KraneShares Hedgeye Hedged Equity Index ETF (KSPY) Wheel Strategy

Running a KSPY wheel strategy lets you generate consistent premium income on KraneShares Hedgeye Hedged Equity Index ETF while setting your own entry and exit prices on the underlying. KraneShares Hedgeye Hedged Equity Index ETF's wheel combines cash-secured puts and covered calls into a repeatable cycle: sell puts at strikes where you'd be happy to own KSPY, and if assigned, sell calls at strikes where you'd be happy to sell. Use our scanner to find the best KSPY wheel strategy setups in real time.

The wheel works best on liquid, high-quality names with stable fundamentals and active options markets — exactly the profile many large-cap leaders fit. The mechanics are simple: sell a cash-secured put on KSPY, collect premium, and either keep the premium if it expires worthless or take assignment at a discount to current price. Once assigned, sell covered calls against the shares to keep collecting premium until they're called away. Choosing the right strikes, expirations, and IV environment is what separates a profitable KSPY wheel from a losing one.

Under normal circumstances, the fund invests at least 80% of its net assets in securities of the underlying index and other instruments that have economic characteristics similar to those in the underlying index. The underlying index is designed to track the performance of a portfolio of large cap securities that is subject to downside hedging and seeks to exhibit less volatility than would a portfolio of large cap securities alone. The fund is non-diversified.

The difference between a wheel that compounds and one that bleeds comes down to strike selection, IV timing, and discipline on assignment. Our scanner handles the heavy lifting: it ranks every leg of the KSPY wheel strategy by delta, premium yield, IV rank, and days to expiration, so you can deploy capital where the math works. Build your KSPY wheel strategy on data, not gut feel — and let the options wheel do what it does best: pay you to wait.