JEPQ wheel: cash-secured put & covered-call yields
J.P. Morgan Nasdaq Equity Premium Income ETF · ETFs · $56.78 close on Nov 12, 2026
What the Nov 12, 2026 close says about JEPQ
At 17.7% implied volatility, the options market is pricing a one-standard-deviation move of about $3.15 (5.6%) in JEPQ by Dec 18, 2026, 36 days out.
Selling the $55 put (−0.33Δ) for $0.81 means assignment would leave a cost basis of $54.19, 4.6% below the $56.78 close.
The 64-day 0.30Δ put pays 1.2× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.023 vs $0.016).
At 0.30Δ on the Dec 18 expiry the put yields 1.47% on its strike and the call 0.90% on spot: puts pay 1.6× what calls do on JEPQ this session.
Moving down to the $53 put (−0.19Δ) buys 3.5% more room below spot and keeps 59% of the 0.30Δ premium.
Open interest in the stored window totals 19,111 contracts; the largest single line is the $60 call expiring Jan 15 with 2,826 (14.8% of the window).
By options volume JEPQ ranks #83 of 679 names in our universe.
Near-the-money options volume (731) is 16% 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 JEPQ
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $55 | −0.33 | $0.81 Nov 12 | $81.00 | $5,500 | 1.47% | 14.9% | $54.19 | 522 | 71 |
| 0.20Δ | $53 | −0.19 | $0.48 Nov 12 | $48.00 | $5,300 | 0.91% | 9.2% | $52.52 | 192 | 11 |
Snapshot #9407 · session 2026-11-12 · captured 22:11 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 | $54 | −0.31 | $1.00 Nov 12 | $100.00 | $5,400 | 1.85% | 10.6% | $53.00 | 568 | 1 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #9407 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on JEPQ
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $58 | 0.31 | $0.51 Nov 12 | $51.00 | 0.90% | 9.1% | 3.05% | 30.9% | 750 | 70 |
| 0.20Δ | $59 | 0.17 | $0.22 Nov 12 | $22.00 | 0.39% | 3.9% | 4.30% | 43.6% | 329 | 87 |
Snapshot #9407 · session 2026-11-12 · captured 22:11 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 | $58 | 0.33 | $0.72 Nov 12 | $72.00 | 1.27% | 7.2% | 3.42% | 19.5% | 1,023 | 24 |
| 0.20Δ | $59 | 0.22 | $0.38 Nov 12 | $38.00 | 0.67% | 3.8% | 4.58% | 26.1% | 1,112 | 51 |
Snapshot #9407 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
JEPQ volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 17.7%session 2026-11-12
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 19,111 contractssession 2026-11-12
- Largest open-interest line
- $60 call · Jan 15 · 2,826
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #83 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 (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.