LUNL +2x Defiance Daily Target 2X Long LUNR ETF

LUNL

ETF +2x BULL standard
Defiance Daily Target 2X Long LUNR ETF
Issuer: Defiance · Tracks: LUNR · Listed: 2026-01-12
Implied AUM
$17.8M
Last Close
$3.87
20260720
30d Avg Vol
1,097,077
Options
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Realized return vs theoretical +2x LUNR

How LUNL works

LUNL targets +2x the daily return of LUNR — 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 LUNL 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.