ETN wheel: cash-secured put & covered-call yields
Eaton Corporation, plc Ordinary Shares · Industrials · $432.60 close on Oct 5, 2026
What the Oct 5, 2026 close says about ETN
At 40.0% implied volatility, the options market is pricing a one-standard-deviation move of about $51.28 (11.9%) in ETN by Nov 6, 2026, 32 days out.
Selling the $410 put (−0.29Δ) for $9.59 means assignment would leave a cost basis of $400.41, 7.4% below the $432.60 close.
The 74-day 0.30Δ put pays 1.5× the premium of the 32-day one for 2.3× the time — more premium per day on the 32-day contract ($0.300 vs $0.189).
At 0.30Δ on the Nov 6 expiry the put yields 2.34% on its strike and the call 2.80% on spot: calls pay 1.2× what puts do on ETN this session.
Moving down to the $390 put (−0.16Δ) buys 4.6% more room below spot and keeps 46% of the 0.30Δ premium.
Open interest in the stored window totals 6,338 contracts; the largest single line is the $520 call expiring Dec 18 with 1,189 (18.8% of the window).
By options volume ETN ranks #216 of 514 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 ETN
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $410 | −0.29 | $9.59 Oct 5 | $959.00 | $41,000 | 2.34% | 26.7% | $400.41 | 2 | 2 |
| 0.20Δ | $390 | −0.16 | $4.42 Oct 5 | $442.00 | $39,000 | 1.13% | 12.9% | $385.58 | 27 | 3 |
Snapshot #1389 · session 2026-10-05 · captured 22:20 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 | $400 | −0.28 | $13.96 Oct 5 | $1,396.00 | $40,000 | 3.49% | 17.2% | $386.04 | 512 | 11 |
| 0.20Δ | $380 | −0.19 | $8.40 Oct 5 | $840.00 | $38,000 | 2.21% | 10.9% | $371.60 | 412 | 4 |
Snapshot #1389 · session 2026-10-05 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 74
Covered calls on ETN
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $460 | 0.34 | $12.10 Oct 5 | $1,210.00 | 2.80% | 31.9% | 9.13% | 104.1% | 0 | 2 |
| 0.20Δ | $485 | 0.19 | $6.09 Oct 5 | $609.00 | 1.41% | 16.1% | 13.52% | 154.2% | 0 | 5 |
Snapshot #1389 · session 2026-10-05 · captured 22:20 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 | $480 | 0.32 | $15.50 Oct 5 | $1,550.00 | 3.58% | 17.7% | 14.54% | 71.7% | 425 | 1 |
| 0.20Δ | $500 | 0.24 | $9.80 Oct 5 | $980.00 | 2.27% | 11.2% | 17.85% | 88.0% | 243 | 13 |
Snapshot #1389 · session 2026-10-05 · captured 22:20 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 74
ETN volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 40.0%session 2026-10-05
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Oct 5, 2026
- Open interest, stored window
- 6,338 contractssession 2026-10-05
- Largest open-interest line
- $520 call · Dec 18 · 1,189
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #216 of 514 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.