TLH Cash-Secured Put Strategy
TLH (iShares 10-20 Year Treasury Bond ETF), in the Financial Services sector, (Asset Management - Bonds industry), listed on AMEX.
The iShares 10-20 Year Treasury Bond ETF seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities between ten and twenty years.
TLH (iShares 10-20 Year Treasury Bond ETF) trades in the Financial Services sector, specifically Asset Management - Bonds, with a market capitalization of approximately $12.08B, a beta of 1.99 versus the broader market, a 52-week range of 96.74-105.47, average daily share volume of 1.4M, a public-listing history dating back to 2007. These structural characteristics shape how TLH etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.99 indicates TLH has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. TLH pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a cash-secured put on TLH?
A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.
Current TLH snapshot
As of May 15, 2026, spot at $97.77, ATM IV 9.20%, IV rank 30.88%, expected move 2.64%. The cash-secured put on TLH below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this cash-secured put structure on TLH specifically: TLH IV at 9.20% is mid-range versus its 1-year history, so the credit collected on a TLH cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 2.64% (roughly $2.58 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated TLH expiries trade a higher absolute premium for lower per-day decay. Position sizing on TLH should anchor to the underlying notional of $97.77 per share and to the trader's directional view on TLH etf.
TLH cash-secured put setup
The TLH cash-secured put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With TLH near $97.77, the first option leg uses a $94.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TLH chain at a 34-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 TLH shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $94.00 | $0.20 |
TLH cash-secured put risk and reward
- Net Premium / Debit
- +$20.00
- Max Profit (per contract)
- $20.00
- Max Loss (per contract)
- -$9,379.00
- Breakeven(s)
- $94.03
- Risk / Reward Ratio
- 0.002
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
TLH cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on TLH. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$9,379.00 |
| $21.63 | -77.9% | -$7,217.36 |
| $43.24 | -55.8% | -$5,055.72 |
| $64.86 | -33.7% | -$2,894.09 |
| $86.48 | -11.6% | -$732.45 |
| $108.09 | +10.6% | +$20.00 |
| $129.71 | +32.7% | +$20.00 |
| $151.32 | +54.8% | +$20.00 |
| $172.94 | +76.9% | +$20.00 |
| $194.56 | +99.0% | +$20.00 |
When traders use cash-secured put on TLH
Cash-secured puts on TLH earn premium while a trader waits to acquire TLH etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning TLH.
TLH thesis for this cash-secured put
The market-implied 1-standard-deviation range for TLH extends from approximately $95.19 on the downside to $100.35 on the upside. A TLH cash-secured put lets a trader earn premium while waiting to acquire TLH at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current TLH IV rank near 30.88% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on TLH should anchor more to the directional view and the expected-move geometry. As a Financial Services name, TLH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TLH-specific events.
TLH cash-secured put positions are structurally neutral to slightly bullish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. TLH positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TLH alongside the broader basket even when TLH-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on TLH carry tail risk when realized volatility exceeds the implied move; review historical TLH earnings reactions and macro stress periods before sizing. Always rebuild the position from current TLH chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on TLH?
- A cash-secured put on TLH is the cash-secured put strategy applied to TLH (etf). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With TLH etf trading near $97.77, the strikes shown on this page are snapped to the nearest listed TLH chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TLH cash-secured put max profit and max loss calculated?
- Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the TLH cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 9.20%), the computed maximum profit is $20.00 per contract and the computed maximum loss is -$9,379.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a TLH cash-secured put?
- The breakeven for the TLH cash-secured put priced on this page is roughly $94.03 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current TLH market-implied 1-standard-deviation expected move is approximately 2.64%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a cash-secured put on TLH?
- Cash-secured puts on TLH earn premium while a trader waits to acquire TLH etf at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning TLH.
- How does current TLH implied volatility affect this cash-secured put?
- TLH ATM IV is at 9.20% with IV rank near 30.88%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.