from past trades am short 115/112 TLT put spreads and long 139 /ZBU august/July expiry calls. I am looking to sell the 145 calls for $2 if they get there. That will give me a Max Payout of 5% AUM if for instance the stock market crashes. If that were to happen I would lose 4% on equities and end up modestly ahead on the trade. If equities finally bottom I still expect bonds to rally but unlikely to the full width of the 139/145 call spread. For TLT I think the equivalent long Call ended up being 118 so writing the 123 calls at around your cost would be smart. For unlevered long TLT, I don’t think you need to sell anything. For those with way too much TLT risk perhaps sell 1/4 of your long 120 ish.