ProShares On-Demand ETF (OND) Wheel Strategy

Running a OND wheel strategy lets you generate consistent premium income on ProShares On-Demand ETF while setting your own entry and exit prices on the underlying. ProShares On-Demand 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 OND, and if assigned, sell calls at strikes where you'd be happy to sell. Use our scanner to find the best OND 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 OND, 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 OND wheel from a losing one.

The index includes companies whose principal business is the provision of platforms and services for on-demand access to lifestyle needs including digital media, egaming, fitness, food delivery, ridesharing, or virtual reality experiences, as determined by the index methodology. The fund adviser seeks to remain fully invested at all times in securities and/or financial instruments that provide exposure to the returns of the index without regard to market conditions, trends or direction. 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 OND wheel strategy by delta, premium yield, IV rank, and days to expiration, so you can deploy capital where the math works. Build your OND wheel strategy on data, not gut feel — and let the options wheel do what it does best: pay you to wait.