EWY Covered Call
Every out-of-the-money EWY 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 $181.00 strike at 4.7% over 36 days.
Open interest and pricing as of the close on 2026-09-16. Recomputed every morning before the open.
EWY covered call candidates — Oct 23, 2026, 36 days out
Strikes are picked by distance from the $175.54 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 |
|---|---|---|---|---|---|---|---|
| $181.00 | 3.1% | $8.30 | 4.7% | 47.9% | $167.24 | 7.8% | 0 |
| $184.00 | 4.8% | $6.80 | 3.9% | 39.3% | $168.74 | 8.7% | 0 |
| $193.00 | 9.9% | $4.20 | 2.4% | 24.3% | $171.34 | 12.3% | 1 |
What the $181.00 call pays at expiration
One illustrative strike — the richest premium in the table — against 100 shares bought at $175.54. Profit caps at $1,376.00 if EWY finishes above $181.00; below $167.24 the premium stops covering the loss on the stock.
| Stock at expiration | Profit / loss per share | On 100 shares |
|---|---|---|
| $131.66 | $-35.58 | $-3,558.50 |
| $142.63 | $-24.61 | $-2,461.37 |
| $153.60 | $-13.64 | $-1,364.25 |
| $164.57 | $-2.67 | $-267.12 |
| $175.54 | +$8.30 | +$830.00 |
| $186.51 | +$13.76 | +$1,376.00 |
| $197.48 | +$13.76 | +$1,376.00 |
| $208.45 | +$13.76 | +$1,376.00 |
| $219.42 | +$13.76 | +$1,376.00 |
When a covered call fits EWY
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 EWY 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 EWY loaded.
Questions
- What does a EWY covered call pay right now?
- The $181.00 call expiring Oct 23, 2026 (36 days out) collects $8.30 per share, 4.7% of the $175.54 share price, or 47.9% annualised if you repeat it.
- What is the break-even on a EWY covered call?
- Selling the $181.00 call against stock bought at $175.54 breaks even at $167.24 — the share price less the premium. Below that the premium no longer covers the loss on the shares.
- What happens if EWY closes above the strike?
- The shares are called away at $181.00. Total return is 7.8%: the premium plus the move from $175.54 up to the strike. Gains above the strike belong to the buyer.
More on EWY
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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.