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Verdict: Partly

Does the wheel beat buy-and-hold on SOXL?

+18%/yr
best rule, out-of-sample 2020–25 · −49% drawdown

Selling cash-secured puts on SOXL with the best rule we found (5% buffer, ≥50% annualised gate, roll to the highest strike that restores the buffer, no new puts below the 100-day average) made about +18%/yr out of sample — versus +5%/yr with a −90% drawdown for just holding SOXL. So yes, it beat holding SOXL. It did not beat holding SPY, and it still lost half the account in 2022.

Tested on: 13 years of real options quotes (OPRA via Databento), SOXL & TQQQ, 3,083 sessions, 3.84M quotes, 15:45 snapshot daily · Published: 2026-08-30

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