TUR Covered Call Strategy
TUR (iShares MSCI Turkey ETF), in the Financial Services sector, (Asset Management - Global industry), listed on NASDAQ.
The iShares MSCI Turkey ETF aims to replicate the returns of a diversified index consisting of equities from Turkish companies.
TUR (iShares MSCI Turkey ETF) trades in the Financial Services sector, specifically Asset Management - Global, with a market capitalization of approximately $176.9M, a beta of 0.34 versus the broader market, a 52-week range of 31.72-43.98, average daily share volume of 298K, a public-listing history dating back to 2008. These structural characteristics shape how TUR etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.34 indicates TUR has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. TUR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a covered call on TUR?
A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income.
Current TUR snapshot
As of June 29, 2026, spot at $39.21, ATM IV 35.90%, IV rank 27.65%, expected move 10.29%. The covered call on TUR below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 18-day expiry.
Why this covered call structure on TUR specifically: TUR IV at 35.90% is on the cheap side of its 1-year range, which means a premium-selling TUR covered call collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 10.29% (roughly $4.04 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated TUR expiries trade a higher absolute premium for lower per-day decay. Position sizing on TUR should anchor to the underlying notional of $39.21 per share and to the trader's directional view on TUR etf.
TUR covered call setup
The TUR covered call below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With TUR near $39.21, the first option leg uses a $41.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TUR chain at a 18-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 TUR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $39.21 | long |
| Sell 1 | Call | $41.00 | $0.45 |
TUR covered call risk and reward
- Net Premium / Debit
- -$3,876.00
- Max Profit (per contract)
- $224.00
- Max Loss (per contract)
- -$3,875.00
- Breakeven(s)
- $38.76
- Risk / Reward Ratio
- 0.058
Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium.
TUR covered call payoff curve
Modeled P&L at expiration across a range of underlying prices for the covered call on TUR. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$3,875.00 |
| $8.68 | -77.9% | -$3,008.16 |
| $17.35 | -55.8% | -$2,141.31 |
| $26.02 | -33.7% | -$1,274.47 |
| $34.68 | -11.5% | -$407.62 |
| $43.35 | +10.6% | +$224.00 |
| $52.02 | +32.7% | +$224.00 |
| $60.69 | +54.8% | +$224.00 |
| $69.36 | +76.9% | +$224.00 |
| $78.03 | +99.0% | +$224.00 |
When traders use covered call on TUR
Covered calls on TUR are an income strategy run on existing TUR etf positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
TUR thesis for this covered call
The market-implied 1-standard-deviation range for TUR extends from approximately $35.17 on the downside to $43.25 on the upside. A TUR covered call collects premium on an existing long TUR position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether TUR will breach that level within the expiration window. Current TUR IV rank near 27.65% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on TUR at 35.90%. As a Financial Services name, TUR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TUR-specific events.
TUR covered call positions are structurally neutral to slightly bullish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. TUR positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TUR alongside the broader basket even when TUR-specific fundamentals are unchanged. Short-premium structures like a covered call on TUR carry tail risk when realized volatility exceeds the implied move; review historical TUR earnings reactions and macro stress periods before sizing. Always rebuild the position from current TUR chain quotes before placing a trade.
Frequently asked questions
- What is a covered call on TUR?
- A covered call on TUR is the covered call strategy applied to TUR (etf). The strategy is structurally neutral to slightly bullish: A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income. With TUR etf trading near $39.21, the strikes shown on this page are snapped to the nearest listed TUR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TUR covered call max profit and max loss calculated?
- Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium. For the TUR covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 35.90%), the computed maximum profit is $224.00 per contract and the computed maximum loss is -$3,875.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a TUR covered call?
- The breakeven for the TUR covered call priced on this page is roughly $38.76 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current TUR market-implied 1-standard-deviation expected move is approximately 10.29%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a covered call on TUR?
- Covered calls on TUR are an income strategy run on existing TUR etf positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
- How does current TUR implied volatility affect this covered call?
- TUR ATM IV is at 35.90% with IV rank near 27.65%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.