Options Boot Camp 411: Tackling Your Questions About Bond ETF Options

TLT implied volatility sits near a 96th-percentile yearly high, but every attempt to list a tradable bond-volatility product has failed.

• TLT options liquid, IEF less so: TLT (20yr Treasury ETF) trades ~1.1M contracts/day vs. IEF (7-10yr) at just 131K ADV; hosts advise matching duration to yield-curve view rather than defaulting to TLT.
• TLT volatility near yearly highs: 30-day IV around 15-16% sits in the 96th percentile for the past year, with call skew (11.2%) near the 75th percentile, making covered calls lucrative but risky given snapback potential.

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