ONDG +2x Leverage Shares 2X Long ONDS Daily ETF

ONDG

ETF +2x BULL standard
Leverage Shares 2X Long ONDS Daily ETF
Issuer: Leverage Shares · Tracks: ONDS · Listed: 2026-01-12
Implied AUM
$17.6M
Last Close
$2.21
20260720
30d Avg Vol
1,822,608
Options
available
Realized return vs theoretical +2x ONDS
Other leveraged products tracking ONDS
Symbol Factor Direction Issuer Name Implied AUM 30d Vol Options
ONDL +2x BULL Defiance Defiance Daily Target 2X Long ONDS ETF $34.2M 1,454,394
ONDU +2x BULL Tradr Tradr 2X Long ONDS Daily ETF $3.8M 166,101

How ONDG works

ONDG targets +2x the daily return of ONDS — 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 ONDG 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.