NBIS wheel: cash-secured put & covered-call yields
Nebius Group N.V. Class A Ordinary Shares · $231.88 close on Sep 28, 2026
What the Sep 28, 2026 close says about NBIS
At 77.2% implied volatility, the options market is pricing a one-standard-deviation move of about $52.99 (22.9%) in NBIS by Oct 30, 2026, 32 days out.
Selling the $210 put (−0.29Δ) for $11.00 means assignment would leave a cost basis of $199.00, 14.2% below the $231.88 close.
The 81-day 0.30Δ put pays 2.2× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.344 vs $0.296).
At 0.30Δ on the Oct 30 expiry the put yields 5.24% on its strike and the call 4.69% on spot: puts pay 1.1× what calls do on NBIS this session.
Moving down to the $195 put (−0.19Δ) buys 6.5% more room below spot and keeps 54% of the 0.30Δ premium.
Open interest in the stored window totals 56,333 contracts; the largest single line is the $150 put expiring Dec 18 with 3,885 (6.9% of the window).
By options volume NBIS ranks #107 of 441 names in our universe.
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 | $210 | −0.29 | $11.00 Sep 28 | $1,100.00 | $21,000 | 5.24% | 59.7% | $199.00 | 282 | 75 |
| 0.20Δ | $195 | −0.19 | $5.94 Sep 28 | $594.00 | $19,500 | 3.05% | 34.7% | $189.06 | 209 | 75 |
Snapshot #189 · session 2026-09-28 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $210 | −0.32 | $23.97 Sep 28 | $2,397.00 | $21,000 | 11.41% | 51.4% | $186.03 | 541 | 19 |
| 0.20Δ | $180 | −0.20 | $12.00 Sep 28 | $1,200.00 | $18,000 | 6.67% | 30.0% | $168.00 | 2,526 | 39 |
Snapshot #189 · session 2026-09-28 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on NBIS
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $270 | 0.30 | $10.88 Sep 28 | $1,088.00 | 4.69% | 53.5% | 21.13% | 241.0% | 186 | 47 |
| 0.20Δ | $295 | 0.20 | $5.90 Sep 28 | $590.00 | 2.54% | 29.0% | 29.77% | 339.5% | 107 | 2 |
Snapshot #189 · session 2026-09-28 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $310 | 0.32 | $16.69 Sep 28 | $1,669.00 | 7.20% | 32.4% | 40.89% | 184.2% | 319 | 3 |
| 0.20Δ | $340 | 0.24 | $11.85 Sep 28 | $1,185.00 | 5.11% | 23.0% | 51.74% | 233.1% | 1,269 | 2 |
Snapshot #189 · session 2026-09-28 · captured 22:40 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
NBIS volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 77.2%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 56,333 contractssession 2026-09-28
- Largest open-interest line
- $150 put · Dec 18 · 3,885
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #107 of 441 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 (1 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.