Investors in Global X Funds – Global X Copper Miners ETF (COPX) gained access to new options contracts expiring in June 2027 on October 23, 2023. Notably, a put contract at a $90.00 strike price has a current bid of $13.00, allowing sellers to reduce their effective purchase price to $77.00 if exercised. This strike price represents a 2% discount from the current trading price of $92.00, with a 64% chance that the contract could expire worthless, suggesting a potential 14.44% return if the contract is not exercised.
On the call side, a $100.00 strike price call contract currently bids at $15.00. If an investor buys COPX shares at $92.00 and sells this call, they could achieve a total return of 25.00% if the stock is called away at expiration. The chance of this call expiring worthless is approximately 45%, offering a potential 16.30% return if the investor retains both the shares and the premium. The implied volatility for the put contracts is 49%, while for calls, it stands at 54%.
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