TSLL wheel: cash-secured put & covered-call yields
Direxion Shares ETF Trust Direxion Daily TSLA Bull 2X ETF · ETFs · $9.15 close on Sep 28, 2026
What the Sep 28, 2026 close says about TSLL
At 85.8% implied volatility, the options market is pricing a one-standard-deviation move of about $2.32 (25.4%) in TSLL by Oct 30, 2026, 32 days out.
Selling the $8.50 put (−0.34Δ) for $0.60 means assignment would leave a cost basis of $7.90, 13.7% below the $9.15 close.
The 81-day 0.30Δ put pays 1.3× the premium of the 32-day one for 2.5× the time — more premium per day on the 32-day contract ($0.019 vs $0.010).
At 0.30Δ on the Oct 30 expiry the put yields 7.06% on its strike and the call 4.26% on spot: puts pay 1.7× what calls do on TSLL this session.
Moving down to the $7.50 put (−0.18Δ) buys 10.9% more room below spot and keeps 45% of the 0.30Δ premium.
Open interest in the stored window totals 39,517 contracts; the largest single line is the $5 put expiring Dec 18 with 5,752 (14.6% of the window).
By options volume TSLL ranks #54 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 TSLL
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $8.50 | −0.34 | $0.60 Sep 28 | $60.00 | $850 | 7.06% | 80.5% | $7.90 | 765 | 265 |
| 0.20Δ | $7.50 | −0.18 | $0.27 Sep 28 | $27.00 | $750 | 3.60% | 41.1% | $7.23 | 367 | 308 |
Snapshot #257 · 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 | $8 | −0.29 | $0.80 Sep 28 | $80.00 | $800 | 10.00% | 45.1% | $7.20 | 2,463 | 103 |
| 0.20Δ | $7 | −0.19 | $0.45 Sep 28 | $45.00 | $700 | 6.43% | 29.0% | $6.55 | 2,005 | 240 |
Snapshot #257 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on TSLL
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $11 | 0.31 | $0.39 Sep 28 | $39.00 | 4.26% | 48.6% | 24.48% | 279.2% | 790 | 308 |
| 0.20Δ | $12 | 0.19 | $0.24 Sep 28 | $24.00 | 2.62% | 29.9% | 33.77% | 385.2% | 1,506 | 299 |
Snapshot #257 · 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 | $12 | 0.31 | $0.65 Sep 28 | $65.00 | 7.10% | 32.0% | 38.25% | 172.4% | 4,304 | 240 |
| 0.20Δ | $13 | 0.25 | $0.47 Sep 28 | $47.00 | 5.14% | 23.1% | 47.21% | 212.8% | 2,879 | 82 |
Snapshot #257 · session 2026-09-28 · captured 22:41 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
TSLL volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 85.8%session 2026-09-28
- IV rank / IV percentile
- Unavailable1
- Next earnings
- Unavailable2
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 39,517 contractssession 2026-09-28
- Largest open-interest line
- $5 put · Dec 18 · 5,752
- Bid/ask spread
- Unavailable3
- Options liquidity rank
- #54 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.