ETHA wheel: cash-secured put & covered-call yields
iShares Ethereum Trust ETF · ETFs · $45.54 close on Nov 12, 2026
What the Nov 12, 2026 close says about ETHA
At 54.2% implied volatility, the options market is pricing a one-standard-deviation move of about $7.74 (17.0%) in ETHA by Dec 18, 2026, 36 days out.
Selling the $42 put (−0.28Δ) for $1.62 means assignment would leave a cost basis of $40.38, 11.3% below the $45.54 close.
The 64-day 0.30Δ put pays 1.5× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.045 vs $0.038).
At 0.30Δ on the Dec 18 expiry the put yields 3.86% on its strike and the call 2.64% on spot: puts pay 1.5× what calls do on ETHA this session.
Moving down to the $40 put (−0.20Δ) buys 4.4% more room below spot and keeps 66% of the 0.30Δ premium.
Open interest in the stored window totals 57,688 contracts; the largest single line is the $50 call expiring Jan 15 with 11,534 (20.0% of the window).
By options volume ETHA ranks #176 of 679 names in our universe.
Near-the-money options volume (396) is 137% 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 ETHA
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $42 | −0.28 | $1.62 Nov 12 | $162.00 | $4,200 | 3.86% | 39.1% | $40.38 | 0 | 3 |
| 0.20Δ | $40 | −0.20 | $1.07 Nov 12 | $107.00 | $4,000 | 2.68% | 27.1% | $38.93 | 5,819 | 19 |
Snapshot #9363 · 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 | $42 | −0.31 | $2.44 Nov 12 | $244.00 | $4,200 | 5.81% | 33.1% | $39.56 | 0 | 2 |
| 0.20Δ | $40 | −0.24 | $1.80 Nov 12 | $180.00 | $4,000 | 4.50% | 25.7% | $38.20 | 672 | 8 |
Snapshot #9363 · session 2026-11-12 · captured 22:02 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on ETHA
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $51 | 0.29 | $1.20 Nov 12 | $120.00 | 2.64% | 26.7% | 14.62% | 148.3% | 109 | 16 |
| 0.20Δ | $54 | 0.19 | $0.75 Nov 12 | $75.00 | 1.65% | 16.7% | 20.22% | 205.0% | 142 | 30 |
Snapshot #9363 · 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 | $53 | 0.30 | $1.77 Nov 12 | $177.00 | 3.89% | 22.2% | 20.27% | 115.6% | 65 | 1 |
| 0.20Δ | $58 | 0.18 | $0.92 Nov 12 | $92.00 | 2.02% | 11.5% | 29.38% | 167.6% | 81 | 11 |
Snapshot #9363 · session 2026-11-12 · captured 22:02 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
ETHA volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 54.2%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 57,688 contractssession 2026-11-12
- Largest open-interest line
- $50 call · Jan 15 · 11,534
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #176 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 (32 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.