IBB wheel: cash-secured put & covered-call yields
iShares Biotechnology ETF · ETFs · $221.13 close on Nov 4, 2026
What the Nov 4, 2026 close says about IBB
At 26.7% implied volatility, the options market is pricing a one-standard-deviation move of about $20.53 (9.3%) in IBB by Dec 18, 2026, 44 days out.
Selling the $210 put (−0.27Δ) for $3.50 means assignment would leave a cost basis of $206.50, 6.6% below the $221.13 close.
The 72-day 0.30Δ put pays 2.1× the premium of the 44-day one for 1.6× the time — more premium per day on the 72-day contract ($0.100 vs $0.080).
At 0.30Δ on the Dec 18 expiry the put yields 1.67% on its strike and the call 1.01% on spot: puts pay 1.6× what calls do on IBB this session.
Moving down to the $205 put (−0.17Δ) buys 2.3% more room below spot and keeps 69% of the 0.30Δ premium.
Open interest in the stored window totals 10,840 contracts; the largest single line is the $200 put expiring Jan 15 with 1,922 (17.7% of the window).
By options volume IBB ranks #83 of 661 names in our universe.
Near-the-money options volume (810) is 13% above its 2-session average.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on IBB
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $210 | −0.27 | $3.50 Nov 4 | $350.00 | $21,000 | 1.67% | 13.8% | $206.50 | 151 | 10 |
| 0.20Δ | $205 | −0.17 | $2.43 Nov 4 | $243.00 | $20,500 | 1.19% | 9.8% | $202.57 | 645 | 55 |
Snapshot #7664 · session 2026-11-04 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 44
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $210 | −0.30 | $7.20 Nov 4 | $720.00 | $21,000 | 3.43% | 17.4% | $202.80 | 193 | 95 |
| 0.20Δ | $205 | −0.22 | $5.30 Nov 4 | $530.00 | $20,500 | 2.59% | 13.1% | $199.70 | 560 | 5 |
Snapshot #7664 · session 2026-11-04 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 72
Covered calls on IBB
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $235 | 0.27 | $2.24 Nov 4 | $224.00 | 1.01% | 8.4% | 7.29% | 60.4% | 206 | 4 |
| 0.20Δ | $240 | 0.17 | $1.63 Nov 4 | $163.00 | 0.74% | 6.1% | 9.27% | 76.9% | 23 | 4 |
Snapshot #7664 · session 2026-11-04 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 44
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $235 | 0.32 | $3.80 Nov 4 | $380.00 | 1.72% | 8.7% | 7.99% | 40.5% | 17 | 209 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #7664 · session 2026-11-04 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 72
IBB volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 26.7%session 2026-11-04
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Nov 2, 2026
- Open interest, stored window
- 10,840 contractssession 2026-11-04
- Largest open-interest line
- $200 put · Jan 15 · 1,922
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #83 of 661 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 0.20Δ traded this session
- We are building our own daily implied-volatility history (3 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.