GDX wheel: cash-secured put & covered-call yields
VanEck Gold Miners ETF · ETFs · $87.89 close on Sep 28, 2026
What the Sep 28, 2026 close says about GDX
At 42.0% implied volatility, the options market is pricing a one-standard-deviation move of about $10.94 (12.4%) in GDX by Oct 30, 2026, 32 days out.
Open interest in the stored window totals 275,490 contracts; the largest single line is the $75 put expiring Dec 18 with 53,952 (19.6% of the window).
By options volume GDX ranks #93 of 441 names in our universe.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on GDX
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $80 | −0.20 | $1.29 Sep 28 | $129.00 | $8,000 | 1.61% | 18.4% | $78.71 | 321 | 356 |
Snapshot #127 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $81 | −0.29 | $3.30 Sep 28 | $330.00 | $8,100 | 4.07% | 18.4% | $77.70 | 353 | 4 |
| 0.20Δ | $77 | −0.21 | $2.25 Sep 28 | $225.00 | $7,700 | 2.92% | 13.2% | $74.75 | 308 | 26 |
Snapshot #127 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on GDX
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $96 | 0.28 | $2.00 Sep 28 | $200.00 | 2.28% | 26.0% | 11.50% | 131.2% | 154 | 73 |
| 0.20Δ | $99 | 0.20 | $1.40 Sep 28 | $140.00 | 1.59% | 18.2% | 14.23% | 162.4% | 56 | 15 |
Snapshot #127 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $102 | 0.28 | $2.87 Sep 28 | $287.00 | 3.27% | 14.7% | 19.32% | 87.1% | 740 | 3 |
| 0.20Δ | $108 | 0.20 | $2.05 Sep 28 | $205.00 | 2.33% | 10.5% | 25.21% | 113.6% | 591 | 21 |
Snapshot #127 · session 2026-09-28 · captured 22:31 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
GDX volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 42.0%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 275,490 contractssession 2026-09-28
- Largest open-interest line
- $75 put · Dec 18 · 53,952
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #93 of 441 optionable names by options volume
How these numbers are made
One end-of-day snapshot per session from a 15-minute-delayed feed. A premium is a contract’s last trade, used only if it printed that session, sits above intrinsic value and is in order with its neighbours; deltas are the feed’s own. Expiries are the first at least 30 and 60 days out, and nothing under 30 days is annualized. Not investment advice. Full methodology.
- No contract near 0.30Δ traded this session
- We are building our own daily implied-volatility history (1 of 252 sessions so far); IV rank and percentile need a full year of it.
- Our data provider does not license announced earnings dates, and we do not publish estimates.
- Our data feed carries last trades, not live bid/ask quotes, so we cannot show a spread.