PALU +2x Direxion Shares ETF Trust Direxion Daily PANW Bull 2X ETF

PALU

ETF +2x BULL standard
Direxion Shares ETF Trust Direxion Daily PANW Bull 2X ETF
Issuer: Direxion · Tracks: PANW · Listed: 2025-03-25
Implied AUM
$30.5M
Last Close
$52.96
20260720
30d Avg Vol
126,655
Options
—
Realized return vs theoretical +2x PANW
Other leveraged products tracking PANW
Symbol Factor Direction Issuer Name Implied AUM 30d Vol Options
PANG +2x BULL Leverage Shares Leverage Shares 2X Long PANW Daily ETF $7.0M 53,226

How PALU works

PALU targets +2x the daily return of PANW — 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 PALU 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.