ELIL +2x Direxion Shares ETF Trust Direxion Daily LLY Bull 2X ETF

ELIL

ETF +2x BULL standard
Direxion Shares ETF Trust Direxion Daily LLY Bull 2X ETF
Issuer: Direxion · Tracks: LLY · Listed: 2025-03-25
Implied AUM
$21.1M
Last Close
$28.12
20260720
30d Avg Vol
101,730
Options
available
Realized return vs theoretical +2x LLY
Pair counterpart found: LLYZ (-2x bear, Defiance Daily Target 2X Short LLY ETF)
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 LLY
Symbol Factor Direction Issuer Name Implied AUM 30d Vol Options
LLYZ -2x BEAR Defiance Defiance Daily Target 2X Short LLY ETF $1.5M 110,882

How ELIL works

ELIL targets +2x the daily return of LLY — 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 ELIL 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.