STXL +2x Defiance Daily Target 2x Long STX ETF

STXL

ETF +2x BULL standard
Defiance Daily Target 2x Long STX ETF
Issuer: Defiance · Tracks: STX · Listed: 2026-04-22
Implied AUM
$23.5M
Last Close
$31.71
20260720
30d Avg Vol
215,619
Options
—
Realized return vs theoretical +2x STX
Other leveraged products tracking STX
Symbol Factor Direction Issuer Name Implied AUM 30d Vol Options
STXX +2x BULL Tradr Tradr 2X Long STX Daily ETF $15.1M 88,391
STXU +2x BULL Leverage Shares Leverage Shares 2X Long STX Daily ETF $5.1M 71,767

How STXL works

STXL targets +2x the daily return of STX — 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 STXL 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.