USLV +2x DIREXION DAILY SILVER BULL 2X ETF

USLV

ETF +2x BULL standard
DIREXION DAILY SILVER BULL 2X ETF
Issuer: Direxion · Tracks: Silver (SLV) · Listed: 2026-05-26
Implied AUM
$5.7M
Last Close
$12.64
20260720
30d Avg Vol
103,380
Options
—
Realized return vs theoretical +2x Silver
Pair counterpart found: ZSL (-2x bear, ProShares UltraShort Silver)
Shorting both legs of a daily-reset bull/bear pair captures combined decay drift over time. Theoretical "free money" — actual edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow products.
Other leveraged products tracking Silver
Symbol Factor Direction Issuer Name Implied AUM 30d Vol Options
AGQ +2x BULL ProShares ProShares Ultra Silver $1.10B 2,786,979
ZSL -2x BEAR ProShares ProShares UltraShort Silver $99.7M 2,867,439

How USLV works

USLV targets +2x the daily return of Silver — 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 USLV 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.