (−0.31Δ) for $0.58 means assignment would leave a cost basis of $18.42, 8.6% below the $20.15 close.
The 81-day 0.30Δ put pays 1.5× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.018 vs $0.011).
At 0.30Δ on the Oct 30 expiry the put yields 3.05% on its strike and the call 2.88% on spot: puts and calls pay within 10% of each other on ETHA this session.
Moving down to the $18 put (−0.19Δ) buys 5.0% more room below spot and keeps 60% of the 0.30Δ premium.
Open interest in the stored window totals 183,562 contracts; the largest single line is the $20 put expiring Dec 18 with 25,793 (14.1% of the window).
By options volume ETHA ranks #38 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 ETHA
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $19 | −0.31 | $0.58 Sep 28 | $58.00 | $1,900 | 3.05% | 34.8% | $18.42 | 537 | 361 |
| 0.20Δ | $18 | −0.19 | $0.35 Sep 28 | $35.00 | $1,800 | 1.94% | 22.2% | $17.65 | 657 | 3 |
Snapshot #117 · session 2026-09-28 · captured 22:31 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 | $18 | −0.27 | $0.89 Sep 28 | $89.00 | $1,800 | 4.94% | 22.3% | $17.11 | 8,552 | 33 |
| 0.20Δ | $17 | −0.20 | $0.60 Sep 28 | $60.00 | $1,700 | 3.53% | 15.9% | $16.40 | 11,322 | 19 |
Snapshot #117 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on ETHA
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $22 | 0.31 | $0.58 Sep 28 | $58.00 | 2.88% | 32.8% | 12.06% | 137.6% | 2,589 | 395 |
| 0.20Δ | $23.50 | 0.19 | $0.29 Sep 28 | $29.00 | 1.44% | 16.4% | 18.06% | 206.0% | 52 | 5 |
Snapshot #117 · session 2026-09-28 · captured 22:31 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 | $24 | 0.30 | $0.84 Sep 28 | $84.00 | 4.17% | 18.8% | 23.28% | 104.9% | 17,024 | 700 |
| 0.20Δ | $26 | 0.20 | $0.54 Sep 28 | $54.00 | 2.68% | 12.1% | 31.71% | 142.9% | 16,563 | 1,046 |
Snapshot #117 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
ETHA volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 46.6%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 183,562 contractssession 2026-09-28
- Largest open-interest line
- $20 put · Dec 18 · 25,793
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #38 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.