IMO options on the leveraged ETFs is not appreciably better than equivalent options on the underlying, because the leveraged ETFs are themselves made up of options & futures. For instance, for the January expiry, the ATM strike for QQQ has an IV of 14.6%, but the ATM strike for TQQQ has an IV of 46%. Essentially, about a little less than four of the delta-50 contracts of TQQQ are functionally equivalent to one delta-50 contract of QQQ, and this is including the 3x multiplier, per dollar at risk. So then, instead of buying 4 contracts of TQQQ, buying one contract of QQQ (at the same delta) results in the same 3x return per dollar at risk.

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I think I covered everything. Tqqq xsp soxl ibit etha iwm.

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100% allocation to TQQQ calls

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