IWF wheel: cash-secured put & covered-call yields
iShares Russell 1000 Growth ETF · ETFs · $115.01 close on Nov 9, 2026
What the Nov 9, 2026 close says about IWF
At 28.9% implied volatility, the options market is pricing a one-standard-deviation move of about $10.85 (9.4%) in IWF by Dec 18, 2026, 39 days out.
Selling the $111.25 put (−0.29Δ) for $2.00 means assignment would leave a cost basis of $109.25, 5.0% below the $115.01 close.
The 102-day 0.30Δ put pays 1.6× the premium of the 39-day one for 2.6× the time — more premium per day on the 39-day contract ($0.051 vs $0.031).
At 0.30Δ on the Dec 18 expiry the put yields 1.80% on its strike and the call 1.07% on spot: puts pay 1.7× what calls do on IWF this session.
Moving down to the $107.50 put (−0.19Δ) buys 3.3% more room below spot and keeps 63% of the 0.30Δ premium.
Open interest in the stored window totals 6,644 contracts; the largest single line is the $131 call expiring Feb 19 with 1,190 (17.9% of the window).
By options volume IWF ranks #43 of 679 names in our universe.
Near-the-money options volume (1.3k) is 173% 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 IWF
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $111.25 | −0.29 | $2.00 Nov 9 | $200.00 | $11,125 | 1.80% | 16.8% | $109.25 | 29 | 1 |
| 0.20Δ | $107.50 | −0.19 | $1.25 Nov 9 | $125.00 | $10,750 | 1.16% | 10.9% | $106.25 | 33 | 1 |
Snapshot #8540 · session 2026-11-09 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 39
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $110 | −0.30 | $3.20 Nov 9 | $320.00 | $11,000 | 2.91% | 10.4% | $106.80 | 1,187 | 3 |
| 0.20Δ | $105 | −0.19 | $2.10 Nov 9 | $210.00 | $10,500 | 2.00% | 7.2% | $102.90 | 606 | 3 |
Snapshot #8540 · session 2026-11-09 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 102
Covered calls on IWF
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $120 | 0.28 | $1.23 Nov 9 | $123.00 | 1.07% | 10.0% | 5.41% | 50.6% | 105 | 19 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #8540 · session 2026-11-09 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 39
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $123 | 0.29 | $2.22 Nov 9 | $222.00 | 1.93% | 6.9% | 8.88% | 31.8% | 5 | 33 |
| 0.20Δ | $127 | 0.21 | $1.65 Nov 9 | $165.00 | 1.43% | 5.1% | 11.86% | 42.4% | 36 | 1 |
Snapshot #8540 · session 2026-11-09 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 102
IWF volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 28.9%session 2026-11-09
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 6,644 contractssession 2026-11-09
- Largest open-interest line
- $131 call · Feb 19 · 1,190
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #43 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 0.20Δ traded this session
- We are building our own daily implied-volatility history (12 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.