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TLT wheel strategy yields

Last price $81.73 · Expiry 2026-12-04 (32 DTE) · IV 14% · Next earnings n/a

Cash-secured put

9.1% annualized
Strike
$80.0
Premium (mid)
$0.64 (bid 0.63 / ask 0.65)
Yield
0.8% (premium ÷ strike)
Delta
-0.296
Option IV
14.0%
Open interest
222

Covered call

8.9% annualized
Strike
$83.5
Premium (mid)
$0.64 (bid 0.63 / ask 0.65)
Yield
0.78% (premium ÷ price)
Delta
0.308
Option IV
13.9%
Open interest
377

Selling one TLT put requires ~$8,000 cash collateral per contract. Figures are mid-prices from delayed data as of 2026-11-02.

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