IWM wheel: cash-secured put & covered-call yields
iShares Russell 2000 ETF · ETFs · $283.09 close on Nov 11, 2026
What the Nov 11, 2026 close says about IWM
At 17.5% implied volatility, the options market is pricing a one-standard-deviation move of about $14.19 (5.0%) in IWM by Dec 11, 2026, 30 days out.
Selling the $276 put (−0.30Δ) for $3.09 means assignment would leave a cost basis of $272.91, 3.6% below the $283.09 close.
The 65-day 0.30Δ put pays 1.8× the premium of the 30-day one for 2.2× the time — more premium per day on the 30-day contract ($0.103 vs $0.083).
At 0.30Δ on the Dec 11 expiry the put yields 1.12% on its strike and the call 0.93% on spot: puts pay 1.2× what calls do on IWM this session.
Moving down to the $270 put (−0.20Δ) buys 2.1% more room below spot and keeps 62% of the 0.30Δ premium.
Open interest in the stored window totals 543,155 contracts; the largest single line is the $255 put expiring Jan 15 with 57,613 (10.6% of the window).
By options volume IWM ranks #13 of 679 names in our universe.
Near-the-money options volume (5.4k) is 29% below 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 IWM
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $276 | −0.30 | $3.09 Nov 11 | $309.00 | $27,600 | 1.12% | 13.6% | $272.91 | 322 | 124 |
| 0.20Δ | $270 | −0.20 | $1.93 Nov 11 | $193.00 | $27,000 | 0.71% | 8.7% | $268.07 | 659 | 174 |
Snapshot #9123 · session 2026-11-11 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 30
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $275 | −0.33 | $5.41 Nov 11 | $541.00 | $27,500 | 1.97% | 11.0% | $269.59 | 35,257 | 655 |
| 0.20Δ | $265 | −0.21 | $3.22 Nov 11 | $322.00 | $26,500 | 1.22% | 6.8% | $261.78 | 23,735 | 12,314 |
Snapshot #9123 · session 2026-11-11 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 65
Covered calls on IWM
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $291 | 0.31 | $2.64 Nov 11 | $264.00 | 0.93% | 11.3% | 3.73% | 45.3% | 267 | 21 |
| 0.20Δ | $295 | 0.21 | $1.55 Nov 11 | $155.00 | 0.55% | 6.7% | 4.75% | 57.8% | 1,007 | 38 |
Snapshot #9123 · session 2026-11-11 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 30
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $295 | 0.31 | $3.92 Nov 11 | $392.00 | 1.38% | 7.8% | 5.59% | 31.4% | 30,385 | 111 |
| 0.20Δ | $300 | 0.23 | $2.54 Nov 11 | $254.00 | 0.90% | 5.0% | 6.87% | 38.6% | 35,232 | 618 |
Snapshot #9123 · session 2026-11-11 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 65
IWM volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 17.5%session 2026-11-11
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 543,155 contractssession 2026-11-11
- Largest open-interest line
- $255 put · Jan 15 · 57,613
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #13 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.
- 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.