EWY wheel: cash-secured put & covered-call yields
iShares MSCI South Korea ETF · ETFs · $145.38 close on Nov 12, 2026
What the Nov 12, 2026 close says about EWY
At 68.5% implied volatility, the options market is pricing a one-standard-deviation move of about $31.28 (21.5%) in EWY by Dec 18, 2026, 36 days out.
Selling the $134 put (−0.30Δ) for $6.60 means assignment would leave a cost basis of $127.40, 12.4% below the $145.38 close.
The 64-day 0.30Δ put pays 1.1× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.183 vs $0.113).
At 0.30Δ on the Dec 18 expiry the put yields 4.93% on its strike and the call 3.03% on spot: puts pay 1.6× what calls do on EWY this session.
Moving down to the $126 put (−0.20Δ) buys 5.5% more room below spot and keeps 62% of the 0.30Δ premium.
Open interest in the stored window totals 292,091 contracts; the largest single line is the $185 call expiring Dec 18 with 28,605 (9.8% of the window).
By options volume EWY ranks #68 of 679 names in our universe.
Near-the-money options volume (3.3k) is 383% 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 EWY
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $134 | −0.30 | $6.60 Nov 12 | $660.00 | $13,400 | 4.93% | 49.9% | $127.40 | 143 | 70 |
| 0.20Δ | $126 | −0.20 | $4.08 Nov 12 | $408.00 | $12,600 | 3.24% | 32.8% | $121.92 | 198 | 2 |
Snapshot #9367 · 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 | $130 | −0.28 | $7.20 Nov 12 | $720.00 | $13,000 | 5.54% | 31.6% | $122.80 | 7,754 | 10 |
| 0.20Δ | $120 | −0.18 | $4.27 Nov 12 | $427.00 | $12,000 | 3.56% | 20.3% | $115.73 | 14,395 | 22 |
Snapshot #9367 · session 2026-11-12 · captured 22:02 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on EWY
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $158 | 0.31 | $4.40 Nov 12 | $440.00 | 3.03% | 30.7% | 11.71% | 118.7% | 100 | 2 |
| 0.20Δ | $170 | 0.18 | $2.00 Nov 12 | $200.00 | 1.38% | 13.9% | 18.31% | 185.6% | 5,200 | 5,622 |
Snapshot #9367 · 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 | Unavailable1 | |||||||||
| 0.20Δ | $175 | 0.22 | $2.64 Nov 12 | $264.00 | 1.82% | 10.4% | 22.19% | 126.6% | 2,908 | 1 |
Snapshot #9367 · session 2026-11-12 · captured 22:02 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
EWY volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 68.5%session 2026-11-12
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 292,091 contractssession 2026-11-12
- Largest open-interest line
- $185 call · Dec 18 · 28,605
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #68 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.
- No contract near 0.30Δ traded this session
- We are building our own daily implied-volatility history (34 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.