Option Trades in China ETFs Swing From Gain to $100 Million Loss

Traders who briefly had been sitting on more than $100 million in paper profits after buying call options in early December on a pair of tiny China-linked ETFs appear to have closed the positions Friday at almost as big of a loss.

From Nov. 29 through the first week of December, traders picked up calls allowing the holder to buy 18 million shares of Direxion Daily FTSE China Bull 3x Shares (ticker YINN) by January 2026. And on Dec. 2, about 210,000 of the May $15 calls on the Direxion Daily CSI 300 China A Shares Bull 2x Shares (ticker CHAU) were bought.