TQQQ wheel: cash-secured put & covered-call yields
ProShares UltraPro QQQ · ETFs · $59.88 close on Nov 12, 2026
What the Nov 12, 2026 close says about TQQQ
At 73.7% implied volatility, the options market is pricing a one-standard-deviation move of about $13.86 (23.2%) in TQQQ by Dec 18, 2026, 36 days out.
Selling the $55 put (−0.31Δ) for $3.39 means assignment would leave a cost basis of $51.61, 13.8% below the $59.88 close.
The 64-day 0.30Δ put pays 1.2× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.094 vs $0.061).
At 0.30Δ on the Dec 18 expiry the put yields 6.16% on its strike and the call 3.24% on spot: puts pay 1.9× what calls do on TQQQ this session.
Moving down to the $50 put (−0.20Δ) buys 8.4% more room below spot and keeps 63% of the 0.30Δ premium.
Open interest in the stored window totals 359,744 contracts; the largest single line is the $70 call expiring Dec 18 with 20,945 (5.8% of the window).
By options volume TQQQ ranks #35 of 679 names in our universe.
Near-the-money options volume (9.6k) is 396% above its 5-session average.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on TQQQ
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $55 | −0.31 | $3.39 Nov 12 | $339.00 | $5,500 | 6.16% | 62.5% | $51.61 | 11,365 | 2,010 |
| 0.20Δ | $50 | −0.20 | $2.12 Nov 12 | $212.00 | $5,000 | 4.24% | 43.0% | $47.88 | 8,229 | 962 |
Snapshot #9525 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $54 | −0.30 | $3.93 Nov 12 | $393.00 | $5,400 | 7.28% | 41.5% | $50.07 | 411 | 27 |
| 0.20Δ | $48 | −0.20 | $2.64 Nov 12 | $264.00 | $4,800 | 5.50% | 31.4% | $45.36 | 1,326 | 19 |
Snapshot #9525 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on TQQQ
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $68 | 0.30 | $1.94 Nov 12 | $194.00 | 3.24% | 32.8% | 16.80% | 170.3% | 3,741 | 263 |
| 0.20Δ | $72 | 0.20 | $1.11 Nov 12 | $111.00 | 1.85% | 18.8% | 22.09% | 224.0% | 3,570 | 70 |
Snapshot #9525 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $70 | 0.32 | $2.72 Nov 12 | $272.00 | 4.54% | 25.9% | 21.44% | 122.3% | 10,632 | 716 |
| 0.20Δ | $76 | 0.19 | $1.63 Nov 12 | $163.00 | 2.72% | 15.5% | 29.64% | 169.1% | 197 | 38 |
Snapshot #9525 · session 2026-11-12 · captured 22:21 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
TQQQ volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 73.7%session 2026-11-12
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 359,744 contractssession 2026-11-12
- Largest open-interest line
- $70 call · Dec 18 · 20,945
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #35 of 679 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.
- We are building our own daily implied-volatility history (34 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.