A yield-based option allows investors to buy or sell call options and options on the yield of a security rather than its price.
A yield-based option is a contract that gives the buyer the right, but not the obligation, to buy or sell at an underlying cost equal to 10 times the yield.
Yield options are extremely useful for hedging portfolios and profiting from rising interest rates.
It might be easier to get some of the benefits of yield-based options by buying ETF options instead.