ETHA Covered Call
Every out-of-the-money ETHA call expiring Oct 23, 2026, priced from the settled chain: what it pays, what it yields, and where the trade stops making money. The richest right now is the $18.50 strike at 5.6% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
ETHA covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $18.15 share price, not by delta — the published chain carries premiums and open interest, not greeks, and inventing a delta here would be inventing data. Premium is the bid/ask midpoint where both sides quote, otherwise the last trade. The chain artifact publishes the six nearest expirations, so this is the longest one listed — 36 days out. Annualising anything shorter than a week says more about compounding arithmetic than about the trade, so those cells stay blank.
| Strike | % OTM | Premium | Yield | Annualised | Break-even | If assigned | OI |
|---|---|---|---|---|---|---|---|
| $18.50 | 1.9% | $1.02 | 5.6% | 57.0% | $17.13 | 7.5% | 24 |
| $19.00 | 4.7% | $0.82 | 4.5% | 45.5% | $17.33 | 9.2% | 192 |
| $20.00 | 10.2% | $0.53 | 2.9% | 29.9% | $17.62 | 13.1% | 930 |
What the $18.50 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $18.15. Profit caps at $137.00 if ETHA finishes above $18.50; below $17.13 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $13.61 | $-3.52 | $-351.75 |
| $14.75 | $-2.38 | $-238.31 |
| $15.88 | $-1.25 | $-124.87 |
| $17.02 | $-0.11 | $-11.44 |
| $18.15 | +$1.02 | +$102.00 |
| $19.28 | +$1.37 | +$137.00 |
| $20.42 | +$1.37 | +$137.00 |
| $21.55 | +$1.37 | +$137.00 |
| $22.69 | +$1.37 | +$137.00 |
When a covered call fits ETHA
A covered call sells someone else the right to buy your shares at the strike. It pays you today and caps your upside there, so it suits a holding you are content to own flat and content to sell at the strike — not one you expect to run.
The premium is compensation for implied volatility. Rich implied volatility pays more, and usually pays more because the market expects a move; a high annualised number on a name about to report earnings is a warning as often as an opportunity. Check the ETHA expected move and the open-interest walls before assuming the strike is far enough away.
Full mechanics, assignment and rolling are in the covered call guide; to model a different strike or a multi-leg version, open the profit calculator with ETHA loaded.
Questions
- What does a ETHA covered call pay right now?
- The $18.50 call expiring Oct 23, 2026 (36 days out) collects $1.02 per share, 5.6% of the $18.15 share price, or 57.0% annualised if you repeat it.
- What is the break-even on a ETHA covered call?
- Selling the $18.50 call against stock bought at $18.15 breaks even at $17.13 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if ETHA closes above the strike?
- The shares are called away at $18.50. Total return is 7.5%: the premium plus the move from $18.15 up to the strike. Gains above the strike belong to the buyer.
More on ETHA
Run the numbers
Weekly options-market digest
Sundays. What moved this week, what catalysts and earnings drive next week, and which 5-pillar setups stand out.
Free. One email per week. Unsubscribe with one click.
Educational, not investment advice. Options involve risk. Open interest is reported with a one-session lag by OCC, so these levels describe positioning as of the last settled session, not live intraday flow.