EURL +3x Direxion Daily FTSE Europe Bull 3x ETF

EURL

ETF +3x BULL extreme
Direxion Daily FTSE Europe Bull 3x ETF
Issuer: Direxion · Tracks: Europe (IEV) · Listed: 2014-01-22
Implied AUM
$49.1M
Last Close
$44.62
20260720
30d Avg Vol
19,838
Options
available
Realized return vs theoretical +3x Europe
Other leveraged products tracking Europe
Symbol Factor Direction Issuer Name Implied AUM 30d Vol Options
UPV +2x BULL ProShares ProShares Ultra FTSE Europe $15.9M 997
EPV -2x BEAR ProShares ProShares UltraShort FTSE Europe $11.8M 16,413

How EURL works

EURL targets +3x the daily return of Europe — 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 +3x product on an underlying with 25% annualized vol, expected annual drag is around 18.8%. 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 EURL 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.