Gold miners have been popular this year among investors, but they can be even more interesting when covered calls or cash secured puts are involved. This past week, some sold January 2023 puts on VanEck Vectors Gold Miners ETF (GDX), a $16 billion gold miners fund.

GDX doesn’t pay much of a dividend, so using a covered call or cash secured put can be a great way to increase yield. The roughly 2-year puts sold on GDX will produce an estimated 4% in extra yield per year with essentially less risk than holding the shares themselves.