LLYZ -2x Defiance Daily Target 2X Short LLY ETF

BEAR ETF standard · Issuer Defiance · Tracks LLY · Listed 2025-09-03

Quote & options All leveraged ETFs

Implied AUM

—

shares out × price

Last close

—

20260127

30-day avg volume

73,657

no listed options

LLYZ realized

—

what holders actually earned

Theoretical -2x

—

-2x × LLY's return

Decay gap

—

realized minus theoretical

Realized vs theoretical -2x LLY

Cumulative return of LLYZ against a clean -2x of LLY's return over the same window; the red line (right axis) is the gap between them.

Pair counterpart: ELIL (+2x bull, Direxion Shares ETF Trust Direxion Daily LLY Bull 2X ETF)

Shorting both legs of a daily-reset bull/bear pair captures their combined decay over time. It isn't free money — the edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow shares.

Other leveraged products on LLY

Symbol	Factor	Direction	Issuer	Name	Implied AUM	30d volume	Options
ELIL	+2x	BULL	Direxion	Direxion Shares ETF Trust Direxion Daily LLY Bull 2X ETF	—	60,384	✓

How LLYZ works

LLYZ targets -2x the daily return of LLY — not the return over longer windows. It rebalances every day, so over weeks and months its result drifts away from -2x × the index, usually downward when the market chops around.

The maths: the drag is roughly −½ × N × (N−1) × σ² per period (N = leverage, σ = the index's volatility). For a -2x fund on an index with 25% annual volatility that is several percent a year before fees — the red line above is that drag measured.

Short-term trades (a day or a few) are what these funds are built for. Premium sellers like their rich option IV — see the quote page. Multi-day directional bets work in strong trends and get eaten in chop.

Not investment advice.