EWZ wheel: cash-secured put & covered-call yields
iShares MSCI Brazil ETF · ETFs · $31.78 close on Nov 12, 2026
What the Nov 12, 2026 close says about EWZ
At 35.0% implied volatility, the options market is pricing a one-standard-deviation move of about $3.49 (11.0%) in EWZ by Dec 18, 2026, 36 days out.
Selling the $30 put (−0.27Δ) for $0.60 means assignment would leave a cost basis of $29.40, 7.5% below the $31.78 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 ($0.017 vs $0.014).
Moving down to the $29 put (−0.18Δ) buys 3.1% more room below spot and keeps 60% of the 0.30Δ premium.
Open interest in the stored window totals 755,999 contracts; the largest single line is the $30 put expiring Dec 18 with 115,500 (15.3% of the window).
By options volume EWZ ranks #177 of 679 names in our universe.
Near-the-money options volume (3.4k) is 716% 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 EWZ
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $30 | −0.27 | $0.60 Nov 12 | $60.00 | $3,000 | 2.00% | 20.3% | $29.40 | 115,500 | 240 |
| 0.20Δ | $29 | −0.18 | $0.36 Nov 12 | $36.00 | $2,900 | 1.24% | 12.6% | $28.64 | 83,421 | 128 |
Snapshot #9368 · 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 | $30 | −0.30 | $0.88 Nov 12 | $88.00 | $3,000 | 2.93% | 16.7% | $29.12 | 37,131 | 16 |
| 0.20Δ | $29 | −0.22 | $0.58 Nov 12 | $58.00 | $2,900 | 2.00% | 11.4% | $28.42 | 3,078 | 2 |
Snapshot #9368 · session 2026-11-12 · captured 22:02 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on EWZ
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $34 | 0.24 | $0.36 Nov 12 | $36.00 | 1.13% | 11.5% | 8.12% | 82.3% | 33,997 | 278 |
Snapshot #9368 · 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 | $34 | 0.29 | $0.56 Nov 12 | $56.00 | 1.76% | 10.0% | 8.75% | 49.9% | 18,589 | 166 |
| 0.20Δ | $35 | 0.20 | $0.38 Nov 12 | $38.00 | 1.20% | 6.8% | 11.33% | 64.6% | 33,572 | 197 |
Snapshot #9368 · session 2026-11-12 · captured 22:02 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
EWZ volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 35.0%session 2026-11-12
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 755,999 contractssession 2026-11-12
- Largest open-interest line
- $30 put · Dec 18 · 115,500
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #177 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.