TQQQ wheel: cash-secured put & covered-call yields
ProShares UltraPro QQQ · ETFs · $77.04 close on Sep 28, 2026
What the Sep 28, 2026 close says about TQQQ
At 58.6% implied volatility, the options market is pricing a one-standard-deviation move of about $13.36 (17.3%) in TQQQ by Oct 30, 2026, 32 days out.
Selling the $71.50 put (−0.30Δ) for $2.91 means assignment would leave a cost basis of $68.59, 11.0% below the $77.04 close.
The 81-day 0.30Δ put pays 1.8× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.091 vs $0.063).
At 0.30Δ on the Oct 30 expiry the put yields 4.07% on its strike and the call 2.74% on spot: puts pay 1.5× what calls do on TQQQ this session.
Moving down to the $67 put (−0.20Δ) buys 5.8% more room below spot and keeps 66% of the 0.30Δ premium.
Open interest in the stored window totals 102,067 contracts; the largest single line is the $85 call expiring Dec 18 with 10,829 (10.6% of the window).
By options volume TQQQ ranks #20 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 TQQQ
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $71.50 | −0.30 | $2.91 Sep 28 | $291.00 | $7,150 | 4.07% | 46.4% | $68.59 | 161 | 51 |
| 0.20Δ | $67 | −0.20 | $1.93 Sep 28 | $193.00 | $6,700 | 2.88% | 32.9% | $65.07 | 222 | 128 |
Snapshot #255 · session 2026-09-28 · captured 22:41 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 | $69 | −0.29 | $5.12 Sep 28 | $512.00 | $6,900 | 7.42% | 33.4% | $63.88 | 375 | 9 |
| 0.20Δ | $63 | −0.21 | $3.50 Sep 28 | $350.00 | $6,300 | 5.56% | 25.0% | $59.50 | 622 | 154 |
Snapshot #255 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on TQQQ
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $85 | 0.30 | $2.11 Sep 28 | $211.00 | 2.74% | 31.2% | 13.07% | 149.1% | 1,609 | 217 |
| 0.20Δ | $89 | 0.21 | $1.04 Sep 28 | $104.00 | 1.35% | 15.4% | 16.87% | 192.5% | 32 | 8 |
Snapshot #255 · session 2026-09-28 · captured 22:41 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 | $90 | 0.33 | $3.85 Sep 28 | $385.00 | 5.00% | 22.5% | 21.82% | 98.3% | 7,507 | 261 |
| 0.20Δ | $100 | 0.19 | $1.88 Sep 28 | $188.00 | 2.44% | 11.0% | 32.24% | 145.3% | 5,935 | 1,072 |
Snapshot #255 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
TQQQ volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 58.6%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 102,067 contractssession 2026-09-28
- Largest open-interest line
- $85 call · Dec 18 · 10,829
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #20 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.
- 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.