EWZ Short Call — Nov 20, 2026

EWZ (iShares MSCI Brazil ETF) presents a short call opportunity with very elevated implied volatility. IV Rank 101. IV 5950.0% trades 3457.0pp above 30-day HV (2493.0%). This setup favors net premium sellers.

Sell the $45 call for $0.52 credit. Naked single-leg exposure; collect premium from time decay if EWZ stays below the strike. Underlying ~$37.00, 50 DTE. Max profit $52 per contract, max loss $9000, 0.6% return on risk, 84% POP. Breakeven at $45.52.

Management: take profit at ~50% of max profit ($26). Cut at 2x credit ($104 loss). If short strike is breached with > 14 DTE, consider rolling out for a credit. Close before expiration week to avoid gamma risk.

Underlying: EWZ @ ~$37.00 Expiration: Nov 20, 2026 (50 DTE) Net credit (entry): ~$52.00 per spread Legs:

• Sell EWZ Nov 20, 2026 $45 Call (delta 0.16, mid $0.52)

Use limit orders at the mid or slightly worse. Verify bid-ask spread (currently ~3.9% of mid) before sending.

Take profit at 50% of max profit ($26). Cut loss if position reaches 2x credit received ($104 loss). Roll if tested with > 14 DTE remaining.