ZTS wheel: cash-secured put & covered-call yields
ZOETIS INC. · Healthcare · $75.65 close on Oct 12, 2026
What the Oct 12, 2026 close says about ZTS
At 46.0% implied volatility, the options market is pricing a one-standard-deviation move of about $11.36 (15.0%) in ZTS by Nov 20, 2026, 39 days out.
Selling the $70 put (−0.28Δ) for $2.10 means assignment would leave a cost basis of $67.90, 10.2% below the $75.65 close.
The 67-day 0.30Δ put pays 1.3× the premium of the 39-day one for 1.7× the time — more premium per day on the 39-day contract ($0.054 vs $0.041).
Open interest in the stored window totals 16,323 contracts; the largest single line is the $60 put expiring Dec 18 with 2,348 (14.4% of the window).
ZTS goes ex-dividend on Oct 30, 2026 ($0.53 declared), inside the Nov 20 covered-call window. A short call that is in the money before an ex-date can be assigned early.
By options volume ZTS ranks #156 of 572 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 ZTS
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $70 | −0.28 | $2.10 Oct 12 | $210.00 | $7,000 | 3.00% | 28.1% | $67.90 | 742 | 151 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #3008 · session 2026-10-12 · captured 22:41 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 | $70 | −0.30 | $2.74 Oct 12 | $274.00 | $7,000 | 3.91% | 21.3% | $67.26 | 1,591 | 60 |
| 0.20Δ | $65 | −0.17 | $1.35 Oct 12 | $135.00 | $6,500 | 2.08% | 11.3% | $63.65 | 2,142 | 91 |
Snapshot #3008 · session 2026-10-12 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 67
Covered calls on ZTS
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable2 | |||||||||
| 0.20Δ | $85 | 0.23 | $1.39 Oct 12 | $139.00 | 1.84% | 17.2% | 14.20% | 132.9% | 1,225 | 72 |
Snapshot #3008 · session 2026-10-12 · captured 22:41 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 | $85 | 0.27 | $2.09 Oct 12 | $209.00 | 2.76% | 15.1% | 15.12% | 82.4% | 493 | 17 |
| 0.20Δ | $90 | 0.17 | $1.19 Oct 12 | $119.00 | 1.57% | 8.6% | 20.54% | 111.9% | 924 | 4 |
Snapshot #3008 · session 2026-10-12 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 67
ZTS volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 46.0%session 2026-10-12
- IV rank / IV percentile
- Unavailable3
- Next earnings
- Unavailable4
- Next ex-dividend
- Ex-div Oct 30, 2026 · $0.53 declaredchecked Oct 12, 2026
- Open interest, stored window
- 16,323 contractssession 2026-10-12
- Largest open-interest line
- $60 put · Dec 18 · 2,348
- Bid/ask spread
- Unavailable5
- Options liquidity rank
- #156 of 572 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
- No contract near 0.30Δ traded this session
- 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.