NBIS wheel: cash-secured put & covered-call yields
Nebius Group N.V. Class A Ordinary Shares · $128.64 close on Nov 12, 2026
What the Nov 12, 2026 close says about NBIS
At 98.0% implied volatility, the options market is pricing a one-standard-deviation move of about $39.61 (30.8%) in NBIS by Dec 18, 2026, 36 days out.
Selling the $115 put (−0.30Δ) for $9.65 means assignment would leave a cost basis of $105.35, 18.1% below the $128.64 close.
The 64-day 0.30Δ put pays 1.3× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.268 vs $0.200).
At 0.30Δ on the Dec 18 expiry the put yields 8.39% on its strike and the call 4.39% on spot: puts pay 1.9× what calls do on NBIS this session.
Moving down to the $105 put (−0.20Δ) buys 7.8% more room below spot and keeps 60% of the 0.30Δ premium.
Open interest in the stored window totals 134,615 contracts; the largest single line is the $180 call expiring Dec 18 with 10,996 (8.2% of the window).
By options volume NBIS ranks #180 of 679 names in our universe.
Near-the-money options volume (6.7k) is 1865% 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 NBIS
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $115 | −0.30 | $9.65 Nov 12 | $965.00 | $11,500 | 8.39% | 85.1% | $105.35 | 1,006 | 342 |
| 0.20Δ | $105 | −0.20 | $5.79 Nov 12 | $579.00 | $10,500 | 5.51% | 55.9% | $99.21 | 1,171 | 642 |
Snapshot #9446 · 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 | $115 | −0.31 | $12.77 Nov 12 | $1,277.00 | $11,500 | 11.10% | 63.3% | $102.23 | 1,692 | 1,179 |
| 0.20Δ | $100 | −0.20 | $7.20 Nov 12 | $720.00 | $10,000 | 7.20% | 41.1% | $92.80 | 10,747 | 699 |
Snapshot #9446 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on NBIS
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $160 | 0.29 | $5.65 Nov 12 | $565.00 | 4.39% | 44.5% | 28.77% | 291.7% | 1,152 | 2,334 |
| 0.20Δ | $175 | 0.19 | $3.95 Nov 12 | $395.00 | 3.07% | 31.1% | 39.11% | 396.5% | 1,006 | 251 |
Snapshot #9446 · 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 | $170 | 0.30 | $8.05 Nov 12 | $805.00 | 6.26% | 35.7% | 38.41% | 219.1% | 3,493 | 423 |
| 0.20Δ | $190 | 0.21 | $5.10 Nov 12 | $510.00 | 3.96% | 22.6% | 51.66% | 294.6% | 3,998 | 116 |
Snapshot #9446 · session 2026-11-12 · captured 22:11 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
NBIS volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 98.0%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 134,615 contractssession 2026-11-12
- Largest open-interest line
- $180 call · Dec 18 · 10,996
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #180 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.