CHAU +2x Direxion Daily CSI 300 China A Share Bull 2X ETF

CHAU

ETF +2x BULL standard
Direxion Daily CSI 300 China A Share Bull 2X ETF
Issuer: Direxion · Tracks: China (FXI) · Listed: 2015-04-16
Implied AUM
$88.7M
Last Close
$21.37
20260720
30d Avg Vol
118,272
Options
available
Realized return vs theoretical +2x China
Pair counterpart found: FXP (-2x bear, ProShares UltraShort FTSE China 50 of ProShares Trust)
Shorting both legs of a daily-reset bull/bear pair captures combined decay drift over time. Theoretical "free money" — actual edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow products.
Other leveraged products tracking China
Symbol Factor Direction Issuer Name Implied AUM 30d Vol Options
YINN +3x BULL Direxion Direxion Daily FTSE China Bull 3X ETF $688.8M 1,963,608
CWEB +2x BULL Direxion Direxion Daily CSI China Internet Index Bull 2X ETF $238.6M 639,775
XPP +2x BULL ProShares ProShares Ultra FTSE China 50 of PROSHARES TRUST $9.1M 4,662
FXP -2x BEAR ProShares ProShares UltraShort FTSE China 50 of ProShares Trust $6.1M 4,625
YANG -3x BEAR Direxion Direxion Daily FTSE China Bear 3X ETF $83.4M 795,961

How CHAU works

CHAU targets +2x the daily return of China — not the cumulative return over multi-day windows. The fund rebalances at the close each day using swaps or futures, which is what creates the volatility drag the chart above visualizes.

Mathematical headline: drag ≈ −0.5 × N × (N−1) × σ² per period. For a +2x product on an underlying with 25% annualized vol, expected annual drag is around 6.2%. Add expense ratio and the realized number is typically worse.

  • Short-term tactical: daily and intraday holds are where these products were designed to live.
  • Premium selling: options on CHAU carry very rich IV — see the quote page for IV rank and straddle pricing.
  • Multi-day directional: works in strong trends; gets eaten alive in chop. Use the chart above to gauge the realized vs theoretical track record.