IEF wheel: cash-secured put & covered-call yields
iShares 7-10 Year Treasury Bond ETF · ETFs · $89.53 close on Sep 28, 2026
What the Sep 28, 2026 close says about IEF
At 7.8% implied volatility, the options market is pricing a one-standard-deviation move of about $2.08 (2.3%) in IEF by Oct 30, 2026, 32 days out.
Open interest in the stored window totals 187,607 contracts; the largest single line is the $94 call expiring Dec 18 with 66,743 (35.6% of the window).
By options volume IEF ranks #4 of 441 names in our universe.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on IEF
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $88 | −0.25 | $0.35 Sep 28 | $35.00 | $8,800 | 0.40% | 4.5% | $87.65 | 1 | 10 |
Snapshot #147 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $88 | −0.33 | $0.87 Sep 28 | $87.00 | $8,800 | 0.99% | 4.5% | $87.13 | 2,189 | 8 |
| 0.20Δ | $86 | −0.17 | $0.42 Sep 28 | $42.00 | $8,600 | 0.49% | 2.2% | $85.58 | 3 | 10 |
Snapshot #147 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on IEF
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $90.50 | 0.32 | $0.47 Sep 28 | $47.00 | 0.52% | 6.0% | 1.61% | 18.3% | 176 | 4 |
| 0.20Δ | $91 | 0.24 | $0.29 Sep 28 | $29.00 | 0.32% | 3.7% | 1.97% | 22.4% | 85 | 30,488 |
Snapshot #147 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $91 | 0.32 | $0.68 Sep 28 | $68.00 | 0.76% | 3.4% | 2.40% | 10.8% | 12,328 | 2,983 |
| 0.20Δ | $92 | 0.22 | $0.41 Sep 28 | $41.00 | 0.46% | 2.1% | 3.22% | 14.5% | 8,623 | 386 |
Snapshot #147 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
IEF volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 7.8%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 187,607 contractssession 2026-09-28
- Largest open-interest line
- $94 call · Dec 18 · 66,743
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #4 of 441 optionable names by options volume
How these numbers are made
One end-of-day snapshot per session from a 15-minute-delayed feed. A premium is a contract’s last trade, used only if it printed that session, sits above intrinsic value and is in order with its neighbours; deltas are the feed’s own. Expiries are the first at least 30 and 60 days out, and nothing under 30 days is annualized. Not investment advice. Full methodology.
- No contract near 0.30Δ traded this session
- We are building our own daily implied-volatility history (1 of 252 sessions so far); IV rank and percentile need a full year of it.
- Our data provider does not license announced earnings dates, and we do not publish estimates.
- Our data feed carries last trades, not live bid/ask quotes, so we cannot show a spread.