FXI wheel: cash-secured put & covered-call yields
iShares China Large-Cap ETF · ETFs · $33.86 close on Sep 29, 2026
What the Sep 29, 2026 close says about FXI
At 17.4% implied volatility, the options market is pricing a one-standard-deviation move of about $1.71 (5.1%) in FXI by Oct 30, 2026, 31 days out.
Selling the $33 put (−0.30Δ) for $0.42 means assignment would leave a cost basis of $32.58, 3.8% below the $33.86 close.
The 80-day 0.30Δ put pays 1.6× the premium of the 31-day one for 2.6× the time — more premium per day on the 31-day contract ($0.014 vs $0.008).
Moving down to the $32 put (−0.17Δ) buys 3.0% more room below spot and keeps 43% of the 0.30Δ premium.
Open interest in the stored window totals 465,069 contracts; the largest single line is the $37 call expiring Dec 18 with 78,441 (16.9% of the window).
By options volume FXI ranks #217 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 FXI
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $33 | −0.30 | $0.42 Sep 29 | $42.00 | $3,300 | 1.27% | 15.0% | $32.58 | 36 | 2 |
| 0.20Δ | $32 | −0.17 | $0.18 Sep 29 | $18.00 | $3,200 | 0.56% | 6.6% | $31.82 | 18 | 12 |
Snapshot #384 · session 2026-09-29 · captured 22:02 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 31
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $32 | −0.26 | $0.67 Sep 29 | $67.00 | $3,200 | 2.09% | 9.6% | $31.33 | 48,540 | 16 |
| 0.20Δ | $31 | −0.19 | $0.39 Sep 29 | $39.00 | $3,100 | 1.26% | 5.7% | $30.61 | 70,626 | 1,001 |
Snapshot #384 · session 2026-09-29 · captured 22:02 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 80
Covered calls on FXI
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $36 | 0.17 | $0.15 Sep 29 | $15.00 | 0.44% | 5.2% | 6.76% | 79.6% | 179 | 3 |
Snapshot #384 · session 2026-09-29 · captured 22:02 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 31
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $36 | 0.31 | $0.58 Sep 29 | $58.00 | 1.71% | 7.8% | 8.03% | 36.7% | 48,312 | 4 |
| 0.20Δ | $37 | 0.18 | $0.38 Sep 29 | $38.00 | 1.12% | 5.1% | 10.40% | 47.4% | 78,441 | 1,389 |
Snapshot #384 · session 2026-09-29 · captured 22:02 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 80
FXI volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 17.4%session 2026-09-29
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 465,069 contractssession 2026-09-29
- Largest open-interest line
- $37 call · Dec 18 · 78,441
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #217 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.
- No contract near 0.30Δ traded this session
- We are building our own daily implied-volatility history (2 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.