Background

The A-share and U.S. stock markets are somewhat segregated. There is a lack of investment channels in China, and A-shares lack derivative tools. Trading U.S. stocks domestically may be subject to taxation.

Operation

1. Sell calls on TQQQ in the U.S. market to profit from time decay, including the decay of calls and the decay of triple leverage.
2. To hedge against a sharp rise in TQQQ, buy the Nasdaq ETF 159941 in the A-share market. In the event of a significant rise in QQQ, the A-share ETF may have a 10%-20% premium.
3. To hedge against a sharp drop in TQQQ, short positions in TQQQ may not cover losses, so buy gold ETFs in the A-share market, as gold and U.S. stocks have been negatively correlated this year.
4. To hedge against a drop in gold, sell calls on the double-leveraged gold ETF UGL in the U.S. market to mitigate some risk.
5. Since the Nasdaq and gold tend to rise over the long term, sell calls on SQQQ and GLL to capture beta returns.

Advantages

1. Profit from time decay.
2. Achieve cross-market linkage, transferring some U.S. stock returns to the A-share market.