EWZ wheel: cash-secured put & covered-call yields
iShares MSCI Brazil ETF · ETFs · $36.21 close on Sep 28, 2026
What the Sep 28, 2026 close says about EWZ
At 56.0% implied volatility, the options market is pricing a one-standard-deviation move of about $6.01 (16.6%) in EWZ by Oct 30, 2026, 32 days out.
Selling the $34 put (−0.32Δ) for $1.37 means assignment would leave a cost basis of $32.63, 9.9% below the $36.21 close.
The 81-day 0.30Δ put pays 1.2× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.043 vs $0.020).
At 0.30Δ on the Oct 30 expiry the put yields 4.03% on its strike and the call 3.09% on spot: puts pay 1.3× what calls do on EWZ this session.
Moving down to the $32 put (−0.20Δ) buys 5.5% more room below spot and keeps 56% of the 0.30Δ premium.
Open interest in the stored window totals 1,289,414 contracts; the largest single line is the $46 call expiring Dec 18 with 164,788 (12.8% of the window).
By options volume EWZ ranks #70 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 EWZ
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $34 | −0.32 | $1.37 Sep 28 | $137.00 | $3,400 | 4.03% | 46.0% | $32.63 | 691 | 325 |
| 0.20Δ | $32 | −0.20 | $0.77 Sep 28 | $77.00 | $3,200 | 2.41% | 27.4% | $31.23 | 194 | 20 |
Snapshot #119 · 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 | $33 | −0.30 | $1.61 Sep 28 | $161.00 | $3,300 | 4.88% | 22.0% | $31.39 | 21,475 | 505 |
| 0.20Δ | $31 | −0.18 | $0.94 Sep 28 | $94.00 | $3,100 | 3.03% | 13.7% | $30.06 | 9,828 | 2 |
Snapshot #119 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on EWZ
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $40 | 0.30 | $1.12 Sep 28 | $112.00 | 3.09% | 35.3% | 13.56% | 154.7% | 1,760 | 6 |
| 0.20Δ | $42 | 0.20 | $0.67 Sep 28 | $67.00 | 1.85% | 21.1% | 17.84% | 203.5% | 4,075 | 7 |
Snapshot #119 · 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 | $41 | 0.31 | $1.36 Sep 28 | $136.00 | 3.76% | 16.9% | 16.98% | 76.5% | 8,929 | 50 |
| 0.20Δ | $44 | 0.19 | $0.71 Sep 28 | $71.00 | 1.96% | 8.8% | 23.47% | 105.8% | 71,453 | 89 |
Snapshot #119 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
EWZ volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 56.0%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 1,289,414 contractssession 2026-09-28
- Largest open-interest line
- $46 call · Dec 18 · 164,788
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #70 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.