EWY wheel: cash-secured put & covered-call yields
iShares MSCI South Korea ETF · ETFs · $183.58 close on Sep 28, 2026
What the Sep 28, 2026 close says about EWY
At 45.0% implied volatility, the options market is pricing a one-standard-deviation move of about $24.43 (13.3%) in EWY by Oct 30, 2026, 32 days out.
Selling the $175 put (−0.32Δ) for $5.52 means assignment would leave a cost basis of $169.48, 7.7% below the $183.58 close.
The 81-day 0.30Δ put pays 1.8× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.173 vs $0.124).
At 0.30Δ on the Oct 30 expiry the put yields 3.15% on its strike and the call 2.45% on spot: puts pay 1.3× what calls do on EWY this session.
Moving down to the $165 put (−0.19Δ) buys 5.4% more room below spot and keeps 67% of the 0.30Δ premium.
Open interest in the stored window totals 106,062 contracts; the largest single line is the $220 call expiring Dec 18 with 15,871 (15.0% of the window).
By options volume EWY ranks #55 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 EWY
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $175 | −0.32 | $5.52 Sep 28 | $552.00 | $17,500 | 3.15% | 36.0% | $169.48 | 749 | 10 |
| 0.20Δ | $165 | −0.19 | $3.72 Sep 28 | $372.00 | $16,500 | 2.25% | 25.7% | $161.28 | 533 | 15 |
Snapshot #118 · 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 | $170 | −0.31 | $10.05 Sep 28 | $1,005.00 | $17,000 | 5.91% | 26.6% | $159.95 | 2,444 | 7 |
| 0.20Δ | $160 | −0.22 | $6.20 Sep 28 | $620.00 | $16,000 | 3.88% | 17.5% | $153.80 | 2,726 | 3 |
Snapshot #118 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on EWY
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $199 | 0.31 | $4.50 Sep 28 | $450.00 | 2.45% | 28.0% | 10.85% | 123.8% | 255 | 11 |
| 0.20Δ | $207.50 | 0.22 | $2.77 Sep 28 | $277.00 | 1.51% | 17.2% | 14.54% | 165.8% | 82 | 153 |
Snapshot #118 · 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 | $210 | 0.31 | $6.30 Sep 28 | $630.00 | 3.43% | 15.5% | 17.82% | 80.3% | 2,228 | 2 |
| 0.20Δ | $225 | 0.20 | $3.95 Sep 28 | $395.00 | 2.15% | 9.7% | 24.71% | 111.4% | 4,548 | 12 |
Snapshot #118 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
EWY volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 45.0%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 106,062 contractssession 2026-09-28
- Largest open-interest line
- $220 call · Dec 18 · 15,871
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #55 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.